Smart people save first… and borrow second

Call us old fashioned but we only give loans to members who save with us. That’s why if you have a track record of regular saving (and fit our general lending criteria), we’re happy to give you a loan (should you need it). A member can borrow £10,000 in excess of shares. So for example a member who had £5,000 in shares could borrow a maximum of £15,000 over a maximum period of 5 years. So if you’re thinking about buying a new car (or changing your old one) but can’t afford the full amount up front, don’t worry, we can help you.
 We provide a wide range of personal loans:
  • Car Loans
  • Home Improvement loans
  • Back to School Loans
  • Further Education Loans
  • Holiday Loans etc.
“Why a Credit Union loan is better?”
A Credit Union has some very special features:
  • Loans are insured at no direct cost to the eligible member, so in the event of the death of a member
    • Their loan is repaid in full and a death benefit of £1,500 is payable to next of kin
    • Additionally, if the death was accidental, the member will also have the value of their shares doubled
  • No hidden fees or transaction charges
  • Loan Interest of 1% per month (12.68% APR).
  • Annual Interest Rebate – For the last three years, Termonmaguirk Credit Union gave 30% of Loan Interest paid, back to the borrower – reducing APR to 8.8%.
  • Reasonable interest rates
  • Repayments calculating on the reducing balance of the loan. This means smaller interest payments as you repay your loan.
  • Repayment terms to suit your particular circumstances
  • You can repay the loan earlier with no penalty
  • Additional lump sum repayments accepted with no penalty
  • Flexibility to make larger repayments than agreed with no penalty
“How much does a Credit Union loan cost?”
Your loan will be charged an interest rate of 1% per month on the reducing balance of your loan. There are no fees or transaction charges and loans qualify for an interest rebate at the end of the year. This rebate is set by the board and is dependant on the financial performance of the Credit Union that year.

“What about repayments?”
Your Credit Union can help choose a repayment plan which suits you, however maximum repayment terms are 5 years.