ATTENTION! (3)

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]

EURO 2016 (4)

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.

 

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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.

EURO 2016 (3)

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! (1)

Attention new & first time borrowers.

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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.

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Say Hello to the all new loughcu.ie

We’re delighted to introduce our members to our brand new website which has been in development over the past couple of months. We hope you like it!

We believe that the functionality provided by this site is the first step in providing our members with a genuine full service, community-based alternative to the for-profit banking sector. While many banks have embarked on programmes of branch closure and operational rationisation over the past few years, we have endeavoured to maintain a high standard of personal, face-to-face service at both our offices on Bandon Road and in Togher. We believe that people living in our community deserve to have access to basic financial services on their doorstep without having to pay astronomical fees and charges or without the frustration of always being shoved in the direction of machines and computers.

However, we also identified the need to develop an online and electronic services platform that provides our members with a quick, easy and interactive means of sorting our their finances whether they are in a position to call into our offices or not. The development of this site is in addition to the our recent roll out of our CU-Online facility and our CU-Anywhere mobile app. Indeed we see it as a strategic imperative to bring our services and products directly to our members via the latest technology. This website is designed to provide our members with better quality information about our products, services and activities in a more user-friendly manner than our old website.

We also aim to develop the functionality of this site so that members will be able to avail of the majority of in branch services on the go or from the comfort of their own living rooms. Indeed our ultimate objective is for members of The Lough Credit Union to be in a position to close their bank accounts and look after all their personal finance needs exclusively with us without having to worry about getting to the branch or missing out on the most up-to-date products and services on the market. So with that thought we’d like to invite you to take a look around and tell us what you think.