Yes, once you satisfy the common bond, whether that be within a community (geographical), or industrial (employment), you can have multiple credit union membership. This means you can have a local credit union account where you live and a credit union account through your work (where available).
There are no hidden administration charges or fees on any transactions.
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:
- They continue to earn a dividend
- They continue to benefit from the Life Savings Insurance protection
Longford Credit Union aim to turn around most applications within one day however this is dependent on the member providing all requested documentation.
Longford Credit Union understand that member’s circumstances can change from when they first applied for their loan. In such cases we strongly encourage our members to contact our Credit Control Officer who will assist the member in addressing the issue.
All loan applications are assessed on an individual basis. Additional credit will be extended where the Credit Union are satisfied that the loan balance is prudent and the member can demonstrate payment capacity.
In some circumstances, the Credit Union may request that a guarantor signs on an account however most circumstances do not require a guarantor. A Lending Officer will discuss with you at Loan application stage if you may need a guarantor.
Personal Loans can be taken out for any purpose as long as the member can prove repayment capacity. The most common types of loans are Car Loans, Holiday Loans, Home Improvement Loans and Student Loans.
Most loans are 1, 3 or 5 year repayments and can be set to suit member’s circumstances.You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, all without a penalty. Repayments are calculated on your reducing balance, so you pay less interest with each repayment.
There are a number of ways to repay your loan:
- Through payroll deduction
- By standing order from your bank account
- In person our office
- Through our express lodgement services (available 24/7)
Yes, if your employer facilitates a Longford Credit Union payroll deduction scheme you can easily switch to repaying your loan by Payroll Deduction.
You can find out more on our Loans page in the 'Loan Protection - LP/LS' section.
You can find details on our Loans page in the 'How do I apply for a loan' section.
Our interest rate for standard loans is 8.6%. We also have some reduced rate loan products – you can find more details on our Loan Calculator page.
Contrary to popular belief you do not need to have 25% of the amount you wish to borrow in savings/shares. Each application is dealt with on its’ own merit. You need to show you have the capacity to make repayments as well as having enough left over to live on.
In general, there are no strict amounts a member can apply for as each application is assessed on its own merit and on the ability of the member to repay the loan in full.
There is no strict time limit on being a member to apply for a loan. Ability to repay the loan is the critical factor.
Only members are eligible to apply for loans with Longford Credit Union. Not a member? Find out more on our Membership page.
As the amount of shares builds up, the common fund of money grows. This in then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.
Every €1 saved is equivalent of one share in a credit union. A minimum saving of €5 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.