What can I Borrow for?

You can borrow for almost any purpose and a variety of variable interest rates are available from as low as 5.50% (5.64% APR), dependant on the purpose, security and duration of the loan. In general the period over which a loan is to be repaid ranges from 1 year up to a maximum of 10 years. Bear in mind that the longer the term of the loan the greater will be the amount of interest payable. However, there are no penalties for early repayment of loans.
Where there is an existing loan a member is eligible to apply for a top up loan, a member does not need to have their current loan repaid before re-applying if additional credit is needed.

The purpose of the loan will often logically dictate the term of the loan. Borrowing for an annual holiday, for annual insurance, for motor tax, are examples of loans expected to be repaid within 1 year.

The current loan rates available are:

10.5%

General
Purpose
APR 11.03%
Normally repayable in 1 to 5 years, although can be extended to 10 years. The purpose of the loan can be anything from weddings to funerals, communion to confirmation, holidays to hobbies, home improvements to household bills, insurance to car repairs, dental to medical, debt consolidation to practically anything.

7.5%

Education
APR 7.78%
Repayable over up to 5 years. This product is aimed at the student attending third level education and is normally drawn year by year as the course progresses, but the loan repayment remains relatively constant throughout the term of the loan. This rate is also available to post graduate students.

8.45%

Car
APR 8.77%
Repayable over a maximum of 7 years and can be used to finance the purchase of a new or secondhand car.

5.50%

Share
Guaranteed
APR 5.66%
Repayable over 10 years. This product is available to members who wish to borrow up to the value of their savings whilst leaving those savings intact, thereby availing of the benefits of both the free life savings insurance and loan protection insurance.

12.0%

General
Purpose
APR 12.68%
Normally repayable in 1 to 2 years, although can be extended to 10 years. The purpose of the loan can be anything from weddings to funerals, communion to confirmation, holidays to hobbies, home improvements to household bills, insurance to car repairs, dental to medical, debt consolidation to practically anything.

8.5%

Loans over €30,000
APR 8.87%
Repayable over up to 10 years. This product is aimed at the student attending third level education and is normally drawn year by year as the course progresses, but the loan repayment remains relatively constant throughout the term of the loan. This rate is also available to post graduate students.

6.0%

Switcher Loan
APR 6.18%
Repayable over a maximum of 15 years and can be used to finance the purchase of a new or secondhand car.
Results of the Ballina Credit Union December 2018 Members Car/Cash Draw

O'Rahilly Street . Ballina . County Mayo

Telephone 096 71066 . Fax 096 72176 . Email info@ballinacu.ie | Directors

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