Q. Who can borrow from Mullingar Credit Union?
A. Only members are eligible to apply for loans with Mullingar Credit Union. Not a member? Find out more on our Membership page.
Q. How long do I have to be a member before I can borrow?
A. There is no strict time limit on being a member to apply for a loan. Ability to repay the loan is the critical factor.
Q. How much can I borrow?
A. In general, there are no strict amounts a member can apply for as each application is assessed on its own merit and on the ability of the member to repay the loan in full. The maximum loan available from Mullingar Credit Union is €200,000.
Q. How much savings do I need to be able to borrow?
A. Contrary to popular belief you do not need to have 25% of the amount you wish to borrow in savings/shares. Each application is dealt with on its’ own merit. You need to show you have the capacity to make repayments as well as having enough left over to live on.
Q. What is your current loan rate?
A. Our interest rate for Standard Loans is 7.9%. Our interest rate for Reduced Rate Student Loans is 5%. Our interest rate for Cultivate Farm Loans is 6.55%.
Q. How do I apply for a loan?
A. You can find details on our How to Apply page.
Q. What is Loan Protection Insurance?
A. You can find out more on our Loan Protection Insurance page.
Q. Can I repay my loan through Payroll Deduction?
A. Yes, if your employer facilitates a Mullingar Credit Union payroll deduction scheme you can easily switch to repaying your loan by Payroll Deduction. Further information can be found on how to enroll with the service on our Payroll Deduction page.
Q. How can I repay a loan?
A. There are a number of ways to repay your loan:
- Through payroll deduction
- By debit card over the phone
- By direct debit or standing order from your bank account
- In person at any of our 5 offices.