Win €500 with The Lough Credit Union Car Loan Competition

The Lough Credit Union Car Loan Competition

Christmas is almost upon us and though for many that means focusing on Christmas gifts, you would be surprised at the amount of people that it means new cars for! I mean, we are coming into the New Year too. With that in mind, we sent out our AGM notifications last week and just had to add in a little car loan competition JUST for you!

Cars are a huge investment for any person/family and are a super important aspect of day-to-day life. Whether you’re looking for a mini to bring you from A to B or a family saloon to bring your family/friends on trips around the country, cars are a necessary part of day to day life. Of course, cars can also be expensive. Be it a new 2018 car or a second hand car, the costs can be very high and are not necessarily something that everyone can afford or want to pay from their savings. That’s where car loans come into play.

Car Loans with The Lough Credit Union

The Lough Credit Union has for a long time prided itself on its amazing car loan offers. We can unashamedly say that we feel we have THE BEST car loans in Cork. We have free loan insurance, amazing rates, fantastic advice and kind face-to-face and online services making taking our car loans as easy for all of our members as possible. Don’t be shy if you are thinking of a car loan – pop on in and we will certainly help you out.

The Car Loan Competition Itself:

That’s right; to enter our Car Loan Competition all you have to do is either pop on in and fill out an entry form or send a quick email to Pádraig and you’ll be laughing! The competition will end on February 23rd, after which we will be giving one lucky member a prize of €500! We’re quite jealous ourselves…

To keep up-to-date with all of our competitions and our other going-ons, follow us on FacebookTwitterInstagram and our mailing list.

The Lough Credit Union – Togher & Bandon Road – staff@loughcu,ie – 021 496 3384

Make Memories This Christmas with The Lough Credit Union’s Personal Loans

Christmas is About Family, Friends and Community

We know that everyone has a different view on the holidays, but one thing that is certain is that for the majority of people in our community, Christmas is always about their family, friends and neighbours and making the festive season one that they will always remember. Making memories is what sets this time of year apart from any other, allowing fond reminiscing and special moments that will always warm the heart. Of course, with these memories made by splurging on your loved ones, attending Christmas parties, dolling up your house and taking care of those you love, comes a heavy time on finances.

What we have seen in our community is that our members do not focus on the material aspect of Christmas and what they are spending on their loved ones, but rather how happy and joyous they are making them. The areas of The Lough, Togher and Cork City have always been steeped in history and memory making from some of the most giving, caring and loyal people in Ireland. With this in mind, The Lough Credit Union is here to help all members in their paths of memory making.

Personal Christmas Loans With The Lough Credit Union – Make Lasting Memories

As we said above, we know how important creating special memories and caring for friends, families and loved ones is within our community. With that in mind, we have the best loans available in order to make that happen.

Our Personal Christmas Loans are designed for you in mind with a 95% approval rate, free loan protection insurance and over €100,000,000 to lend our members. We focus on providing the best service available, which is why we are quickening our loan approval processes, improving our branches, adding staff and always putting our members first. The Lough Credit Union prides itself on looking after its members.

If you would like to inquire further about a Personal Christmas Loan then call into 1 of our branches, call us on 021 496 3384 or email us at staff@loughcu.ie

To hear all of our news and keep up-to-date with your community follow us on Facebook, Twitter, Instagram and join our mailing list.

Please note, that the above stunning advert has been designed in collaboration with the Cork Independent.

 

Home Improvement Loans – The Lough Credit Union

Why Invest in Your Home with a Home Improvement Loan?

There’s no doubt about it, home improvements can be costly and take time to get right. We have seen a huge pick-up in home improvements in recent times however, due to the current housing status. In Cork, we are going through a housing crisis, making it difficult for many people to find new homes or even rent. Because of this, the people of Cork and in the Lough and Togher areas have stated investing heavily in their homes, which is drastically increasing their value. Home improvements done right can increase the market value of your home, make your home a more comfortable and stylish place for you and your family and if you are a landlord, you can charge higher and still fair rent.

