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ADVANTAGES OF BORROWING WITH BALLYPHEHANE CREDIT UNION
When you receive a loan from your US you will find many advantages in comparison to other institutions: The interest rate you pay will be reasonable (Currently 9.4%) and interest will be payable on the reducing balance of the loan No Early Redemption Penalties Potential to Receive a Rebate of Interest Your loan application will be dealt with strictly on its own merits Your repayments will be tailored to meet your own personal circumstances Your loan will be insured at no direct cost to yourself (Subject to terms and conditions. Certain Limits apply.) The repayment schedule can be adjusted to meet your own changing circumstances if necessary.
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"Truth in Lending", with no hidden costs is the policy of the credit union movement. The interest Charged on loans by Ballyphehane Credit Union is 0.79% Per month (9.4% per annum). We do not charge fees or transaction costs. Since the interest is charged only on the outstanding balance of the loan, you will pay less if you repay in a shorter time than planned. Thus the credit union gives you control of your own finances, even when you are a borrower. Did you Know that for every €100 paid in interest for the financial year ending 30/09/09, we refunded €7.50 to the borrower.
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Credit unions are flexible in regard to repayment plans though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. Should a member experience difficulties in meeting repayment commitments he/she should immediately explain the situation to the credit union which will treat the matter sympathetically and in total confidence. Depending on the circumstances, the loan will be renegotiated if possible.
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There are a number of ways to Apply for a Loan Apply On-Line Apply over the telephone Call to the Office and make a Loan Application
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