One of the easiest & cheapest ways to borrow is to use your savings as security against the loan.
We offer two types:
Secured loan 5% (APR 5.12%)
- No min, max €40,000
- 7 years max term
- You can have other loans with Kilrush Credit Union
Loyalty loan 3.5% (APR 3.56%)
- Min loan €5,000, max €40,000
- 5 years max term
- You don’t have any existing borrowings with Kilrush Credit Union
A Loan Secured by Savings allows you to borrow an amount equal to your savings in a fast & secure way.
- Prompt assessment, less supporting documentation required
- Quick approval for most loan applications
- A very competitive rate of interest
- Flexible repayment options
- Your savings will continue to earn any potential future dividends
- It is often easier to repay a loan than try and save that amount again
- Helps you establish a line credit; enabling future credit opportunities
- You get to pay out for what you need while keeping your savings intact
Especially if you are over the age of 55 and have savings with us, this is the best loan option for you.
By leaving your savings intact in your account, you will not affect your free Life Savings Insurance with the Credit Union, which would reduce if the balance of your money in savings fell after your 55th birthday.