€1,000,000 worth of credit released

The Board of St.Columba’s Credit Union Ltd.has agreed to a once-off initiative to release a further €1 million of credit into our local economy. It is hoped that this will act as a boost to our local community at a time when credit is being restricted so dramatically by other lending institutions.
People who aren’t members of the Credit Union must live, work or study in the common bond area of our Credit Union to apply for membership so that they can apply for the loans. The common bond includes most of the eastern side of the city as far north as Claregalway, east to Oranmore, south to Clarinbridge and west to Galway city. It’s estimated that as many as 50% of Galway’s population live or work in our common bond area. With offices in Mervue, Renmore, Oranmore, and Claregalway and wide ranging opening hours to suit everyone,it’s very easy to apply.

Paddy O’Donnell, Chairman of St.Columba’s Credit Union says “Current problems in Ireland were caused by too much credit in the economy and particularly in the property sector, now the lack of sustainable and prudential lending is hampering the growth of the economy. St.Columba’s Credit Union wants to provide leadership in this area and help our city and community to grow in the coming years. This is a time when the self-help ethos of Credit Unions can aid our economic recovery”.

Credit Union interest rates are the cheapest in the market, plus members can avail of free life cover on their savings and loans. There are no penalties for early repayment, no administration fees or hidden charges, which is another important difference when comparing with other lenders. To apply for a loan or to discuss in more detail you need to log onto www.galwaycreditunion.ie or call 091 755825.