Loan Application Form   ...

Handy Loan Calculator ...

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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 shareholders.

 

Loan Policy Details

• 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 savings record. 
• 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 repaid. 
• Interest is payable at an APR of never more than 12.68%. 
• 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 loan. 
• A loan will always be tailored by the Credit Union to suit a member's own circumstances and lifestyle. 
• A member's first loan can only be a maximum of three times the member's shares. 
• Maghera Credit Union is truly here to help all its members .....