Need a Loan? We're happy to help!
Portadown Credit Union offer a loan facility to all their members. Each year we see more and more members availing of this service. We issue both small and large loans to cater to our member’s needs.
Our loans differ from others in a number of ways:
We calculate your interest on a reducing loan balance
As you pay your loan off, the amount of interest you’re paying back also reduces. This makes your loan cheaper, even though on paper the APR rate may appear higher.
We don’t charge arrangement fees
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.
We don’t penalise you if you want to pay your loan off early
Whilst other financial organisations charge you extra if you want to increase your payments and settle your loan early – we don’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.
We offer free life insurance on loans
To give you peace of mind we fully insure your loan in the event of your death and at no cost to you, up to your 85th birthday (subject to terms and conditions). This contrasts with banks and building societies who charge their customers hefty sums to offer exactly the same facility.
Try out our quick and easy loan calculator below
Maximum Loan Term :
This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors. Please note that this calculator only provides an indicative quote and actual repayments may vary.
Never be afraid to apply for a loan; as your local lender we want to lend to as many people as possible. However, the most important factor for us when we are assessing your application is to make sure that you can afford the loan. We do this to protect you and to protect our other members, as after all, it is their money that you are borrowing. The majority of loan applications can be approved by our fully trained loan officers and you will receive an immediate decision.
Although, if it is your first loan, for a large sum of money or there are concerns about how the account is being maintained, then the application will be referred to the Credit Committee.
Please note, members will need to provide 3 months bank statements for loans that are not secured. Online loan application will take longer to approve.
The Credit Committee is comprised of a group of people including volunteers, management and board members, who meet every Thursday morning to adjudicate on loans; each of these individuals have many years of Credit Union experience.
Whenever you take a loan you sign a promissory note (a legally binding document) agreeing to pay off your loan within a specified period of time. The maximum period for most loans is 5 years, however some loans can be completed within a shorter period. We always recommend that member’s complete their loan as quickly as possible in order to minimise the amount of interest they pay.
We understand that circumstances can change that are out of your control, therefore, if something happens that affects your ability to meet your agreed repayments, it is crucial that you contact us to talk about your situation therefore we can work out a plan of action.
It is important to remember, that not paying your loan as agreed can impact negatively on your credit record.
If you would like to contact us about a change of circumstance, please call us on: (028) 3833 5104.