CU ONLINE - MEMBERS AREA 

LOANS 

SECURED LOANS 

Secured loans are any amount you apply for which falls below your shares. The amount of shares up to the amount of the loan is held against the loan balance. Obtaining a secured loan is a quick process and involves completing a form in the office with one of our tellers. Agree repayments which are affordable to yourself and the loan can be paid out instantly in cash, cheque or bank transfer. No supporting documents are required. 
 
The interest charged in a secured loan is 12.68% (1% per month) on the reducing loan balance. 

NON-SECURED LOANS 

Downpatrick Credit Union welcome and consider loan applications for any worthwhile purpose. Each application is treated in the utmost confidence. 
 
The interest charged on our standards loan is 12.68% (1% per month) on the reducing loan balance. 

ELIGIBILITY 

In order to apply for a loan, you must be a member for a minimum of 12 weeks. 
You must be 18 years old or over. 
If topping up your current loan, it must be up-to-date and not have any arrears. 

Supporting Documents 

3 months bank statements 
3 months payslips if income is not shown on bank statements 
Previous 2 years Year end accounts if self-employed 
Business plan if loan is for business set-up or expansion 

We will: 

Have a loans officer to discuss your application in the office or over the telephone 
Base your application on your needs, affordability to repay and savings record with us 
Base each loan decision on its own merits 
Ensure a quick response to your application (credit committee loans may take longer for a decision) 
Advise members what steps you may need to take to become eligible for a loan 
Insure an outstanding loan balance should a member die, subject to certain cover limits, meaning dependants or next of kin will not be obliged to repay the outstanding balance 

There are no charges or fees for early repayment. 

Interest is calculated on the outstanding loan balance, so you pay even less interest by repaying your loan quicker than originally planned. 
Member care 
 
Members who fail to make payments or contact the Credit Union will be subject to our Credit Control Procedures. Legal fees may be added to your account. 
 
Members should contact Downpatrick Credit Union if their circumstances change. Communication is vital. We are here to help. 
Example of repayments, just select your loan type, the amount you wish to borrow and the term. 
Standard 
12.70 
years 
Car Loan 
10.49 
years 
Oil Loan 
6.6 
months 

LOAN DETAILS




PAYMENTS SUMMARY


Total Cost example

Monthly Payments

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