Get a Credit Union Loan

Our loans have straightforward terms and conditions, do not carry any hidden fees or charges, and are offered with flexible repayment options.

** All figures given on this web site are for your general information only, and give a rough guide to loan repayments. Any statements on this web site do not purport to be authoritative or legally binding. You are advised to check with our offices for up-to-date rates and offers.

£3000
24 Months
£
£
£
£

**Information is correct as at 4/03/2021.
Whilst every care has been made in the production of this information, it is for illustrative purposes only and to give you an overview of the potential cost of borrowing at Ballyhackamore Credit Union Ltd. It does not constitute a loan offer. This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing and does not constitute an offer of finance or repayments.

Loans at Ballyhackamore Credit Union

How much can you borrow?

New members (who joined within the last 6 months) can apply for a loan of up to £2000 above savings.

Members who joined more than 6 months ago can apply for a loan of up to £10,000 above savings.

Special ‘Borrow Local’ loan. If you are thinking of a larger loan – think of your Credit Union. Apply now, when it’s gone…………it’s gone!.

See our “borrow Local’ page HERE  

New members or existing members who have a small amount of savings can apply for an instant loan of up to £500 above shares.  For these loans, just one month’s bank statement is required.  We will also check your credit score.  

How much interest is charged?

The interest rate on your loan is 1% per month on the reducing loan balance. Equivalent to 12.68%APR.

To apply for a loan you must:

Be a member of Ballyhackamore Credit Union. Please see here for details on membership. Be at least 18 years old and be able to show that you can repay the loan over the agreed term.  You may be asked to provide 3 months recent bank statements and a full credit report.

HOW DO I APPLY FOR A LOAN ?

To apply for a loan you must be a member of Ballyhackamore Credit Union. Joining is easy. To see if you would be eligible to join, have a look at our membership section here

  • Loan applications may be made by calling in to our office and completing an application form (during opening hours).
  • Or, you may complete a loan application form here
  • This form is fillable. Save this form and open with Adobe Acrobat. Fully complete the form and save to your computer. Send a copy, along with a copy of one month’s bank statements, by e-mail to info@bhcu.co.uk. In the subject line insert your name and ‘loan application’.
  • When you hand-in or e-mail your form, you will be asked to make an appointment to collect your loan. Payment may also be made directly to your bank account.
  • If you are registered for our on-line services, you may apply for a loan on-line, once you have logged-in to your account. Please see ‘ONLINE LOAN APPLICATION’ below.

If you are not yet registered for on-line access, please click here for more information.

All loan decisions are based on affordability, so, when you apply for a loan, if this is your first loan, you will need to provide 3 months recent bank statements and a full credit report*. These may also be required if you have an existing loan. We will let you know what is required, when you apply.

* Free credit reports are available from:

www.clearscore.com

www.totallymoney.com

We encourage all members to repay by standing order and in some cases this is a condition of the loan.

Loans are subject to approval. Terms & Conditions Apply

HOW DO I APPLY FOR A LOAN ?

To apply for a loan you must be a member of Ballyhackamore Credit Union. Joining is easy. To see if you would be eligible to join, have a look at our membership section here

  • Loan applications may be made by calling in to our office and completing an application form (during opening hours).
  • Or, you may complete a loan application form here
  • This form is fillable. Save this form and open with Adobe Acrobat. Fully complete the form and save to your computer. Send a copy, along with a copy of one month’s bank statements, by e-mail to info@bhcu.co.uk. In the subject line insert your name and ‘loan application’.
  • When you hand-in or e-mail your form, you will be asked to make an appointment to collect your loan. Payment may also be made directly to your bank account.
  • If you are registered for our on-line services, you may apply for a loan on-line, once you have logged-in to your account.

If you are not yet registered for on-line access, please click here for more information.

All loan decisions are based on affordability, so, when you apply for a loan, if this is your first loan, you will need to provide 3 months recent bank statements and a full credit report*. These may also be required if you have an existing loan. We will let you know what is required, when you apply.

* Free credit reports are available from:

www.clearscore.com

www.totallymoney.com

We encourage all members to repay by standing order and in some cases this is a condition of the loan.

Loans are subject to approval. Terms & Conditions Apply

ONLINE LOAN APPLICATION

Now you can apply for and collect your loan on your PC, Mac, Laptop, Tablet or Phone.

