I’ve just joined the Credit Union. When can I apply for a loan? 

Straight away!  Members of New Ross Credit Union do not need to have an established savings record to be considered for loan approval. You can open an account and apply for a loan on the same day. The Loan Officers will make decisions based on individual circumstances.

How much money do I need in my account to allow me to make a loan application?

You can open an account and apply for a loan with as little as €6 in your account.

 What can I borrow for?

Practically anything – Holidays, Car Purchases, Home Improvement & Extensions, Education Loans, Weddings etc.

How much can I borrow?

Apply for what you need and the Lending Officer will make the decision based on the information you have supplied. We will assess your application with a view to making a positive decision. We look for reasons to say “Yes”.

What is the loan interest rate?

The standard loan rate is a competitive rate of 10.5% (11.02% APR). All loans are calculated based on the Reducing Balance Method. We have a number of different loan rates, for example we offer a special secured loan rate of 6% (6.16% APR) on all Savings Secured Loans and a special reduced rate loan of 6% (6.16% APR) for all Student and Education Loans.

Is my Loan insured?

Yes, for eligible members your loan is covered by insurance at no extra cost to you, up to 80 years of age and subject to health declaration. See the Loan Protection Insurance page for more information.

Is there any penalty for repaying my loan sooner than the contract time?

None, if you decide to repay all the Loan early, that’s your choice. You can chose to pay above the agreed repayment amount or make lump sum repayments with a view to clearing your loan quicker. There are no early repayment penalties or fees. In fact, because our loan interest rates are based on your reducing loan balance any extra / early loan repayments will reduce the original amount of interest you will pay.

Can I have a further loan without my first loan being fully paid off?

In most cases yes, again we are very flexible in this area. You can choose to “Top-up” your existing loan balance or alternatively, if we have a promotional rate running you can choose to have 2 loans on your account – with 2 different interest rates.

How long does it take to get a decision on a loan application?

It depends; generally Loan decisions are made within 12-48hrs of receiving loan documentation.

Is New Ross Credit Union offering the PMC – It Makes Sense Loans?

Yes, New Ross Credit Union is offering the PMC “It Makes Sense” Loans.