Why The Lough Credit Union is The Right Choice:

At The Lough Credit Union, not only do we offer you competitive loan improvement rates, but we also offer an outstanding service and benefits that you won’t find elsewhere:

  • Free loan protection insurance
  • Loan Interest Rebates
    • Both last year and the year before we paid 10% interest rebates back into the savings accounts of our members paying back loans, making our rates even more competitive
  • 95% loan approval rate
  • Your money goes into the community
    • As a not-for-profit organisation, we put the money you give to us back into the community via sponsorship and community initiatives, such as Togher Defibrillator Fund, Cork City Missing Person Search and Recovery, The Barrs and much more.

Ask Us About a Loan

We believe strongly in building your future. With that in mind, make sure to call us, email us or call into one of our offices. Our staff members provide excellent service for our members and always operate with the utmost discretion and the members’ needs in mind.

Unlike other institutions, we are a friendly, understanding face who are here to help you with financial aid and not to use loans solely for profit.

With that in mind, call us on 021 496 3384, email us at staff@loughcu.ie or call into 100-103, Bandon Road, or Shournagh Lawn, Togher.

Also, to keep up with all of our happenings, you can follow us on Facebook, Twitter, Instagram or join our mailing list.

REMEMBER: We love our locals.

The images in this post were designed with the help of Cork Independent.

Save up to 40% on the cost of Your Personal Loan!

The Competition & Consumer Protection Commission have a very handy tool on their website that allows you to make many financial product comparisons. It’s well worth using when you’re thinking about making personal finance decisions. Check it out here.

We just had a look to see what kind of savings a person living in our catchment area of Cork City could make by taking out a loan with The Lough Credit Union instead of one of the highstreet banks.

 

We took a €5,000 over 3 years (36 monthly repayments) as our example and the results are very interesting. Contrary to popular belief a Credit Union loan from The Lough at 9.9% APR over the 3 years is:

€303.44 cheaper than AIB (27.5%)
€87.83 cheaper than BOI (9.9%)
€303.56 cheaper than PTSB (27.5%)
€280.46 cheaper than KBC (26%)
€41.40 cheaper than Ulster Bank (4.9%)

In fact, if you haven’t borrowed from our Credit Union before, or in the past 24 months, then you’d be eligible for our special reduced First Time Borrower rate of 8.3% APR, which would be:

€437.72 cheaper than AIB (39.7%)
€222.11 cheaper than BOI (25%)
€437.84 cheaper than PTSB (39.7%)
€414.74 cheaper than KBC (38.4%)
€175.68 cheaper than Ulster Bank (20.9%)

We’re all about flexibility so why not check out how we can help you help yourself by making a loan query on our loan calculator today. Whether you’re borrowing for a new or used car, home improvements or even just a nice holiday to get away, we’ve got the loan for you.

 

How The Rates Stack Up

Institution Product APR Monthly Repayments Total Cost of Credit
AIB Personal Loan 13% €166.75 1003.04
KBC Personal Loan 14% 168.89 1080.06
BOI* Personal Loan 11.5% 163.54 887.43
PTSB Personal Loan – variable 14.3% 169.53 1103.16
Ulster Bank Personal Loans 10.9% 162.25 841.16
The Lough CU Personal Loan 9.9% 161.10 799.60
The Lough CU First Time Borrower 8.3% 157.37 €665.32

The information in the above table was retrieved from consumerhelp.ie on the 14/03/2016.

* BOI customers can avail of an APR of 7.5% if they currently hold a BOI personal current account, and meet the bank’s specified criteria. BOI rates depend on individual circumstances and may differ from advertised APR. Where applicants do not meet this criteria, their standard variable rate of 11.5% APR will apply to online and phone applications and a variable rate of 12.8% APR to in-branch applications. [As the criteria for 7.5% APR is not made publically available we used the 11.5% rate as the most appropriate comparison]

Drive a better bargain this January.

We’d just like to take this opportunity to wish all our Members a very Happy New Year – we hope everyone is relaxed and re-energised after taking some much deserved time off.

The New & Nearly New Car Market

As finances continue to recover for some people across Cork City there has been a sharp increase in the total sales of new cars. This trend is set to continue with 2016 forecasts suggesting that around 150,000 new cars are expected to be sold nationwide over the course of the year. There will also be considerable value in the nearly new car market due to the increase in attractive trade-in and scrappage offers, many of which will find their way back into the market.

