Loans

Borrowing from Larkhill Credit Union

• Loans may be applied for, and are paid out, during office hours.
• Passbook must be brought to the office when collecting loans. If passbook is unavailable please bring some form of ID to avoid delays in processing the loan.
• Maximum loan €40,000.
• Loan applications for amounts where the net loan balance is in excess of €30,000 must be considered by the Board of Directors before approval.
• Loan subject to certain criteria may require completion of a Declaration of Health form. These are available on request.
• Staff Loan Officers have authorisation for approval of loans of amounts up to €12,000 in accordance with policy laid down by the Board.
• The current interest rate on non-promotional loans is 9.9% (APR 10.4%) per annum. This is equivalent to 0.8% per month on the reducing balance.
• Loans may be repaid on an Inclusive Repayment:
  This is where the member chooses to repay the agreed amount which is inclusive of interest. This can be repaid on a weekly, fortnightly or monthly basis.
• A loan quotation can be given on request so you can compare repayment methods and decide which suits your needs.
• All loan repayments may be paid by Direct Debit. Please ask our staff for further details.
• All loans which are repaid before the age of 85 years carry loan insurance. Loan insurance is subject to terms and conditions. Please ask staff for details.
• All loans are subject to approval. Terms & Conditions apply.
• If you do not meet the repayments on your loan , your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.