Loans
The two most important things about a loan are, being able to borrow the money and being able to repay it. At Dromara & Drumgooland Credit Union we encourage you to manage your money carefully by structuring loans around your needs and your ability to repay.
Our Loans at a glance
Why a DDCU Loan is different:
- We offer personal loans at very reasonable interest rates.
- There are NO hidden fees or transaction charges
- Repayments are calculated on your reducing balance, so you pay less interest with each repayment
- Repayments are designed to be flexible and to meet your personal circumstances
- You can pay your loan by Direct Debit. No queuing.
- Your credit union loan is insured – subject to terms & conditions
- You can pay off your loan early without incurring any penalties.
To apply for a loan you must be over 18.
The Credit Union will consider loan applications from members for a wide range of purposes. Each application is treated in the utmost confidence and will be considered on its own merits.
Applications for loans are made on a standard loan application form. Loans can be applied for by calling to our office. Our staff will give you any assistance required. Loans will then be considered by a Loan Officer, or will go to the weekly Credit Committee meeting who meet on Tuesday. Loans must be received before 4pm on the Monday to be considered for the meeting. Loans are granted at the discretion of the Credit Committee.
If your application was successful Credit Union staff will contact you when your loan is ready for collection. Loans can be paid by cash, cheque or bank transfer. When collecting your loan, you will be asked to produce photographic ID and sign a promissory note (which is a legally binding document) and commit to regular repayments and repayment of any outstanding loan balance.
Try out our quick and easy loan calculator below
Maximum Loan Term :
12.73%
12.73%
12.73%
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Loan Protection
When members take a loan they may be required to complete an additional ECCU form in order to ensure their loan is insured. Loans below £3000.00 are automatically covered with insurance and members will not need to complete the ECCU form. Members with outstanding loans are covered to the age of 80, and members who suffer permanent disability are covered until the age of 60. In the event of serious injury, illness or death, insured members will have their loans repaid in full.
ALL CLAIMS ARE SUBJECT TO THE TERMS AND CONDITIONS OF ECCU INSURANCE.
Loans are subject to approval. Terms & 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 can affect your ability to access credit in the future.
