The Borrowers TV is going live on Tuesday 16th April on RTE 1 @ 8.30 pm. A new RTÉ One series beginning this Tuesday steps inside what could be considered the most secretive room in Ireland – the Credit Union loan office.
Local Kerry credit union Cara Credit Union will be highlighted in the series who captures some of the heart warming and interesting stories that happen in the credit union.
Struggling with credit card interest? Talk to Killarney Credit Union.
More than half of adults in Ireland own a credit card. A substantial six in ten however don’t know what interest rate they pay. This is despite the fact that most credit card owners use their plastic extremely frequently. The majority of adults tend to use their cards every month for ad hoc spending, rather than for one-off purchases throughout the year. The findings were revealed in a new, national survey commissioned by the Irish League of Credit Unions (ILCU).
Close to three quarters of adults in the survey felt that credit card companies don’t do enough to explain how interest rates work. More than two thirds agreed that the general public lacks understanding of how credit card interest works. It’s understandable then that many don’t know where to turn when they can’t figure out why the interest continues to mount on each credit card bill.
Helen Courtney Power says that Killarney Credit Union can help: “Our friendly staff are always available to talk about complex financial terms and ensure that our members fully understand any financial product they avail of. In fact, we would encourage anyone struggling with their credit card bills in the South Kerry area to come in to us for a chat and see how we can help. We know there is a worrying lack of knowledge amongst credit card users about both the rate of interest being charged, and how the interest actually works. Part of our ethos at the credit union is financial education – so anyone struggling to come to grips with credit card interest, or other financial issues, is welcome to approach us for guidance.”
Helen continued “For those who feel they might rely on their credit card too much, or think they have no other option but to use the card, we would encourage them to speak to us about a credit union loan. Interest rates on our loans are far better value than even the lowest interest rate on a credit card in Ireland. Our loans are approved quickly and terms and conditions are straightforward and transparent, with no hidden fees. Our friendly loan officers are always more than happy to take the time to go through all the finer details with the borrower and ensure they full understand monthly repayments and the total cost of credit.”
In addition, Killarney Credit Union also offers a debt consolidation loan. The product aims to help members refinance high interest debts – and combine all of their debt into a single, straightforward payment at a fair and reasonable rate. A restructured payment like this can ease the pressure and make it easier for people to get on top of their debt and manage it in a way that suits their everyday lives.
Helen continued “As we make decisions locally, we are happy to take the time to get to know the individual circumstances of all of our members, and so we can work with each individual borrower to structure loan repayments in a way that works best for them. I would strongly encourage anyone in need of financial education or assistance to speak with us here at Killarney Credit Union.”
If you want to make a quick loan enquiry and we will call you back here
Local credit unions launch new Agri loan product
Six Credit Unions in the Kerry/Cork region have come together and launched a new Agri Loan product called Cultivate.
The Credit Unions involved are Listowel Credit Union, Killarney Credit Union, and Cara Credit Union in Kerry and Ballincollig Credit Union, Bantry Credit Union and Kanturk Credit Union in Cork.
The new Credit Union farm lending offering is branded under the name “Cultivate” and was officially launched on the 20th March 2019 by IFA National Chairman - Farm Business, Martin Stapleton.
The Credit Union farm lending project is modelled on a pilot initiative by four Credit Unions in County Galway who launched the Cultivate brand in 2017. Since then 20 credit unions throughout Ireland have introduced the Agri loan product to members.
Since its introduction, Cultivate has proved very popular with farmers with nearly €20m in loans issues to farmers. The Cultivate farm loans are for a wide variety of purposes, everything from working capital, cash flow, farm development, livestock purchase, farm machinery purchase, rural enterprise funding, and start up farm finance.
Brendan Heneghan, former Regional Manager with Teagasc, is the project manager of the Cultivate brand stated “We are delighted to officially launch the Cultivate Agri loan products to credit union members in Cork and Kerry area. We have been working hard on this project for the past number of months. Credit Union Agri loan staff have completed a bespoke 5-day course on Farm and Finance organised by Teagasc in association with Pallaskenry Agricultural college. Credit Unions are now open and ready for business” he concluded.
The Cultivate farm loan package will offer loans up to €50,000 for a variety of purposes. The loan rate is a competitive loan rate. The term of the loan can be up to 7 years. Loan protection insurance is also provided on the loan at no additional charge.
Mark Murphy, CEO, Killarney Credit Union stated “We hope that farmers will look to their local credit unions as an alternative for farm finance. After all, credit unions are embedded in their local communities and are in a position to lend to those living or working locally. Our loans are unsecured and we can offer a variety of repayment schedules to suit farmers needs”.
Further information on Cultivate farm loans can be got from any of the Killarney Credit Union branches or on www.cultivate-cu.ie.
Download information guide here