If you need money for holidays, car repairs, home improvements, etc, the Credit Union encourages you to take out a loan as opposed to withdrawing your savings as long as you can maintain the schedule of repayments. In many cases this may be a wiser option in orde
r that your hard earned savings remain untouched. Hannahstown Credit Union offers members the option to save and borrow, we offer flexible terms for borrowers.  We can help you choose a repayment plan that suits you.  If your circumstances change and you need to alter your repayment plan, we are here to help you.

We will consider loan applications from members for any worthwhile purpose.  Each application is treated in the utmost confidence and will be considered on its own merits.

Most financial institutions which lend money are primarily in business to make a profit. The Credit Union is in business to help you, the member.

Loan applications by each member are considered by the Board of Directors through a Credit Committee or Loan Officer. The following areas are considered when reviewing all loan applications:

  • The financial character of the member
  • Purpose of the loan
  • The current record of regular saving
  • The previous loan repayment record
  • The ability to meet the repayments

Benefits of Obtaining a Credit Union Loan

  • We do not make a profit at your expense. The interest charged on your Loan helps to provide an attractive return on your Savings and a partial rebate of the Interest paid by you on your Loan on an annual basis.
  • There are no charges or fees payable as long as you keep up the agreed repayments.
  • Repayments can be arranged to suit you (weekly, fortnightly or monthly). Direct Debit payments straight from your bank account can be arranged.
  • No penalties for early repayment of your loan.
  • We charge just 1% per month on the reducing balance which works out at 6.5% in simple interest terms (12.68% APR).
  • A repayment package to suit your individual needs.
  • Repayments can be re-scheduled if difficulties arise.
  • Loans are processed quickly.

Saving while repaying

Members are encouraged to continue saving at all times, even when repaying a loan.  Remember – even the smallest amount saved regularly grows quickly, and 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.

If my circumstances change, what do I do ?

If you experience difficulty while paying a loan, contact us immediately. We will be happy to meet with you in total privacy and discuss your situation. If you have had a change in your financial situation during the term of a loan with us, please contact our Credit Control Department and let them know. Perhaps we may be able to adjust your repayments to suit your new situation. Talk to us…..don’t delay.

The problem is much better solved if tackled immediately.