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Three quarters of borrowers will choose a credit union loan in 2019

A new, national survey has revealed that the vast majority of people who plan on borrowing money in 2019 will go to a credit union. The study of borrowing habits among 1,000 adults in Ireland found that one in four plan on borrowing money this year. 74% of these will go to the credit union. Banks were in second place as the lender of choice, but came in far behind the credit union at just 17%. Of those planning to borrow, more than a third will take out a car loan. A quarter will take on a home loan, while 16% will borrow to go on holiday or travel. 9% will borrow to fund third level education and 5% will borrow for their wedding. Borrowers will take out an average loan of €8,558. The majority (42%) plan on paying the money back over 3 to 5 years. Commenting on the results, Michael Duffy (Chairman) St. Columba’s Credit Union said: “It’s encouraging that people are taking a prudent approach to borrowing in the year ahead, despite the healthy recovery in the economy. Of those who Read More »

New, national survey shows one in four plan to borrow in 2019

  • A quarter of consumers plan on borrowing money in 2019
  • They will borrow an average of €8,558
  • Affordability of monthly repayments stands out as the deciding factor in their choice of lender
  • Half of adults surveyed however, say they would be reluctant to borrow from a financial institution this year
  • 36% of adults will carry debt into 2019 – the majority from a personal loan
The findings were revealed in a new, national survey of borrowing and debt trends among 1,000 adults in Ireland. The survey was commissioned by the Irish League of Credit Unions and carried out by i-Reach Insights in December 2018.

Borrowing

The findings revealed that one in four adults plan on borrowing money to fund a major expense in 2019. More than a third of these borrowers will take out a car loan. Just over a quarter (26%) will take on a home loan while 16% will borrow to go on holiday or travel. 9% w Read More »

Why a credit union car loan is better than a PCP for 2019

Close to four in ten consumers in Ireland will buy a new car in 2019. Over half plan to spend more than €10,000 on their new set of wheels, according to the most recent Carzone Motoring Report (2018). The study also found that one in four consumers who spent between €10,000 and €20,000 on their previous car, used a credit union car loan to fund the purchase.* Credit union loans have always been popular amongst car buyers for their straightforward terms and conditions and flexibility, and look set to be a top choice again in 2019. Indeed, credit unions, such as St. Columba’s Credit Union, are reporting an increase in car loan queries from their members. Michael Duffy, Chairman of St. Columba’s Credit Union explains why he/she feels there has been a renewed interest in the traditional car loan.  “A credit union loan is transparent and carries no hidden fees or charges. The buyer owns the car outright once they buy it, while with other more complex finance option Read More »

Christmas Colouring Competition

The Christmas Lights will be switched on in Galway City Friday November 16th.  St. Columba’s Credit Union and St. Anthony’s & Claddagh Credit Union have two Golden tickets to get on board the Christmas Train on that night.  The train will have some very special guests on board including the man himself, Santa Claus.  Please return your competed entry to any of our branches before 1pm on Thursday 15th November.   Rules: Print off the Entry Form Return completed entries to any of Read More »

Credit Unions voted Number One for Customer Experience

Credit Unions emerge in top spot for Customer Experience for Fourth Consecutive Year

  Credit unions have been voted Number One for Customer Experience in the 2018 CXi Ireland Customer Experience Report, taking the award for the fourth year running. This is the first time, anywhere in the world, that the same organisation has taken the award for four consecutive years. The Irish League of Credit Unions congratulates its 250 affiliated credit unions across the Republic of Ireland in achieving this outstanding accolade. The CXi Ireland Report is an annual survey which asks consumers to rate their experiences of 156 brands across 10 different sectors. More than 2,500 customer experiences were evaluated and credit unions again emerged as the overall winners, being rated highest for empathy and for t Read More »

International Credit Union Day

Why do millions of people worldwide choose credit unions? As cooperative and democratic financial institutions, credit unions’ success depends on the success of their members and their community. Your best interest is in our best interest.   This October 18th, St. Columba’s Credit Union will join more than 89,000 credit unions from 117 countries and millions of members globally to celebrate the 70th anniversary of International Credit Union Day. This international event affords the opportunity to remember credit unions’ proud history and promote awareness of and support for the credit union.   Reasons to join in the celebrations with us:

  • At a local level we donate thousands of euros each year to various organisations in the community such as charities and clubs.
  • Read More »

Update to Online Access

After listening to feedback from our members we have improved our online access system. This is another step in providing our members with enhanced online facilities. As a part of this improvement members can now use our CU247 App  which is available for iPhone or Android. We are currently working to deliver more online services for our members.  Members who already registered before 27/07/18 will have to re-register  More information   Read More »

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