loans

| loans | standard loan | secured loans | credit committee |
| loan assessment | repaying your loan | change of circumstances |
| acting as guarantor |

For many of our Members one of the main reasons they join Newry Credit Union is to avail of our loans facility. Over the years Members have come to realise that Newry Credit Union, when compared to other financial organisations offers a personal, flexible service at a fair rate of interest.

Our loans differ from others in a number of ways:

• We calculate your interest on a reducing loan balance.

As you pay your loan off, the amount of interest you’re paying back also reduces. This makes your loan cheaper, even though on paper the APR rate may appear higher.

• We don’t charge arrangement fees

While other financial organisations charge fees for the setting up of loans, we don’t. Newry Credit Union is exists to provide a service to you, not to profit from you.

• We don’t penalise you if you want to pay your loan off early.

Whilst other financial organisations charge you extra if you want to increase your payments and settle your loan early – we don’t. We know it’s in your

best interest to pay your loan off quickly as you can as this reduces the amount of interest you pay.

• We offer free life insurance on loans

To give you piece of mind we fully insure your loan in the event of your death and at no cost to you. This contrasts with banks and building societies who charge their customers hefty sums to offer exactly the same facility.

Newry Credit Union offers its Members two different types of loans depending on their circumstances and requirements.