A credit union does not give you an umbrella when the sun is shining and then ask you for it back when it starts to rain.
No hidden charges
No unpleasant charges when you look at your statement because there are no hidden charges that we forget to tell you about or that we hid in the small print. What you see is what you pay.
No Penalty for early repayment
Remember when you pay off a loan from Balbriggan Credit Union early, thereís no penalty.
A repayment schedule can be drawn up that fits your income level and personal circumstances.
- You may take out another loan before your existing loan is cleared
- Should you require additional finance before your existing loan is cleared, we will be glad to talk to you and help in any way we can.
- Competitive Interest rates
- Free Life Loan Protection Insurance
- Optional Repayment Protection Insurance
|Balbriggan Credit Union||Other Financial Institutions|
|Rates||Low Interest rates ranging from 5%||Personal loan rates can be higher than 10% APR, Credit Cards 19% APR*|
|Fees||We donít charge any processing or documentation fees for loans||Many lending institutions charge documentation fees (as much as Ä50)|
|Insurance||Free Life Loan Protection Insurance*
Free Death Benefit Insurance Cover
|You pay for any loan protection insurance |
You pay for any extra insurance cover
|Early Payment||No penalties for paying off your loan early||Often penalties are applied for paying off your loan early|
|Loan Application||Easy application process and a quick decision||Lots of documentation and you may have to wait long periods for a decision|
|Surplus||You as a member, benefit from any surplus that we make by way of a yearly dividend
More loans issued, more interest, greater dividends for you the member
|Unless you are a bank shareholder you do not get any of the surplus back. |
More loans, more interest, greater dividends for the banks shareholders
|Rebates||You get money back on your interest paid if a loan interest rebate is paid||You do not get a loan interest rebate|
|Interest||Interest charged on the reducing balance of the loan, therefore you pay less interest as the loan decreases||In most cases, you pay the interest off first then you pay the actual loan which you have taken out|