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Loans

Home Loans

Our loans differ from others in a number of ways:

We calculate your interest on a reducing loan balance
As you pay your loan off, the amount of interest you’re paying back also reduces. This makes your loan cheaper, even though on paper the APR rate may appear higher.
We don’t charge arrangement fees
While other financial organisations charge fees for the setting up of loans, we don’t. Portaferry Credit Union exists to provide a service to you, not to profit from you.
We don’t penalise you if you want to pay your loan off early.
Whilst other financial organisations charge you extra if you want to increase your payments and settle your loan early – we don’t. We know it’s in your best interest to pay your loan off quickly as you can as this reduces the amount of interest you pay.
We offer life insurance on loans
To give you peace of mind we insure your loan in the event of your death,at no cost to you, up to your 80th birthday subject to terms and conditions. This contrasts with banks and building societies who charge their customers hefty sums to offer exactly the same facility.

Loan Calculators

quotations are an estimation

Secured Loan

£500 £30,000
Over how long?
1 months60 months
Your repayments are every months at
Total you will Pay:
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Share & Loan - Loan

£500 £30,000
1 months60 months
Your repayments are every months at
Total you will Pay:
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Additional information

Unsecured loan: apr rate, examples of other lenders

  • Loans are calculated at a rate of 12%.

Loan assessment

  • The majority of loan applications can be approved by our fully trained loans officers and you will receive an immediate decision.
  • However if it’s your first loan, if it’s for a particularly large sum of money or there are concerns about how the account is being maintained, then the application will be referred to Credit Committee.

Credit Committee

  • Credit Committee is made up of a group of volunteers who meet every Tuesday night to discuss loan applications.
  • Each of them have many years of Credit Union experience and in making their decisions they take into consideration whether by granting you a loan are they helping you, or simply getting you into a financial situation you can’t afford.
  • They also have a responsibility to other Members of the Credit Union to ensure money lent is likely to be repaid. After all money that you borrow belongs to Members of the Credit Union, therefore, if it is not repaid it is other Members who suffer.

Repaying your loan: promissory note, change circumstances

  • Whenever you take a loan you sign a promissory note (a legally binding document) agreeing to pay off your loan within a specified period of time.

  • The maximum period for most loans is 5 years, however some special rate loans such as our Christmas loans have to be completed within a 12 month period.

  • We always recommend that Members complete their loan as quickly as possible in order to minimize the amount of interest they pay.
Change of Circumstances

  • Portaferry Credit Union considers itself to be an understanding lender, so if your circumstances change and you experience difficulties meeting your agreed repayments, it’s very important that you contact our office to discuss your situation.
  • If you don’t contact us and you either stop making payments on your account, or you pay less than the agreed amount, we will assume not that you can’t make repayments, but that you won’t. That being the case we are obliged to pursue the outstanding monies on behalf of the other Members of Portaferry Credit Union.

Guarantor information

  • A guarantor is a person that guarantees that a loan will be paid. Usually, this person agrees to pay another person’s debt if he or she should fail to do so himself or herself. The term is most commonly used in reference to financial assistance.