Here’s what you need to apply.

A photo or scan of:

  • Proof of Identity (Passport or Driving License)
  • Proof of address (a utility bill, a bank statement or a government letter dated within the last 3 months)

You’ll be asked to upload these as part of the application process.

Once you’ve submitted your application, you’ll receive online updates on its progress via CuOnline+ messaging.

In some cases, you may also be required to upload a full credit report and three months recent bank statements. To avoid delays in the loan decision, these may also be uploaded at time of application.

Remember, your Ballyhackamore Credit Union Loan comes with benefits not available from Banks:

  • No set-up fees or maintenance charges.
  • Repayment period to suit your budget.
  • Competitive interest rate – only pay interest on the reducing balance.
  • Subject to conditions, your loan may be insured at no direct cost to you.
  • Flexibility – opportunity to ‘overpay’ and save interest.

Log on  HERE  to make your application via CUOnline+ 

 

 

 

Loans Covered by your Savings
  • You can borrow up to the amount you have in savings.
  • These loans can be approved and paid immediately by our Credit Union Loan Officers. You can walk away with your cheque/cash (depending on amount) when your loan is approved. NO FORMS NECESSARY.
Unsecured Loans (above your savings amount)
  • See ‘How do I apply for a Loan?’ above.
  • If you became a member within the last six months, you can apply for up to £2,000 above your shares, even without having any savings record.
  • After six months of membership, you can apply for up to £10,000 above your shares.
  • See also ‘Instant Loan’ below
INSTANT 'EMERGENCY' LOAN

“Instant” Loans-

These are designed for new members, or for existing members who have a small amount of savings. The maximum instant loan is £500 above shares. For these loans, just one month’s bank statement is required. If affordability is proven and you are registered on the electoral roll, we will check your credit risk with Experian. If your credit risk rating is satisfactory, you may qualify for a loan. Maximum repayment period for an instant loan is 12 months. Repayments must be made by standing order. We aim to give a quick decision for instant loans.

* Free credit reports are available from:

www.clearscore.com

www.totallymoney.com

Terms and conditions apply.

Further information on Loans

Each member’s account is unique and our loan officers will look at your savings record, income and outgoings, other borrowings and overall ability to repay your loan when assessing your loan application.
There are a number of ways you can repay your loan:

  • Set up a Standing Order from your bank account. You may download a standing order form here. Or, a standing order amendment form standing-order-amendment-form
  • At the Credit Union using cash, cheque or your Debit card.
  • By phone using a Debit card* When making a debit card payment over the phone, the cardholder must be present to authorise the payment.

* This service is not available for Credit cards

 

Valid photographic Identification is required when collecting any loan. In addition, current proof of address (dated within last 3 months), is required when collecting an unsecured loan (loan more than shares). This requirement will be strictly applied
Most loans are processed and granted on a weekly basis. However, you should apply for your loan at least TWO WEEKS in advance of when you will need the loan.

For loans which are greater than your share balance, please complete an application form

It is important that the form is completed fully and accurately.

All loan decisions are based on affordability, so, when you apply for a loan, if this is your first loan, you will need to provide 3 months recent bank statements and a full credit report*. These may also be required if you have an existing loan. We will let you know what is required, when you apply.

* Free credit reports are available from:

www.clearscore.com

www.totallymoney.com

NOTE: Failure to maintain repayments as per your loan agreement may affect future loans.

When repaying your loan you should continue to save regularly.

Why choose to borrow from Ballyhackamore Credit Union?
  • There are no hidden fees or transaction charges
  • Our interest rates are fair and reasonable compared to others in the market
  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment
  • Your credit union loan is insured – subject to terms and conditions – at no direct cost to you. Other lenders charge for this. Check out our Insurance page.
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you for repaying in a shorter timeframe!
  • Loan interest rebate from surplus income. (subject to annual approval by the Board)
  • The maximum borrowing available per member is £10,000 plus shares. (Subject to approval)

There are several ways in which payments can be made to your account. These include paying at the counter by cash or debit card (maximum of £300 by card) and standing order from your bank account. If you are unable to get into the office payment can be made over the phone by debit card.

Contact us for a

Loan Enquiry

Please get in touch below and our customer service team will be in touch withy you regarding booking an appointment to discuss your loan further.