Updated: 12/04/17 : 13:29:05Printable Version
Sligo Credit Union are delighted to announce that they have allocated a further €1 million to lend to its members at a very attractive rate of 6.9% (APR 7.13%) specifically for Home Improvements for amounts over €25,000 and up to €50,000. The Chairman of their Membership and Marketing Committee, Peter Smith, outlined that the Credit Union has grown considerably in the past decade and now has loans in excess of €26 million to over 5,000 members.
With the change in house purchase rules and the increasing number of people making improvements to their own homes, we decided to make it more attractive for our members to make those improvements with their credit union at a more attractive rate for larger amounts."Peter said that "in each of the last 6 months, we have lent an average of €1.5 million to our members. All of this money has been saved originally saved with us and in turn lent out to other members.
The money lent has been spent almost exclusively in garages, with builders, plumbers and electricians in our town and we are very proud of this. Borrowing with your credit union is not the same as borrowing from a bank and we welcome new members to come in and join and apply for loans at this rate - we have changed many aspects of how we lend to members and there is no longer a strict savings period in advance of a member applying for a loan.
If they can afford the loan, we welcome members to talk with us." Peter also added that members savings are not necessarily tied up for the duration of a loan and this can be agreed with their credit union before they borrow.