Introducing our 8% APR Rural Member Loan

We’re pleased to introduce our 8% APR Rural Member Loan. Credit Union members within our common bond area who work in agriculture or other rural industries can now apply for specialist personal loans ranging from £10,000 to £60,000. These loans are available at a fixed rate of 8% APR, with flexible repayment terms of up to 10 years.

Our loans can support your plans for:

• Building improvements
• Buying land
• New buildings and fixed equipment
• Purchasing machinery
• Livestock finance
• Diversification
• Renewable energy projects
• Expansion
• Improving sustainability

Who might be eligible:

• Farmers
• Horticulturalists
• Equestrians
• Rural holiday lets
• Camping sites/ Glamping
• Farm shops
• Change of land use
• Personal

How our personal 8% fixed rate loan differ from those of other lenders

1. We calculate your interest on your reducing loan balance- As you pay your loan off, the amount of interest you're paying back also reduces. This makes your loan significantly cheaper; even though on paper our APR may appear higher than you can see elsewhere.
2. We don't set arrangement fees or annual charges- While other financial organisations charge fees for the setting up of loans- we don't. Portadown Credit Union exists to provide a service to you- not to profit from you.
3. We don't penalise you if you want to pay your loan off early- Whilst other financial organisations may charge you extra if you want to increase your payments- we won't. We know it's in your best interest to pay your loan off as quickly as you can- as this reduces the amount of interest you pay.
4. Timing of repayments- We recognise that, in agriculture, circumstances differ in regard to the availability of funds throughout the seasons. For this reason, whenever your loan has been agreed, we will discuss with you whether you should decide to repay monthly, quarterly or on a six month basis.
5. No rate change- Our 8% APR is guaranteed to remain for the lifetime of your loan.

We offer free life insurance on loans

To give you peace of mind, we fully insure your loan in the event of your death. This is at no cost to you and applies up to your 85th birthday (subject to Terms and Conditions). This contrasts with most banks and other finance providers who charge their customers hefty sums to access exactly the same benefits.

Who is eligible to access our rural member loans?

• You must be a member of Portadown Credit Union and live or work in the sector in the rural hinterland of Portadown
• Access to any particular level of this loan will depend on your ability to repay it. You will need to be sure that you can comfortably repay your loan over the long term.
• We may seek security from you for your loan in one or more of the following ways:
  • by asking you to provide a suitable guarantor
  • by asking to see your business accounts from the previous 3 years
  • by asking to see all of your bank statements for the previous three months
  • by asking for your last year's tax return
  • by accessing your credit history
  • by accepting your offer of land or property* as security. We will provide you with a loan of up to 60% of the value of any such suitable security that you offer

Loans can be applied for online (Click Here) or if you prefer a face-to-face loan appointment, this can be scheduled on (028) 3833 5104.

*not dwellings. Terms and conditions apply.

Portadown Credit Union- Your local lender of choice