It can take a long time to build up savings, so when it comes to making a big purchase you might be reluctant to use them all and have nothing left over. A covered loan is a cost-effective way to access funds while leaving your savings untouched and available for other eventualities that may occur. You are allowed to borrow up to the value of your savings at a discounted rate of interest while continuing to earn a dividend on your savings.
There are a number of reasons why a Covered Loan makes sense:
- One of our lowest interest rates on offer
- Immediate loan approval
- Flexible Repayment Options
- It’s easier to repay a loan than replace savings
- You continue to earn a dividend on your savings account
- There are no restrictions on the purpose of the loan
- You won’t dip into your savings because you cannot withdraw the secured amount until your loan is fully repaid
Rate 5.4% (5% APR)
Terms & Conditions
- The loan must be a new loan, minimum loan value of €1,000
- A rate of 5.4% (5.54% APR) applies to loans within Shares
- If you (the member) do not make 3 consecutive monthly or 13 consecutive weekly payments on the loan, the Shares plus interest accrued will be transferred to clear the loan and interest due.
- The Shares to the value of the loan, act as collateral against the loan
* All figures given on this web site are for your general information only, and give a rough guide to loan repayments. Any statements on this web site do not purport to be authoritative or legally binding. Ballincollig Credit Union Limited accepts no responsibility for errors due to changes in rates or offers which have occurred after this date. You are advised to check with our offices for up-to-date rates and offers.
Whilst every care has been made in the production of this document, Ballincollig Credit Union Limited, or its staff, cannot be held responsible for any omissions, errors or other mistakes made herein. This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing and does not constitute an offer of finance or repayments.