Loans at Ballincollig Credit Union Limited
The two most important things about a loan are, being able to borrow the money and being able to repay it. At Ballincollig Credit Union Limited we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay. Establish a good savings record by saving regularly so as to build up security for your loan.
Our Loan Products
We endeavour to offer a diverse range of loan products to members of Ballincollig Credit Union Limited. Each loan is tailored for a particular purpose or category of members and our product range as a whole is designed to ensure that the lending needs of all our 19,000 plus members are adequately catered for.
Personal Loan 9.98% (10.4% APR)
Our Personal Loan is aimed at all Members and can be taken out for most purposes imaginable, once that purpose is legal and the Member can demonstrate a capacity to repay the loan in accordance with the purposed terms.
Some of the most common types of loans taken at this rate include holiday and home improvement loans.
First Time Borrower Loan 6.99% (7.2% APR)
Our First Time Borrower Loan, like the Personal Loan, can be taken out for most purposes imaginable, Members can also DUMP THEIR LENDER & move their loan to BCU.
The rate is available to:
- All new members that join BCU;
- Existing members that have not borrowed from us before,
Car Loan 6.5% (6.7% APR)
Our Car Loan is available to members purchasing a new or second-hand car for domestic or private use. Buying a car using our Car Loan will mean you own your car from day one and can be a very attractive alternative to the PCP/HP finance deals offered by garages.
Car Loans must be for a minimum amount of €4,000, maximum of €40,000; however, Members can still borrow at Personal Loan rate for cars valued below this amount.
At least 75% of the loan must be for the purchase of a car, bike, van, or the repayment of a PCP bulk payment
Tiered Loan Rate 1 – (€25k – €40k) 6.99% (7.2% APR)
Our Tiered loan Rate 1 is ideal for members that are looking to undertake renovations to their home, purchase a car or any purpose that would require a larger loan.
To qualify for this Loan Rate members must provide:
- Proof for the proposed purposes may be required by the credit union
- The credit union may require that the loan is paid out directly to the business or businesses completing all or part of the proposed works.
Tiered Loan Rate 2 – (€40k – €75k) 5.99% (6.16% APR)
Our Tiered loan Rate 2 is ideal for members that are looking to undertake larger renovations to their home, purchase a car or any purpose that would require a larger loan.
To qualify for this Loan Rate members must provide:
- Proof for the proposed purposes may be required by the credit union
- The credit union may require that the loan is paid out directly to the business or businesses completing all or part of the proposed works.
Student Loan 6.99% (7.2% APR)
Our Education Loan is there to help Members who wish to advance their education or that of their children.
In order to qualify for this loan, proof of course fees must be presented and a guarantor will be required, except in limited circumstances at the discretion of the Credit Union.
Education Loans can be topped up annually if the course is more than 1 year in duration subject to a reassessment of capacity to repay and can help cover the student contribution, accommodation, and other education-related costs.
Secured Loan 5.4% (5.53% APR)
Our Secured Loan is ideal for members that are happy to borrow using their savings held in the Credit Union as security. This loan can be a useful personal finance tool for people who like to keep their savings intact and borrow rather than touching their rainy day fund.
To qualify for the Secured Loan rate members must pledge savings equal to the full loan amount to be held as a security for the loan. Savings pledged against a Secured Loan will be held in a special sub-account and the member will be unable to withdraw from this account until the loan balance falls below the pledged savings, amount, at which point the member will be able to access the difference.
Secured Loans must be for a minimum amount of €1,000.
Go Green 6.99% (7.2% APR)
Our Go Green Loan is ideal for members that are looking to make Energy Efficient Home Improvements to their Home {Insulation (Cavity, Internal & External Walls), Heat Pump System, Heating Controls, Solar Water Heating, Solar Electricity}
To qualify for the Go Green Loan rate members must provide
- Confirmation of grant approval for proposed works to be completed,
- Payment to be made payable to a company registered with SEAI Ireland
- Max Loan term of 10 years
Go Green Loans must be for a minimum amount of €1,000.