 

Financing the Purchase

For most people getting finance of some sort is essential for buying a new or nearly new car. The finance options available are extensive. Here’s some of the options available to car buyers:

 

1. The Lough Credit Union Car Loan:

While the interest rate may be higher with us than it would be from a finance company it might work out better in the long run. Unlike a PCP or HP, a Car Loan from The Lough Credit Union has the following benefits:

  1. You own your car from day one – we lay no claim to it and you can drive it without worry;
  2. It’s a straight forward loan with regular repayments over an agreed term;
  3. There are no administration fees, set-up fees or hidden charges;
  4. You can pay the loan off early, make lump sum repayments or increase repayments without penalty;
  5. You can sell your car on if you’re circumstances change or if you’d just like to get a different car, and;
  6. Eligible members get free loan insurance.

Our special Car Loan rate of 7.23% APR is available to members purchasing a new or second hand car for domestic or private use with a value greater than €3,500. Members can borrow at the standard rate for cars below this value. (See here to find out what your repayments could be and to request a call back)

 

2. Personal Contract Plans (PCPs):

In the past few years personal contract plans have become quite popular for people buying cars in Cork. These plans operate as a sort of hire purchase hybrid with benefits including lower monthly repayments. Check out the pros and cons of these contracts over at http://www.consumerhelp.ie/pcp – here’s a useful excerpt:

Comparing a PCP with a personal loan
The main difference between using a personal loan and a PCP contract is that with a personal loan you borrow the money, pay for your car, and own it immediately. With a PCP agreement, you don’t own the car, you are hiring it for a period of time, typically 3-5 years. You only own it when you make the final payment. This is important because if you were to run into financial difficulty during your PCP agreement, unlike a personal loan, you cannot sell the car to pay off your debt.

How flexible is a PCP?
These agreements are among the least flexible forms of finance. Because the payments are fixed for the term of the agreement, you cannot usually increase your repayments each month if you wish to do so. If you want to extend the term, you may be charged a rescheduling fee.

While PCPs may seem tempting, with what seem like lower monthly repayments, their complexity can often cost more in the long run and tie consumers into inflexible arrangements. Onerous restrictions set out in the contract can impose limitations on mileage, car condition and service intervals/providers, with penalties often imposed for non-compliance with such conditions.

 

3. Hire Purchase (HPs):

Many ‘car finance loans’ offered by garages and some lenders are actually hire purchase agreements. The difference between these and a personal loan is that you do not own the car until you make the very last payment. Your car dealer will act as an intermediary for the finance company and actually sells the car to the finance company, who in turn rents it to you until the final repayment is made. These can often work out more expensive and if you’re unfortunate enough to fall behind in repayments the car might be recovered by the finance company.

The advice from the Competition & Consumer Protection Commission is “don’t choose long, fixed-repayment agreements if you can get a more flexible personal loan from a credit union or bank.” See more on their website.

 

Our Advice

Before committing to buying a new or nearly new car we’d advise all members and potential members to shop around to get the best finance option for their personal needs.

If you are thinking about changing your car it’s well worth considering all of the available options. PCPs/HPs can work well for some but with a loan from us you will always have the flexibility and convenience you need without having to worry about how you motor.

 

Ways to Apply for a Lough CU Car Loan

phone   Pick up the telephone & Freephone 1800-410-400

  home   Visit one of our branches on Bandon Road or at Shournagh Lawn in Togher

  display   Apply online using our cuOnline banking facility (requires registration)

5 Festive Tips for a carefree Christmas.

 

1. Make a list & check it twice.
Don’t be that person who saunters into town or Mahon Point on Christmas Eve with a dozen presents to get. Firstly, you’ll end up buying rubbish presents, and secondly, you’ll end up spending a small fortune. Spend some time making a list of who you want to buy for. Be realistic with your budget and identify a few possible options for each person. Then all you have to do is make sure you stick to your list and budget. Shop around by comparing prices online and in shops around Cork and don’t be afraid to haggle with local shops.

 

2. Avoid all types of hangover.
Christmas is a time of year where we all overdo it a little bit so try to take it handy on the food, drink and spending and you’ll be grateful in January. In particular we’d recommend a sensible approach to spending over the festive period – nobody benefits from a dirty debt hangover in the New Year. Prioritise spending quality time with family and friends rather than spending lots of money on things, be it food, drink or gifts. If you do need to borrow make sure it’s only for a small amount and get a saving plan in place for next year! Keep away from the credit cards and moneylenders and be sensible with your money – if you have to borrow do so at a reasonable interest rate with repayments that suit.

