Savings Loan

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This document is for quotation purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing. These repayments figures are for guideline purposes only.

 

A Savings Loan allows you to borrow up to the value of your unattached savings. So if you don’t want to dip into your savings but need to make a necessary purchase or if you are considering giving your family a well-deserved treat you can now make your savings work for you.

A Share-Secured Loan is a cost-effective way to access funds while leaving your savings untouched and available for future needs.  Various loan durations and amounts available, to find out more you can Enquire Online or use our Loan Calculator to see what your repayments and term can be.

Example, Kay wishes to borrow €5,000 from St. Columba’s credit union and has unattached savings of at least €5,000 in her account, she can borrow this amount at 4.6% APR.
In this case, Kay would need to pledge €5,000 of her savings against the loan in order to receive this rate.  In other words, Kay’s savings of €5,000 would act as security against her loan of the same amount.

Benefits of a Savings Loan:

  • Instant approval and pay out
  • Flexible repayment options
  • Loan can be used for any purpose
  • Interest rate of only 4.5% (4.6%APR)
  • Most people find it easier to repay a loan than replace savings
  • When you have the loan repaid you still have your savings, plus dividends earned, intact.
  • FREE Insurance – Eligible members Loans and Savings are covered by free life insurance

What you borrow for is up to you…

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St. Columba's Credit Union
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