What exactly is a Savings Loan?
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.