Credit Unions have established a reputation as the ‘people’s bank’ over the years, and are a trusted and respected lender to thousands of Irish people nationwide.
Letterkenny Credit Union has announced that it’s lending and open for business.
So, whether it’s the small or big things in life you need money for, why not talk to your Letterkenny Credit Union First!
In this current economic climate we all have to look very closely at what we are spending money on, and there are times in our lives when we run short of funds.
There are annual expenses such as Christmas and Student Fees.
There are also Life and House Insurance annual premiums, Car Insurance and Health Insurance annual premiums, and you may be tempted to pay these off on a payment plan offered from the provider.
Almost all of us at some stage want (or need!) to get away from it all and go on a holiday break.
Be it just for a few days, a week or a fortnight. 🙂
Whatever you need to borrow for —check out your Letterkenny Credit Union first.
Why a credit union loan is better?
There are no fees or charges with credit union loans.
The interest you pay is the full cost of the loan. With loans from banks or building societies there may be other fees or charges.
Your credit union loan is insured in the event of your death at no additional cost to the borrower and many other financial providers charge for this.
Your local Letterkenny Credit Union will quote a competitive interest rate.
When it comes to your annual insurance expenses check out your provider’s payment plans and compare to your local credit union loan offering.
Along with the other benefits of a credit union loan you could find that the credit union loan is more competitive, lower cost and higher value.
Gordon Randles Manager for Letterkenny Credit Union told Donegal Daily, “Looking at your finances honestly will help you highlight where your money is going, and will start you on the first steps of budgeting and managing your money more effectively.
“However, if you do need to borrow credit unions Letterkenny Credit Union are lending and open for business.
“Our priority is to continue to provide credit for those who need it in these difficult times.
“Each credit union will endeavor to meet realistic member requirements if at all possible.
“If members have any loan queries please do not hesitate to speak in confidence to a member of staff at any Letterkenny Credit Union for more information or log on to www.letterkennycu.ie
General Borrowing Tips
• If you have to take out a loan, be sure you only borrow what you can comfortably afford to repay.
• As well as comparing on the APR rate check out all the small print and ask about any set up charges, fees, balloon payments or penalties that may arise if you need to change your repayment plan.
• Check if the interest rate is fixed or variable.
• Always match the repayment term to the purpose of the loan.
The longer your loan lasts the more it costs you in interest, so don’t borrow for longer than you need to.
Try to match the term with the reason for the loan, for example: If you borrow for a holiday, aim to have it paid back before your next holiday.
Pay off your car loan over three to five years.
If you need to, you can spread out the cost of larger loans, such as home improvement loans over a longer term such as five years because the benefits last longer.
Visit Letterkenny Credit Union to discuss your needs or for more details go to www.letterkennycu.ie for more details.