Adults in Ireland have become disciplined with building up a rainy day fund, perhaps thanks to our recent economic upheaval. Letterkenny Credit Union says that members are continuing to put away a little money each month and are exercising restraint when it comes to withdrawing the funds.
Building up a nest egg, and leaving it in place untouched, takes a lot of hard work and discipline. Understandably when people find themselves in need of that bit extra to fund a wedding, holiday, new car, or those unexpected events in life, they are often loath to dip into their hard-earned savings. Psychologically, it can be easier to borrow a little than having to replace your savings.
This is when a secured loan from Letterkenny Credit Union at a special rate of 5% APR* is the perfect solution. Credit union members are free to apply for a loan up to the amount they have in their savings. The loan can be taken out for any reason – there is no restriction on the purpose- and the member can also benefit from Letterkenny Credit Union’s loan interest rebate.
Speaking about the loan, Paul Hume, Chairperson, Letterkenny Credit Union said “There are a number of great benefits to be had with our secured loan, including the fact that members will not have to face draining their life savings. The loan is available at the reduced rate of 5% APR*, approval is fast and the loan can be for any purpose. And crucially, the member’s Life Savings remain intact.
“With this product, our members can relax knowing that their nest egg remains untouched, while still availing of the extra finance they need. All you have to do is contact one of our friendly staff members to find out how you can put your savings to work – without touching a cent.”
* For a €15,000, 5 year variable interest rate loan with 60 monthly repayments of €282.05, an interest rate of 4.85%, a representative APR of 5%, the total amount payable by the member is €16,923.38. Information correct as at 24/4/2018. The secured loan is applicable for members who wish to borrow up to the value of their shares. Shares are held as security against the loan.