Applying for a Loan !

Why Borrow from Magherafelt Credit Union Ltd?

• Loans are insured at no additional or direct cost to the eligible member
• There are no hidden fees or transaction charges.
• Reasonable interest rates.
• Flexible: You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, all without penalty. Generally there is no minimum loan period.
• Loan protection: Loans are insured by the credit union’s own policy at no direct cost to you. This is designed to pay off a loan in the event of a borrower’s death – subject to terms, conditions and conditions

How do I apply for a loan?

Loans are now based on affordability

Loan applications can be made in person at the counter. Depending on the loan balances etc, they will then be considered either by our loans officers, or if necessary they to go to the credit committee for consideration on a Friday afternoon. Most decisions will be made in 24 to 48 hours.

Members will be asked to fill out  a loans form and are asked to bring in :

proof of income ; the last  months if paid monthly , the last 6 weeks if paid weekly

bank statements; the last 3 months

Is there a limit?

the maximum legal limit is £15,000.00 on top of shares

Credit Union Rates

As credit unions are independent from each other, each credit union sets its own loan interest rates. Our rate is 12.68% APR

How do I make my repayments?
As with borrowing, we try to make repaying, as member friendly as possible: we try to tailor a repayment schedule to suit your individual circumstances.
You can repay weekly, fortnightly or monthly, with loan terms from one to five years.
You can make your payment directly over the counter at  our office, or for your convenience, we can also accept payments, by standing order, debit card or direct from your bank
When your loan is issued you will sign a promissory note: (a legally binding document) which clearly outlines your repayment agreement.