1. We’re local
In Ireland over 3 million people are members of Credit Unions. The credit union movement across Ireland is the most successful in the world with the highest membership per capita. At the core of everything we do, is to uphold a different, people-led way of looking at things, a way that is benefiting millions of people, in both the Republic of Ireland and Northern Ireland.
2. It’s personal
Our philosophy has always been to look at things differently. A credit union is an organisation of people, for people. It exists only to serve its members – not to profit from their needs. Credit unions are non-sectarian and non-political, and continue the Irish tradition of co-operative self help. All our decisions are taken at a local level not in a remote head office and each member can attend it’s The Lough Credit Union’s AGM regardless of the amount of savings held so you get a say in how your Credit Union is run.
3. It’s different
Our credit union is owned by people like you, the members, who both save with, and borrow from it. The founders of the Credit Union recognized the root of most people’s money problems as lying in the scarce availability and poor management of money in Ireland and resolved to identify a system that would allow people to have more control over their finances. Credit unions also offer insurance services at no direct cost to you. In the event of your death, your credit union loan and your savings are insured subject to terms, conditions and eligibility criteria.
4. It’s fair
Every credit union is a ‘not-for-profit’ financial co-operative. Any surplus income generated is returned to the members as a dividend to savers or it may be directed to improved or additional services for members. We gave borrowers an interest rebate at the end of this year meaning we gave back 10% of the interest you’ve already paid on your loan. This is why we’re so diligent when it comes to deciding, whether or not to grant the loan because every member is accountable to every other member.
5 It’s simple
When members need a loan, all they need to do is come in, chat, and fill out a form or apply online. Your application is treated in the utmost confidence and will be considered on its own merits. In deciding, whether or not to grant the loan we take into account your record of savings and loan repayments, as well as your ability to repay.
So if you’re not already a member of The Lough Credit Union – why not enquire today??