Christmas Loan Explained
To help assist families with the cost of Christmas, Credit Union Plus are introducing a low rate ‘Christmas Loan’ for our members.
This will allow many members benefit from this great value loan and spread the cost of over
twelve months, leaving them in the position to get a new Christmas Loan the following year and so on.
Members that avail of the Christmas personal loan can have a parallel loan if they already have a higher rate loan with Credit Union Plus or if they have no other borrowings with Credit Union Plus, a standalone low interest loan.
The below table shows typical loan repayments and interest charged on three different values of Christmas loans at 5.95% (6. 10% APR)
Sample Quotes
Terms & Conditions
- The Christmas loan offering can be a parallel loan for members with an existing loan.
- The member cannot top-up the loan until 12 months after the first loan.
- The loan must be repaid within 12 months.
- The max value of a Christmas loan will be €2,000.
- If a member has an existing Credit Union Plus loan there must be no credit control issues within the past 12 months.
- Member’s CCR must be up to date.
- If the applicant is an existing member with a loan already outstanding (and not in arrears) the member must provide the normal loan application documents, depending on their outstanding balance.
- All loans will be fully underwritten as per standard loan processes.
E&OE. All loans are subject to application & approval, creditworthiness and repayment ability will be assessed. Lending Terms & Conditions apply. Loans require a minimum share balance to be retained until the loan is cleared in full.
Credit Union Plus is regulated by the Central Bank Of Ireland.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future