Tel: 028 90 322 507 Email: info@clonardcu.com

21 August 2017
Loans Covered By Savings

Super new discounted rate for members taking new secured loans with shares greater than 4000 - 6.5%  (Terms & Conditions Apply)

Loans Covered By Savings Include:

  • This type of loan is covered by the amount of shares you have
  • You can borrow a maximum of double the value of shares for your first loan but it must be approved by the “Credit Committee”.
  • Secured and Credit Rated Loans. These loans can be approved and paid immediately on receipt of the application. Loan Officers have been appointed by the Board of Directors and have the authority to approve such loans.
  • Un-secured Loan. An application form is required to be completed, which will then be handed reviewed by members of the Credit Committee for assessment.
  • Photographic ID is always required when applying or collecting a loan

NOTE:

Failure to maintain repayments as per your loan agreement may affect future loans. When repaying your loan you should continue to maintain a savings record.


Loans Additional Information

  • You must be a member for a minimum of 13 weeks before applying for a loan. Your passbook and photographic ID is required when making any loan application.
  • You need to make a loan application form, which will be taken by a Loan Officer. Proof of earnings/copies of bank statements/Signed Audited Statement of Accounts may also be required. You may also be asked to provide a guarantor.

Type of Loan Loan Details
First Loan Only Secured Loan - same value of your savings
*Subject to the discretion of the Credit Committee
Secured Loan Up to the value of your shares held and available immediately for issue
Credit Rated Share Value Loan Issue Value
Up to £100
£200 - £999
£1000 - £2499
Upwards of £2500
£250 above shares
£500 above shares
Double amount of shares
£2500 above shares
Loan Type Repayment Term
First Loan Maximum 1 year
Secured Loan Maximum 7 years
Un-Secured Loan Maximum 5 years


NOTE:

  • Failure to maintain repayments as per your loan agreement may affect future loans
  • When repaying your loan you should continue to maintain a savings record
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Clonard Credit Union Tel: 028 90 322 507 Email: info@clonardcu.com Web: http://www.clonardcu.com
Clonard Credit Union Ltd is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.