Covered Loan
A covered loan is a cost-effective way to access funds while leaving your savings untouched.
You are allowed to borrow up to the value of your savings at a discounted rate of interest 5% (5.2%APR) while continuing to earn a dividend on your savings.
Key Features
- Available for all loans that are fully secured by Shares/Savings
- Maximum loan term: 5 years
- Maximum Loan: €30,000
- Free Loan Protection Insurance (Terms and Conditions Apply)
- No penalty for early repayment
- Flexible Lending terms
- Quick and Decisive Decision Making
There are a number of reasons why a Covered Loan makes sense
- Avail of our lowest interest rate for loans.
- Your savings remain intact.
- Flexible Repayment Options.
- Instant loan approval subject to Appointment
- It’s easier to repay a loan than replace savings.
- There are no restrictions on the purpose of the loan
- Repayments are calculated on your reducing balance, so you pay less interest with each repayment.
- Your credit union loan is insured - subject to terms and conditions - at no direct cost to you. Other lenders charge for this.
*Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. **Loans are subject to approval. Terms and 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 may limit your ability to access credit in the future.
Applying for a Covered Loan is now easier than ever. Simply login to your Online Banking Account and apply today.
