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]

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.