So just what do credit unions offer?

SAVINGS

Why is saving with a credit union better? Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea.

Regular saving with your credit union is an even better idea. At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative.

Each share you hold in your credit union is equal to €1/£1stg. Depending on the rules of your credit union, to be a member there will be an entrance fee of not more than €1.27/£1stg and you will need to hold a minimum savings of between one and ten shares. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union. • Savings are insured at no direct cost to the

eligible member. • No hidden fees or transaction charges. When your credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. • The more shares you have, the greater the

dividend you will receive. • And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.

INSURANCE

Your credit union also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance covers currently provided by creditunions in respect of eligible members are: • Loan Protection • Life Savings Insurance • Death Benefit Insurance may be provided by some credit unions The “member pay” services currently available are: • Repayment Protection Insurance (RPI). • Home Insurance. • Car Insurance. • Travel Insurance. • Private Health Insurance schemes.

LOANS

What is so different about a credit union Loan? Before taking out a loan of any kind, it’s worth taking the time to understand how lending works.

That way you can compare the benefits and be aware of the risks. Here are some of things that make a credit union loan different: • There are no hidden fees or transaction charges. • Credit union interest rates are fair and reasonable and capped by law. • Repayments are calculated on your reducing balance, so you pay less interest with each repayment. • Once you are eligible for a credit union loan, repayment terms can be designed around your needs. • Your credit union loan is insured - subject to terms and conditions - at no direct cost to you. Other lenders charge for this. Click here for more information. • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster! How much does a credit union loan cost? Unlike other lenders, your credit union cannot charge more than 1% per month*. Some credit unions charge even less. Sometimes, borrowers get an interest rebate at the end of the year.

There are no fees, no transaction charges, no penalties for early repayment and your interest mpayments goes down as the loan is repaid.

Your credit union will quote you a competitive interest rate. Compare them - along with the other benefits - and you’ll find a credit union loan is low cost and high value.

* This equates to a maximum 12.68% APR. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating. We look at repayments differently. The two most important things about a loan are, being able to borrow the money and being able to repay it. It’s your loan, you should be able to do both in ways that suit you. After all, a credit union is there to facilitate its members, whether they’re saving or borrowing.

Your credit union is flexible. You agree a payment plan that suits you today and if your situation changes, you simply talk to your credit union about possibly changing your repayment plan. Your credit union is there to help you - the member - not to make a profit for someone else.