Because credit unions represent the members who save and borrow with them, you’ll find your credit union is very flexible. Gorey Credit Union can help you choose a repayment plan which suits you. If your circumstances change and you want to alter your repayment plan, we are here to help you. It’s also worth remembering that you can repay your loan in full, at any time, without any penalty or additional charges.

The typical loan types are:

Home Improvement Loans ,Car Loans ,Holiday Loans ,Christmas Loans ,Personal Loans  & Student Loans

Most loans are 1, 3 or 5 years in duration. There are no fees or transaction charges.

Gorey Credit Unions now offers some very attractive rates

• Car Loans & Home Improvement Loans 6.9%
• Student loans and Secured loans 4.9%
• Standard Loan Rate 9.25%

 A credit union loan has some very special features:

• Loans are insured at no direct cost to the eligible member.
• No hidden fees or transaction charges.
• Repayments calculated on the reducing balance of the loan. This means smaller interest repayments as you repay your loan.
• Repayment terms to suit your particular circumstances.
• Flexibility -you can repay the loan earlier or make larger repayments than agreed with no penalty.
• Additional lump sum repayments accepted with no penalty

Members are encouraged to continue saving at all times, even when repaying a loan. Remember that even the smallest amount saved regularly grows quickly, and that your savings and loans are protected by insurance. Savings not only help build up your own fund but also contribute to the credit union fund.

Loan interest rebate

Over the past number of years we have apart from reducing our interest rate paid a loan interest rebate and many of our members have been asking what this means.

When a loan interest rebate is paid, it effectively reduces the interest charged on loan for the period of the rebate for example: If a member pays a total of €400 interest in a year and the interest rebate of 12.5% is declared, it means an eight of the total interest paid i.e. €50 will be refunded to the member directly into the shares account which in most cases can be with drawn along with the annual dividend.