Secured Loan 4.85% (5% APR)

secured loan

 

We here at the Credit Union know that it can take a long time to build up your savings. So, when it comes to making a big purchase you might be reluctant to use them all and have nothing left over.

What Is A Secured Loan?

A secured loan is a cost-effective way to access funds while leaving your savings untouched and available for other eventualities that may occur. You are allowed to borrow up to the value of your savings at a discounted rate of 4.85% (5% APR) interest while continuing to earn a dividend on your savings.

There are a number of reasons why a Covered Loan makes sense:

  • One of our lowest interest rates on offer
  • Very fast loan approval
  • Flexible Repayment Options
  • It’s easier to repay a loan than replace savings
  • You continue to earn a dividend on your savings account
  • There are no restrictions on the purpose of the loan
  • You won’t dip into your savings because you cannot withdraw the secured amount until your loan is fully repaid

Examples Of Secured Loans

Loan Amount Loan Type APR Term Monthly Repayments Total Amount Payable
€1,000 Secured Loan/Variable 5% 1 Years €85.54 €1,026.47
€2,500 Secured Loan/Variable 5% 2 Years €109.51 €2,628.25
€5,000 Secured Loan/Variable 5% 3 Years €150 €5,383

Information correct as at 19/07/2017

You can also get your own examples of a Secured Loan by using our Loan Calculator.

Loan Enquiry Form

If you wish to enquire about a loan with St.Michael's Credit Union, please fill in and submit the form below and a member of staff will be in touch

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