Make your savings work for you
A savings secured loan is a loan where members can borrow 90% of current savings as a loan. The more you have in savings, the more you can borrow against them.
Why a savings secured loan is better
- Most people find it easier to repay a loan than replace savings.
- Fast approval for savings 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)
Further Information:
Loan Calculator - How Much Will My Loan Cost?
Loan Repayment Table
| Amount | Term | APR* | Monthly Repayments | Total Amount Repayable |
| €1,000 | 1 Year | 5.6% | €85.85 (12) | €1030.12 |
| €2,000 | 1 Year | 5.6% | €171.69 (12) | €2060.24 |
| €3,000 | 2 Years | 5.6% | €132.30 (24) | €3175.10 |
| €5,000 | 3 Years | 5.6% | €150.99 (36) | €5935.59 |
| €7,000 | 5 Years | 5.6% | €133.72 (60) | €8022.94 |
| €10,000 | 8 Years | 5.6% | €129.01 (96) | €12383.83 |
| €15,000 | 8 Years | 5.6% | €193.51 (96) | €18,575.86 |
| €20,000 | 8 Years | 5.6% | €258.01 (96) | €24,767.89 |
Typical APR Variable Savings 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. Figures correct as at June 2019.
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
Documentation Required
Completed application form
Simply call to any of our 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, completed Form 11.
Current Bank Statements
may be required (last 3 months)
Credit Card Statements
(last 3 months)
Other information deemed necessary by the credit union
Savings Secured Loan Terms & Conditions
- Maximum term is 8 years.
- You can borrow up to 90% of current savings balance.
- You cannot withdraw savings that are pledged against the loan.
- We may seek your permission to undertake a credit bureau check with your loan application.
Download a PDF Information Leaflet
Click the icon below to download a PDF with further information.
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