 

3. Start a Secret Santy.
Setting expectations can be useful at Christmastime. Obviously there’s a different set of rules for the kids but managing expectations as to what Santa can or can’t deliver on is most helpful, especially when the Christmas list is 53 pages long. For adults – be it family, colleagues or groups of friends – “Secret Santy” is a great idea to help save on costs and avoid buying a dozen different presents – plus you’ll end up getting one good present rather than loads of Lynx Shower Kits/Candles/Socks etc.

 

4. Save yourself for the sales.
It’s madness to splash out on lots of clothes in the run up to Christmas when prices will tumble on Stephen’s day and all throughout January. Think of how sick you’ll be when you see that jacket you bought at half price a few weeks later! You can also pick up lots of winter clothes for next year at knock-down prices in the sales as well as all the Christmas decorations and wrapping paper you could ever dream about, helping you to cover the cost of Christmas 2016 already!

 

5. Start saving for next year.
As we mentioned already if you can avoid taking on debt to pay for Christmas then you should. Lots of members of The Lough Credit Union save a small amount every week over the course of the year to help cushion the December blow, so once January comes think about how much you’d be willing to save every week to make next year more manageable – €20 per week would leave you with around €1000 for next year!

 

Most importantly, be safe, merry and enjoy the most wonderful time of the year!

Christmas Opening Hours

 

The Lough CU launches Personal Micro Credit pilot.

 ——————————————————————————————————————————————————————————————————-Please note: Unfortunately, we are prevented by law from offering this loan to any person who is not eligible for membership of our Credit Union, so to avoid disappointment we would advise anyone interested in applying to verify if you can join by checking out the map on our Membership page – if you live or work within our catchment area you can join. We are the only Cork City based Credit Union participating in this pilot.                  ——————————————————————————————————————————————————————————————————-

We’re delighted to announce the launch of a new Personal Micro Credit Project (PMC) which will be piloted initially in our Credit Union along with over 30 other credit unions across the country. The aim of the project is to make small affordable loans available to those on social welfare in our area and is a concerted effort to combat moneylenders. All applications will be subject to approval and an assessment of affordability.

 

The project will be run in partnership with the Department of Social Protection, the Citizens Information Board, the Social Finance Foundation and An Post and is open to social welfare recipients. Those who would like to avail of this type of loan will need to join The Lough Credit Union (if not already a member) and sign up for repayments to be made to the loan via the Household Budget Scheme which is run by An Post.

 

As a Credit Union we’re delighted to take part in this pilot scheme. We are all well aware of the penal interest rates charged by moneylenders, both legal and illegal, in local communities. This pilot scheme will highlight that The Lough Credit Union is a real option for people who are on social welfare in The Lough and Togher areas of the city.

 

The target audience for the scheme are those who are excluded from mainstream credit. Essentially, the aim is to offer small loans to those using or considering using a moneylending service. The project is working to create a realistic offering to counter the ‘convenience and ease’ advantage that moneylenders have in this country. An eligible person can apply for a loan of between €100 and €2,000. This type of loan will be distinct from a standard Credit Union loan.

 

Untitled

 

 

The Central Bank estimates that about 360,000 (2013 Report on Licensed Moneylending Industry) people are using moneylending services in Ireland. This does not take into account those using unlicensed operators. Interest charged on loans from moneylenders can be 290% or even higher. The maximum interest rate which credit unions can charge is 12% (12.68% APR).Credit unions have been particularly vocal throughout the recession years about the dangers of using moneylending services as in many cases, those who avail of this type of credit are getting trapped in a cycle of debt which is very hard to break free from.

 

Information on the pilot scheme will be available in Money Advice and Budgeting Services (MABS) and St. Vincent de Paul (SVP) offices.

 

Commenting on the initiative, John-Mark McCafferty, Head of Social Justice with the Society of St. Vincent de Paul, said:
“We have been advocating for an alternative to high cost moneylenders for some time and we warmly welcome the leadership shown by credit unions in the pilot to provide this product for people on social welfare who are eligible. We are working with our credit union colleagues locally throughout the pilot sites in order to ensure take-up of the scheme and more affordable credit for the households we assist”.

