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What is so different about a credit union Loan?


Before taking out a loan of any kind, it's worth taking the time to understand how lending works.

That way you can compare the benefits and be aware of the risks. Here are some of things that make a credit union loan different:

  • There are no hidden fees or transaction charges.

  • Credit union interest rates are fair and reasonable and capped by law.

  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment.

  • Once you are eligible for a credit union loan, repayment terms can be designed around your needs.

  • Your credit union loan is insured - subject to terms and conditions - at no direct cost to you. Other lenders charge for this. Click here for more information.

  • 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 extra for paying them back faster!

How much does a credit union loan cost?


Your local credit union can give you details of current interest rates. Click here to find your local credit union.

What about repayments?


The two most important things about a loan are, being able to borrow the money and being able to repay it.

Your credit union is flexible. You can choose a payment plan that suits you today and if your situation changes, you can talk to your credit union about possibly changing your repayment plan. Remember you can pay back you loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!

How do I apply for a loan?

To begin, with you have to be a member of a credit union. You'll find your local credit union on the CU Locator.

For members, it's as simple as visiting your credit union and discussing your needs. They will give you an application form to fill out.

If you’re not already a member, call into your local credit union for more details on how to apply for membership.

Your credit union encourages you to manage your money carefully by structuring loans around your needs and your ability to repay. So, whatever you’re borrowing for — a car, home improvements, a special occasion, holiday, school or college fees — your place will give you a fair deal.