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Whether you're expanding your business or covering personal expenses, our competitive rate makes borrowing simple and affordable. Take the next step towards achieving your goals today!
Loans
Unlock your potential with our flexible loan options and personalised terms to suit you. Whether you’re planning a big purchase, consolidating debt, or need funds for unexpected expenses, our loans offer you a competitive interest rate, fast approval, and flexible repayment terms.
Why Choose a Credit Union Loan?
- Affordable Rates: Enjoy a fixed interest rate, giving you the confidence to plan your finances without surprises.
- Quick Approval: Get the funds you need, when you need them, with our streamlined application process.
- Flexible Terms: Tailor your loan to fit your budget with customisable repayment plans.
Don’t let financial hurdles slow you down. Take advantage of our Loans today and get the financial boost you need! Apply now and experience the convenience and security of borrowing with us.
Standard Loan
Our standard loan is our most popular loan, where members benefit from an interest rebate- 12.68% APR
- Minimum amount £100
- Maximum amount £7,500
- Eligible for interest rebate
- Must be repaid by 80th birthday
Classic £7,500+
For those bigger purchases- 9.11% APR
- Minimum amount £7,500
- Not eligible for interest rebate
- Must be repaid by 80th birthday
Premier Plus
Larger secured loans. Restrictions apply⠀- 6.17% APR
- Not eligible for interest rebate
- Must be repaid by 80th birthday
If you are applying for a loan or seeking to top up an existing loan, you can do so by:
- Visiting our office in person,
- Calling our office by telephone,
- Accessing the members section on our website.
Check out our loan calculator below to work out your loan repayment. To support your loan application, we may require some additional information, such as:
- Details of your monthly income and financial commitments.
- A copy of your ID and recent bank statements.
We are committed to helping our members make the most of their finances.
Every loan application is carefully considered, and over 95% of loans are approved. However, in the best interests of both the Credit Union and the member, some loans may be declined.
Loan Repayment Terms
Repayment terms can range from 6 months to 10 years, depending on the purpose of the loan. Choose your repayment terms carefully, considering both the purpose and affordability. Remember, the longer the repayment term, the more interest you will pay in the long run.
When applying for a loan, you are required to pledge a portion of your shares. It is Faughanvale Credit Union’s policy that any shares over this amount may be withdrawn at any time, if the loan is not in arrears.
There may be instances when, due to valid reasons or unforeseen circumstances, a member struggles to keep up with their repayment commitments. However, taking a proactive stance is crucial. If you are having difficulty meeting your loan obligations, consider the following actions:
- Get in Touch: Contact us as soon as possible. Our Credit Control Officers are ready to discuss any loan-related issues with you. Waiting to reach out may complicate matters and affect your ability to establish a new repayment plan.
- Develop a Budget: Create a budget that emphasises loan repayment. Identify areas where you can reduce expenses to free up more funds for your loans.
- Understand the Consequences: Missing loan payments can impact your credit score and may lead to additional fees or legal action. It’s crucial to address repayment issues early to avoid long-term financial damage. By following these steps, you can more effectively manage the difficulties of loan repayment and work towards regaining control over your financial future.
