A Loan from Maghera Credit
Loan Application Form ...
Handy Loan Calculator ...
Maghera Credit Union is dedicated to organising loans to members with a good record of
shareholding. Loans will be tailored in accordance with the member's needs, their previous
saving record in the Credit Union and, of course,their ability to ultimately repay. The Credit
Union will always help as much as possible - but they must also protect the savings of their
A member who is
over 18 years of age can apply for a loan at
Maghera Credit Union.
A loan is available to any member with at least 13 weeks of a good
A loan must be used for a provident or productive purpose - such as a
holiday, motor vehicle, home repair, wedding, etc.
The member needs to show they are willing and able to pay the loan back over an agreed
period of time up to four years. Any loan from the Credit Union is a legal debt to be
Interest is payable at an APR of never more than
All loans must be paid back in accordance with the members'
individual loan agreements.
Maghera Credit Union loans also carry Free Life Insurance to pay off
the Loan. (should you be unfortunate enough to be 'run
over by a bus'!)
There are NO set-up fees!
Members can repay a loan early - Interest is charged only on the
outstanding balance of a loan. This means that the faster it is re-paid the less
interest is charged!
Members still continue to earn
a dividend on their savings
deposits (shares) during the term of any
A loan will always be tailored by the Credit Union to suit a member's
own circumstances and lifestyle.
first loan can only be a maximum of three times the member's
Maghera Credit Union is truly here to
help all its members .....