Loan Applications

The Credit Union will consider loan applications from members for any worthwhile purpose. Each application is treated in the utmost confidence and will be considered on its own merits. It is credit union policy to meet the borrowing requirements of as many members as possible, depending on the available funds.

Applications for loans are made on a standard loan application form. Loans can be applied for online by phone, email, through CUOnline or by calling to our office to pick up a loan pack. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer.

  • (046) 924 0299
  • CUOnline [Members who are not yet registered for CUOnline can do so here]

What you need when applying for a loan

In deciding whether or not to grant the loan the loan officer will take into account the members record of savings and loan repayments, as well as ability to repay. Evidence of income ie payslip or if self employed, set of financial statements etc is required when making a loan application. Once the loan is granted the member will be asked to complete a credit agreement, which is a legally binding document being a promise to repay the loan, and to commit to regular repayments.

Remember – only members are eligible to receive loans from your credit union and photographic ID is required when collecting your loan.

Planning and managing repayments

Credit unions are flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. The member will be advised on the best repayment plan to meet their own circumstances. Members are generally advised to repay a loan in as short a time as possible. 5 years is currently the maximum loan term. Should a member experience difficulties in meeting repayment commitments, they should immediately explain the situation to the credit union, which will treat the matter sympathetically and in total confidence. Depending on circumstances, the loan will be renegotiated if possible.

There are no penalties associated with clearing your loan quicker than agreed.

Interest on credit union loans

By law credit unions cannot charge any more than 1% per month on the reducing balance of a loan. This represents an interest rate of 12.68% APR (Annual Percentage Rate). The Credit Union is currently offering competitive rates. View our loan calculator to see how reasonable a credit union loan could be. We also have regular promotional rates of interest. Since the interest is charged only on the outstanding balance of the loan, you will pay even less if you repay in a shorter time than planned.

Why Our Loans are Better

With the uncertainty in the financial markets causing a stir amongst the banks, Kells Credit Union remains steadfast in their quest of providing low cost loans to members with no hidden fees or charges and additional benefits you won’t get anywhere else!

Our loan interest is calculated to your advantage

Most financial institutions calculate the interest due at the start of a loan. This means that even as you reduce the size of your loan, your interest will remain the same throughout. With your credit union, your interest reduces as your loan reduces. With additional repayments or early clearance of a loan, you pay even less interest! Some financial institutions penalise you for lump sum repayments for clearing your loan early. WE DON’T! Since Oct 07, loan interest is calculated on a daily basis. This is also in the best interest of you our members.

No fees, charges or penalties

Your credit union has no document fees, arrangements fees, facility fees, rescheduling fees or any other fees on loans. We don’t penalise you for clearing your loan off early either! With other financial institutions you need to read the small print because quite often there are extra fees and charges on their loans. Sometimes the following warning appears “You may have to pay charges if you pay off a fixed-rate loan early”. These fees, charges and penalties can mean a great difference in the amount you actually end up paying. Your credit union is different. What you are quoted is what you pay! Don’t be afraid to ask for the total cost of your loan so that you can compare our loans against other loans and remember you can reduce the interest you pay your loans by making additional repayments or by clearing your loan off early (with no penalties!).

Your loans die with you

Your credit union provides Loan Protection Insurance* on the lives of its eligible borrowing members at no extra cost providing you were in good health when taking out the loan. Should an insured borrower die or become totally and permanently disabled, the insurance cover provides that the loan balance will be fully cleared *. With other financial institutions this type of insurance usually costs extra.

Other Insurance products that add value!

Life Savings Protection Insurance* – Your savings are insured for life at no extra cost. Depending on your age and how much you have saved with your credit union over the years, this insurance could provide your dependants with up to €12,700* on your death.

Payment Protection Insurance* – This low cost insurance covers your repayments in the event of accident, sickness, redundancy or if you are self – employed, critical illness. This is an optional extra, which could give you peace of mind.

For all your loan requirements, check out Kells Credit Union first! Loans and Insurance Products are subject to certain terms and conditions. Kells Credit Union is regulated by the Central Bank of Ireland.


Legal Information

Terms and Conditions Apply.

Loan applications will be processed in line with the appropriate Irish Credit Bureau checks and the Central Credit Register.

Find out more about the Irish Credit Bureau

Find out more about the Central Credit Register