Make your savings work for you
A share secured loan is when the amount of money borrowed is less than the amount of savings held. Killarney Credit Union members can borrow 90% of current savings with a share secured loan. The more you have in savings, the more you can borrow against them.
Why a share secured loan is better
- We offer a very competitive loan rate of 5.5% (5.6% APR).
- Most people find it easier to repay a loan than replace savings.
- Fast approval for share secured loans.
- Enjoy even lower rates than our product-specific loan offers.
- Continue to earn any future dividends on your savings account.
- Can be used for just about any purpose.
- It guarantees you won't spend your savings, as you may not withdraw the pledged amount until your loan is repaid in full.
- Convenient payment options on your loan.
- The loan term can be up to 8 years.
- Both Savings & Loans of eligible members are covered by Free Life Insurance. (terms and conditions apply)
- You can protect your loan with repayment protection insurance
Loan Repayment Table
|Amount||Term||APR*||Monthly Repayments & No.||Total Cost of Credit|
|€1,000||1 Year||5.6%||€85.84 (12)||€1029.96|
|€2,000||1 Year||5.6%||€171.67 (12)||€2060.03|
|€3,000||2 Years||5.6%||€132.29 (24)||€3174.75|
|€5,000||3 Years||5.6%||€150.98 (36)||€5435.01|
|€7,000||5 Years||5.6%||€133.71 (60)||€8021.94|
|€10,000||8 Years||5.6%||€129.01 (96)||€12381.94|
|€15,000||8 Years||5.6%||€193.52 (96)||€18,573.07|
|€20,000||8 Years||5.6%||€258.03 (96)||€24,764.11|
Typical APR Variable Share Secured Loan Rate of 5.5% (5.6% APR). Lending terms and conditions apply. Loans are subject to approval. Table for illustration purposes only and does not constitute a contract.
Warning: If you do not meet the repayments on your loan, your account will go
into arrears. This may affect your ability to access credit the future.
- Completed application form - Simply call to any of our three branches and our staff will be happy to assist you.
- Proof of Identity - e.g. passport, driver’s license
- Proof of Current Address (last 3 months) - e.g bank statements, utility bill, social welfare letter, government document etc
- Proof of Income - e.g 3 most recent pay slips or social welfare payment receipts
- For Self Employed Members:
- 2 most recent years Notice of Assessment and accounts.
- Tax Clearance Certificate
- Current Bank Statements - may be required (last 3 months)
- Credit Card Statements - may be required (last 3 months)
- Other information deemed necessary by the credit union
Share Secure Loan Terms & Conditions
- Maximum term is 8 years.
- You can borrow up to 90% of current share balance.
- You cannot withdraw shares that are pledged against the loan.
- We may seek your permission to undertake a credit bureau check with your loan application
Download the information leaflet as a PDF