Loans

Loans Made Simple

At Slemish n tha Braid Credit Union we believe that the way we lend is built around our members ability to repay.

Slemish n tha Braid Credit Union promotes Simple Lending:

  • Low Interest Rate Loans
  • No Hidden Costs
  • No Arrangement Fee
  • No Early Repayment Penalties

When carried our responsibly, borrowing money can even help your credit rating.

Interest Rates

The Interest Rate on our Loans is set at 1% per month on a reducing balance. Interest is recalculated after each repayment and charged on the remaining balance of the loan.

Example. A Loan of £500 with regular £20 per week repayments would take 26 weeks to pay off at a cost of £15.78 in interest.

Applying for a Loan

New Senior members can apply for their first loan after 13 weeks of making regular savings.

A loan application form can be filled in at your local office, which is then passed on to the Credit Unions Loans Department for assessment.

Assessment may take into account factors such as:

  • Savings pattern
  • Purpose of loan
  • Previous loan repayment record
  • Perceived ability to make repayments (using bank statements and wage slips/ benefit details)

Slemish n tha Braid Credit Union may also use credit reference and fraud prevention agencies to help make decisions.

Assessment by the Loans department can take up to 2 weeks.

Promissory Note

Members applying for a loan will also be expected to sign a promissory note, a legally binding contract in which the member agrees to pay the loan and all interest charged.

A copy of this promissory note will be given to the loan applicant on approval and issue of the loan.

Attached Shares

On approval and issue of a loan, the members share balance, or an agreed portion thereof will be referred to as ‘attached’.

This means that they cannot be withdrawn as they are seen as security against the loan.

Shares above the agreed attached amount may be withdrawn on condition that there are no arrears on the loan repayments.

How your loan is issued?

On approval of a members loan application the loan amount is issued either by cheque or bank transfer into the members bank account.

Methods of payment

Repayments can be made:

  • At any office, by cash or cheque ( our new Raglan office will also have a Debit card facility)
  • We offer our members a Direct Debit facility with 4 dates per month to avail of (just ask for a form)

Repayment difficulties

We would urge any member with a loan who finds themselves in financial difficulties to make an appointment to come and tell us about it, we may be able to help.

Failure to repay a loan will result in all available actions by the credit union including court action and referral to a credit reference company which may affect your credit rating.

Speak to one of expert advisors about savings or loans

The Raglan, 20-24 Queen Street,
Ballymena, Co. Antrim BT42 2BD
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© 2017 Slemish n tha Braid Credit Union Ltd