Why borrow with the Credit Union?

• Straightforward loan application procedure.
• Choice of repayment options to suit your circumstances.
• Fast loan approval process.
• Lower interest rates – from 6.00.% - 9.00%*.
• No set up, application, documentation or other hidden fees or costs.
• No upfront repayments.
• No transaction charges.
• No penalty charges for early repayment.
• Free loan protection insurance on every loan, if the borrower dies the loan is cleared – subject to age and health restrictions.
• We only charge interest on the balance outstanding, therefore the quicker you clear the loan, the less interest you pay. *Typical APR 9.420%

Free life protection on your loan – LP
Roscommon Credit Union Ltd. maintains insurance protection on eligible borrowing members, this means that on the death of a member the remaining balance of the loan is cleared from the insurance scheme and does not have to be repaid from the estate of the member. There is no direct charge to the member for this insurance cover. Other financial institutions charge a separate insurance premium on top of loan repayment for this service. So you can borrow from Roscommon Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance. This cover extends to permanent disability.

Who is eligible?
Members are automatically eligible if they:

Carry out the normal duties of their occupation

They are in good health

In some circumstances a declaration of health may be required

Under the basic policy, Insurance cover ceases on the members 70th Birthday.

Only one member shall be insured in respect of any one loan. 

Compare us to other financial institutions:

Roscommon Credit Union Ltd  v's Other Financial Institutions
 

RCU-Rates Low Interest rates ranging from 6% APR* to 9.5%

Other -  Apr Personal loan rates can be higher than 10% APR, Credit Cards 19% APR*

RCU -Fees We don’t charge any processing or documentation fees for loans

Other -Many lending institutions charge documentation fees (as much as €50)

RCU- Insurance Free Life Loan Protection Insurance* You pay for any loan protection insurance
Other-You pay for any extra insurance cover
 

RCU -Early Payment  No penalties for paying off your loan early
Other- Often penalties are applied for paying off your loan early
 

RCU-Loan Application Easy application process and a quick decision

Other -Lots of documentation and you may have to wait long periods for a decision
 

RCU - Surplus- You as a member, benefit from any surplus that we make by way of a yearly dividend
Other - Unless you are a bank shareholder you do not get any of the surplus back.

RCU -More loans issued, more interest, greater dividends for you the member

Other - More loans, more interest, greater dividends for the banks shareholders

RCU -Rebates You get money back on your interest paid if a loan interest rebate is paid

Other - You do not get a loan interest rebate
 

RCU- Interest -Interest charged on the reducing balance of the loan, therefore you pay less interest as the loan decreases.

Other - In most cases, you pay the interest off first then you pay the actual loan which you have taken out..