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