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  028 807 61507  info@tmcu.net


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Loans

Termonmaguirk Credit Union Ltd

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!

Contact Us

Standard Loan

Apply for up to £14,999
  • Interest Rate 12.00%
  • Maximum loan term 5 years
  • No credit check required
  • Eligible for Loan Interest Rebate (if approved at AGM)
  • Can be topped up (3 times within a year)
  • Decision – generally over the counter (unless further information required)

Large Loan

Apply for £15,000 up to £30,000
  • Interest Rate 7.9%
  • Maximum loan term 7 years
  • Credit check required
  • Not eligible for Loan Interest Rebate (rebate paid up front)
  • Can be topped up (3 times within a year)
  • Decision – within 24 hours (depending on credit check being satisfactory)

Secured Loan

Apply for up to value of savings held (maximum £15,000)
  • Interest Rate 7.5%
  • Maximum loan term 7 years
  • No Credit check required
  • Not eligible for Loan Interest Rebate (rebate paid up front)
  • Can be topped up (3 times within a year)
  • Decision – immediate

How to make an Application

  • Call into the office
  • By telephone on 028 807 61507
  • Online – Documents required can be uploaded here

Documents required

  • Most recent payslips: 
      • 6 weekly payslips
      • 3 monthly payslips
  • 3 months most recent bank statements
  • Loans between £15-30k may require additional credit checks.
  • Self-employed members will need to provide most recent annual accounts or to provide their gross annual income from your most recent SA302* along with a copy of your Tax Year overview.

* What is an SA302?

Your tax calculation (SA302) shows: your total income on which tax is due. any allowances and relief you have. the total amount you owe for the tax year.

Guarantors

  • First time borrowers under the age of 21 years old may require a Guarantor.
  • If a guarantor is required, they must be over 21 years old, be in full-time employment, and must furnish proof of income i.e. payslips, bank statements. 

Insurance

Loan Protection Insurance is a benefit we provide to our members at no direct cost when they borrow from us. It can protect eligible members by repaying their loans in the unfortunate event of death. This valuable benefit gives credit union borrowers peace of mind when they borrow. Members can take out a Termonmaguirk Credit Union loan in full confidence, knowing that their next of kin won’t be left with that burden.

Like all insurance policies, terms and conditions apply. Cover ceases at the age of 85.

Attached Shares

  • Shares in your account at the time of the loan issue will be held as collateral against the loan. You can withdraw any amount that is not held as collateral.
  • Full Share balance at time of application will be held as collateral automatically unless specific amount is requested.

Additional Lending

  • Members can only apply for a maximum of 3 ‘Top-ups’ per year.

Loan Decisions

  • The majority of loan decisions will be available within 24 hours of application with the exception of where further documentation is required: 
  • Standard Loan – generally over the counter 
  • Secured Loan – immediately
  • Large Loan – within 24 hours

Member must be 18 years old.

Must be paid in full by members 85th birthday 

  • Borrow up to £30,000
  • There are no administration charges, hidden fees or penalties for early repayment.
  • Repayments are flexible and tailored to suit the member’s needs.
  • Credit union interest rates are fair and reasonable and capped by law.
  • Interest is charged on the outstanding reducing balance.
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without paying a penalty. 
  • In the event of your death, your credit union loan is insured at no direct cost to you, the member ( subject to terms, conditions and eligibility criteria).
  • Loan Interest Rebate paid out after financial year end *

Loan Interest Rebate *

The loan interest rebate is a percentage of the interest paid by the borrowing member, which is given back to them at the end of the year from the surplus of income. The percentage is proposed at the AGM and if agreed is then paid into the members’ savings accounts the next day. In 2024 a 45% Interest Rebate was returned to members.

The Standard Loan (up to £14,999) is the only Loan Product  that will avail of the Loan Interest Rebate.

The Large Loan (£15,000 to £30,000) and Secured Loan (covered by share balance) will avail of lower interest rate when repaying their loan – the lower interest rate is the Loan Interest Rebate ‘up front’.

We understand that circumstances can change for a variety of reasons. In the event of a change, we would urge any member to get in contact with the office as soon as possible. It is very important to contact us early as we will be in a much better position to assess the situation. Our Credit Control staff are friendly, non-judgemental and understanding and will meet with you privately to discuss how we can support you. Please do not let the problem get out of control. WE ARE HERE FOR YOU!

Contact the office and ask to speak to a Credit Control staff member on 028 807 61507