 

For more information please download The “It Makes Sense” Loan leaflet on our downloads page.

* Specific terms and conditions apply. Loans are subject to approval. The Lough Credit Union is regulated by the Central Bank of Ireland.

Put ’em under pressure.

When Jonny Walters’ 2nd goal hit the back of the net on 70 minutes last night the Aviva was rocking and a whole nation erupted with joy. For just the third time ever the Boys in Green are on route to the Euros and there will undoubtedly be an army of green behind them as they go on a mission to set the record straight after what was a depressingly disappointing outing in Poland nearly three and a half years ago.

 

We’ve put together a quick checklist of some things you might need to get sorted before you try to navigate the continent:

  • Return flights/Campervan/A loan of a boat
  • Match tickets
  • Jumpleads for the van
  • Joxer & the lads
  • Somewhere to stay
  • An adequate supply of jocks and socks, and maybe a sleeping bag
  • An Ireland jersey (Preferably of the West Germany ‘88 Vintage, although a 2002 World Cup edition will suffice)
  • A Nokia 3310 out of retirement (can’t be dealing with that iPhone charge!)
  • Gary Breen out of retirement
  • A very understanding boss
  • Your Leaving Cert French Oral notes (of particular use will be the vocabulary in the notes titled “Le Sport” and “Mes Vacances”)
  • A dusty bodhrán, tin whistle or other miscellaneous trad instrument, so you can play the Kerry Polka and that other song you don’t know the name of sixteen thousand times
  • A few bob spending money
  • The emergency “if Ireland get to the final” fund
  • A back up green t-shirt with the obligatory Father Ted reference
  • An endless supply of hope and dreams

 

In 2012 we paid out a large number of loans to members travelling to the Euros and we expect that this time will be no different. So why not take the pressure off and talk to us about a holiday loan to help get you to France and back again for what could be a once in a lifetime tournament. We can be of particular assistance in sorting finance for the items listed in bold – we’re sure you can sort the rest.

 

Visit Loan Calculator

Attention new & first time borrowers.

At The Lough Credit Union (LCU) we always try to keep our finger on the pulse with our members and people living or working in our area. Over the past few months we’ve been researching what services and products our members are looking for and we’ve found out that there’s lots of people around The Lough, Togher and surrounding areas that are thinking about borrowing for the first time but don’t know how to go about applying for a loan, or just haven’t decided where they want to borrow from.

 

In response to this we’re launching our brand new First Time Borrower loan product today for a limited time only at the reduced interest rate of 8.3% APR*.

 

This new loan does exactly what it says on the tin and can be taken out for any purpose. The rate is available to:
1. All new members that join LCU;
2. Existing members that have not borrowed from us before, or;
3. Existing members that have borrowed from us before but who have not had a loan in the last 24 months, i.e. their previous loan completed in full over 24 months ago.

 

We know that taking out a loan can be a frustrating experience, particularly when it’s your first time, so we’ve tailored this loan and our application process to be as hassle-free as possible. We’re always trying to ensure that we keep things as efficient as possible while ensuring we comply with increased regulatory requirements.

 

Check out what your repayments could be.

 Visit Loan Calculator

Use this calculator to see what your repayments might be, pop in your contact details, and we’ll get back to you ASAP to discuss your needs or to start processing your application.

 

All loans are subject to approval. Lending criteria, terms & conditions apply. For information in relating to the supporting documentation that may be required with a loan application please see the information on our Loans page. This rate is available to qualifying persons from the 5th of October 2015 until the close of business the 30th of November 2015.

 

* The reduced rate refers to the difference between the new First Time Borrower rate and our personal loan rate of 9.9% APR.

 

See how we stack up against other lenders in the market over at the Consumer Protection website! You might be surprised.

 

The T&C’s
• Rate is only available to members of The Lough Credit Union Limited. If you’re not already a member you can download an application in our download section.
• Minimum loan amount of €200 required.
• A minimum of 10% of the loan amount value must be held by the member in savings in their credit union account as security against any loan. Savings held in this manner may not be withdrawn until the loan balance falls below this savings balance, at which point the difference between the loan balance and savings balance will become accessible. For example, if a new member wished to borrow €3,500.00 a minimum of €350.00 would have to be kept in savings until the loan balance falls below €350.00.