Take out a Loan
Fully digital loan process available
If you are eligible to borrow, it can make more sense to take a credit union loan rather than withdraw your shares. We've made it easy to borrow as little as £100 or up to £75,000 at a fair, affordable rate with no application fees and no early repayment or lump sum charges. Your loan will also be insured at no direct cost to you.
Our Loans at a glance
Loan Calculator
Maximum Loan Term : 120 months (10 years)
12.68%
156
12.68%
78
12.68%
36
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Why choose Our Loan
Benefits of borrowing from your credit union
Low Interest Rate
For a Standard Loan our annual interest rate is 12.68% APR or 1% per month on the reducing loan balance. You also need to consider the 'interest rebate' which is repaid to all borrowing members annually. For more information on Interest Rebates, please contact us.
We have special reduced interest rates also; Savings Secured Loan 7.98% APR, Motor Loan 8.3% APR (minimum car loan amount £5,000) and loans over £20,000 7.5% APR. Meaning here at Coalisland Credit Union we are one of the most competitive places around.
Loan Protection Insurance at No Direct Cost to you
Free Loan Protection Insurance is a benefit credit unions provide to their members at no extra cost. It can protect eligible members by repaying the member's loans in the unfortunate event of death. It is a valuable benefit which gives credit union borrowers peace of mind when they borrow.
There is no direct cost to borrowers, as the credit union has group insurance cover in place with our insurer. Ts & Cs apply.
In the unfortunate event of death, you do not need to worry about passing your debt on to your family, your loan will be cleared (terms & conditions apply).
No Hidden or Extra Fees
Coalisland Credit Union does not impose charges. We believe our members come to us for affordable loan options without the risk of any hidden fees or charges. There are also no arrangement fees or early repayment penalties either.
Fully Digital Loan Process
We appreciate the demands of modern life and how precious your free time is, so we now offer a fully remote loan process. You can do it all without having to visit the office. Apply online and then sign for the loan online, before receiving the funds digitally.
What are some of the reasons to apply for a loan?
- New or second-hand vehicle and associated costs, such as insurance or repairs
- Urgent financial needs, such as car repairs / utility bills / medical bills
- School uniforms and other educational expenses
- Wedding expenses - for the bride, groom, parents or even if you're a wedding guest!
- New household goods e.g. washing machine/cooker
- Holiday/ staycation
- Debt consolidation
- Starting or expanding business
Currently the maximum loan limit is £75,000.
10% of loan amount requested is required in savings, for example loan value £5,000 requires £500 in savings. In some cases more than 10% is required.
All loans are subject to approval and complying with our Loan Policy. Terms and conditions apply. Whether an application is successful will depend on the affordability, loan history (if applicable) /character and pledged shares.
Our Loan Policy governs every loan application. Some of the elements of our Loan Policy are:
- Minimum age - You must be 18 years old or over to apply for a loan.
- Maximum loan - You can apply for a loan of up to current limit of £75,000.
- Affordability - You must be able to afford the loan. We are a responsible lender. We do not lend to members who will become over-indebted. Proof of income and affordability will be required.
- Loan purpose - Your loan must be for a productive, provident purpose. That means it must enhance the quality of your life.
- Attached/pledged shares - These shares are provided as collateral for the loan, the withdrawal of which require the approval of the Credit Committee while you still have a loan balance.
- Character - Your character - your savings and loan history - is your primary collateral. By saving regularly and repaying each loan as agreed, you increase the likelihood of future loans.
- Interview (For higher loan values) - To establish that you can repay each loan you apply for, we may conduct a loan interview. We will ask you about your income and expenses. We may also ask for additional information and documentation to further your application. With your agreement, we will carry out a credit reference check.
Not a Member? No problem...
Membership Made Easy
You can become a member online by simply downloading our mobile app. With advanced biometric facial verification, and the ability to submit proof of ID, we're offering you a safe and reliable way to become a member.
