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Loans

When you borrow from Swords & District Union Ltd you get the following Credit Union advantages:

• Competitive interest rates

• Free loan protection insurance on eligible loans

• Interest is only charged on member’s daily outstanding loan balance(s)

• No hidden charges/transfer costs

• Flexible loan repayment arrangements

• No penalty for lump sum repayments or early loan redemption

 

 

What should I know about Swords & District Union Ltd loans?

The two most important things to know about Swords & District Union Ltd loans are:

1. There are plenty of funds available to be lent to members.

2. Funds are lent on the basis of a member’s ability to repay.

 

I have never applied for a loan with Swords & District Union Ltd, what’s involved?

The application process will include standard questions regarding the purpose of the loan and details of your household income and outgoings. As part of this process Irish Credit Bureau consent will be requested from you. You will also be required to provide proof of income 3 recent payslips and recent bank statement. Following your application a member of staff will be in touch with you within 3 working days with an update on the application.

 

I don’t understand what you mean, what sort of an update?

Loan applications are reviewed by the Loans Officers. They may approve an application if it’s within certain limits and meets the relevant criteria; if not, they may require further information from you. If further information is needed someone will contact you for the required details and let you know when there will be a decision on the application. If a loan cannot be approved by the Loans officers it will be considered by the Credit Committee, which meets weekly. Following the Credit Committee meeting you will be contacted with the decision on your application.

 

What interest rates are charged?

Personal loan interest rates charged, based on repayment term, purpose and/or amount, are variable and are summarized as follows:

We currently offer two types of Loans:

Loan Rate (APR)* Loan Type

• Car Loan 7.99% (8.28%)

• Standard Loans 9.8% (10.20%)

• Secured Loans (covered by savings) 5.99% (6.16%)

*Annual Percentage Rate (APR) based on monthly

repayments over term of loan.

 

If I pay off a loan with Swords & District Union Ltd early will I be penalised?

No, Swords & District Union Ltd charges interest on the outstanding balance on a daily basis and as such only accrued interest where unpaid would be due. There are no fees or charges for early repayment.

 

What is the difference between the two interest rates listed for each loan type? I don’t understand APR.

The first rate listed is the nominal rate, and the one in brackets is the APR. Let’s consider the loan rate for repayment periods of between 3 and 5 years for example (7.99% nominal rate / 8.28% APR). The APR (8.28% in this example) is the Annual Percentage Rate and it is listed for best practice, so that members can compare interest rates with other financial institutions. The APR rate is based on the amount of interest charged on the initial balance drawn down (that is the total loan issued) and does not factor in the reducing balance. Swords & District Union Ltd is obliged by legislation to quote the APR in all communications regarding loan interest rates. The nominal rate (7.99% in this example) doesn’t account for the frequency at which payments are made (i.e. weekly, fortnightly, monthly) or any fees or charges that may be a part of the loan (i.e. application or acceptance fees). However, because Swords & District Union Ltd loans don’t have any fees or charges apart from interest and because Swords & District Union Ltd charges interest only on the outstanding balance on a daily basis, the nominal interest rate given (7.99%) is the more accurate reflection of the interest rate charged.

 

Irish Credit Bureau

Swords & District Union Ltd is a member of the Irish Credit Bureau (ICB) which is the principal credit reference agency in Ireland. It enables us to make faster decisions in providing credit and assists us in the avoidance of over indebtedness of members. When applying for a loan you will be asked to consent to a data disclosure statement, which will authorise us to do a credit enquiry, if required and to register your details with the ICB. The information is used as an aid in assessing a member’s ability to repay. ICB information is just one aspect of the loan application process and a poor ICB history is not used as a basis to reject a loan. Members can check their own record with the ICB at a cost of about €6. Most lenders in Ireland send information about borrowers and their repayments to the ICB which then holds information about borrowers and their loans for 5 years after the loan is cleared. This information is held in an individual credit record that is kept by the ICB about each borrower .Members can access further information regarding the Irish Credit Bureau at their website (www.icb.ie).

 

Loan Arrears

Should a member experience difficulty with loan repayments it is strongly advised to contact our Credit Controller, Ann Hogan 8908481 immediately. You will be guaranteed a sympathetic hearing. The worst thing you can do is ignore the problem, as this could eventually lead to legal action being taken against you. If for any reason you are going away for a period of time or you are out of work please contact us as soon as possible so that we can come to some mutually acceptable agreement. Once again the Credit Union would urge all members not to ignore any financial difficulties that you may be experiencing .Please note; member accounts written off maybe subject to recovery of (in addition to loan principle) legal fees and continuing accrued interest

Loan Protection Insurance

In credit unions the savings and loan balances of all eligible members are automatically covered by loan protection insurance at no extra cost to the member.

Repayment Protection Insurance

Repayment protection insurance is a policy which meets your loan repayment for a specified period of time if you are our of work. For more information please ask a member of staff or click here