||The two most important things about a loan are, being able to borrow the money and being able to repay it. At Dromara & Drumgooland Credit Union we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay.
Why a DDCU Loan is different:
• We offer personal loans at very reasonable interest rates.
• There are NO hidden fees or transaction charges
• Repayments are calculated on your reducing balance, so you pay less interest with each repayment
• Repayments are designed to be flexible and to meet your personal circumstances
• You can pay your loan by Direct Debit. No queuing.
• Your credit union loan is insured – subject to terms & conditions
• You can pay off your loan early without incurring any penalties.
To apply for a loan you must be over 18.
The Credit Union will consider loan applications from members for a wide range of purposes. Each application is treated in the utmost confidence and will be considered on its own merits.
Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting who meet on Monday nights. Loans must be received before 4pm on the Monday to be considered for the meeting. Loans are granted at the discretion of the Credit Committee.
If your application was successful a cheque will be issued and ready for collection the next day (Tuesday at 3pm) or we can do a cash transfer direct into your bank account. When collecting your loan you will be asked to produce photographic ID and sign a promissory note (which is a legally binding document) and commit to regular repayments and repayment of any outstanding loan balance.
Loans are subject to approval. Terms & Conditions apply.
If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which can affect your ability to access credit in the future.