Loans

Whatever you have your heart set on; a new car, home improvements, a holiday, educational loans - we can help you with all your lending requirements at St. Mary's Navan Credit Union - just ask!

Why Borrow?

Borrowing money enables you to buy something now that will benefit you immediately, and pay for it over an agreed period. Here at St. Mary's Navan Credit Union we tailor your repayments to meet your own personal circumstances, we advise you of the best method of repayment and our repayment terms. This of course can all be done safe in the knowledge that you have the benefit of Loan Protection Insurance at no extra cost. You know that you can repay your loan at any time without any penalties and there are no fees, no charges and no costs for processing your loan.

So why delay? Apply today.....

on our loan hotline 1800 44 77 77

Member Benefits

When you receive a loan from St. Mary's Navan Credit Union, you will find many advantages in comparison to other institutions:

• Your loan application is dealt with strictly on its own merits
• Easy application process and speedy decisions
• Low Interest rate of 7.5% (7.7%apr) charged on the reducing loan balance
• No processing charges or documentation fees
• Free loan protection insurance i.e. your loan would be cleared in the event of your death
• No penalties for paying off your loan early

Interest on loans

"Truth in Lending", with no hidden costs, is the policy of the Credit Union Movement. By Law, a Credit Union cannot charge more than 1% per month on the reducing balance of a loan. However, St. Mary's Navan Credit Union currently charges 0.625% per month on the reducing loan balance on all loans.

So whatever you need, look no further than St. Mary's Navan Credit Union for all your lending needs. Come and talk to us first, we are working for you!

Repayment Examples

Sample Weekly Repayments

Click here for loan calculator

Only members are eligible to receive loans from St. Mary's Navan Credit Union. Repayments may be made directly to the office which remains open during lunch every day for your convenience. We open six days, Monday to Saturday from 9.30am to 5.00pm. If you are in a rush, why not use our express lodgement box in the office and a computerised receipt will be posted out to you the same day. Of course you could always avail of our Direct Debit service which will enable you to have your repayments paid directly from your Bank Account. It couldn't be easier, why not call in to the office and complete the Direct Debit mandate and we will take care of the rest! We will also send you a statement of your account every three months, free of charge!

Loan Protection Insurance

Loan Protection Insurance is the insurance cover St. Mary's Navan Credit Union provides on the lives of its borrowing members. If an insured member dies, the loan is paid in full, subject to the conditions of the insurance contract. For full details of pre-condition loan insurance, please speak to any staff member.

To ensure members have insurance on their loan, they will be asked to sign a declaration on their loan application that they are/are not in good health. Loan Protection Insurance cover is provided to members in good health between the ages of 16 and 80, provided they have signed the credit agreement as borrower.

St. Mary's Navan Credit Union pays the insurance premium from its earnings, therefore there is no cost to the member. Click here for further information on Loan Protection and Life Savings Insurance.

How do I apply?

Completing a loan application form couldn't be easier. Check out our options below and see what suits you....

• Call in to the office at Kennedy Road, Navan where our staff at our loans desk would be happy to assist you with completing your application.
• Telephone our dedicated loan hotline 1800 44 77 77, and your application details can be completed over the telephone with a member of our staff.
• If you are registered as an on-line member, you can complete your application on-line. You will be contacted on-line with your application results. * We may need to contact you in relation to an on-line loan application to verify details before the application is considered.

Terms and Conditions

St. Mary’s Navan Credit Union 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. It is credit union policy to meet the borrowing requirements of as many members as possible. Please note that a loan application cannot be considered without ICB consent.

Applications for loans are made on a standard loan application form, and our staff will complete the application with you. Loan applications will then be considered by a loans officer or credit committee and decisions are made as quickly as possible in all cases.

In deciding whether or not to grant the loan, the committee or loans officer will take into account the member’s record of saving and repayments, their ICB report, as well as their ability to repay. Once the loan is granted, the member can call in to the office and a staff member will discuss the credit agreement with them. The credit agreement also affords the member the opportunity to avail of a 10-day "cooling off" period to decide if they want the loan or not. If the member decides to avail of the loan, they will sign a credit agreement which is a legally binding document, and commit to regular repayments. The member is issued with a copy of the credit agreement outlining their repayment schedule, terms and conditions of borrowing etc. Remember – only members are eligible to receive loans from St. Mary’s Navan Credit Union.

St. Mary’s Navan Credit Union is flexible with regard to repayment plans, though there are some legal limitations to the length and amount of loans. Our members will be advised on the best repayment plan to meet their own circumstances. Should you experience difficulties in meeting repayment commitments, you should immediately explain the situation to us and we will treat the matter sympathetically and in total confidence. Depending on the circumstances, the term of the loan may be renegotiated if possible.

Irish Credit Bureau

St. Mary's Navan Credit Union joined the Irish Credit Bureau in August 2009. The Board of Directors has a responsibility under Credit Union and Consumer Credit Legislation to safeguard the assets of the Credit Union and to ensure that members do not become over-indebted. This means minimising bad debts and other costs of credit and ensuring that as much information as possible is obtained to assess a member's ability to repay a loan.

When applying for a loan, members will be asked to sign an ICB consent form in order for us to seek a credit report from ICB detailing their credit history in other financial institutions. A loan application cannot be considered without ICB consent. Full details of consent forms are discussed with members when applying for a loan. A member information leaflet is also available, please click here.

Frequently Asked Questions

Q. How do I apply for a loan?

A. Contact your Credit Union and discuss the details with a member of staff, who can give you a quote without obligation. If interested you must complete a loan application form which will then be considered by a Loans Officer or the Credit Committee. The Credit Committee is appointed by the Board of Directors. Each Credit Union will have its own policy on conditions which should be met before a loan is granted. The member should then contact the Credit Union for the outcome of their loan being considered, and any conditions to be met if applicable.

Q. What about loan repayments?

A. Your Credit Union can help you choose a repayment plan to suit you. If your circumstances change and you want to alter your repayment plan, your Credit Union is there to help you. It is also worth remembering that you can repay your loan in full, at any time, without any penalty or additional charges.

Q. What is the loan principle?

A. The loan principle is the actual amount this is borrowed e.g. €7,000

Q. Can I take out more than one loan?

A. Yes, provided that you are not over indebted by the new loan and you have the ability to repay and have sufficient savings in your account.

Q. Is it true that you can only take over three times your savings?

A. No, we will consider all applications on an individual basis.

Q. Why does my loan have to go to a Credit Committee?

A. Our loans policy states that all larger loans and loans for first time borrowers must go to Credit Committee. Your loan may have to be considered by Credit Committee when it has to be assessed in greater detail. Loans will be approved or rejected by a majority of the Committee.