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How to find the cheapest Credit Union loan?

  • 29-07-2019 10:29pm
    #1
    Famous Blue Raincoat
    Registered Users Posts: 79 ✭✭


    I'm currently paying an APR of 7.5% on a home improvement loan of about €45,000. I was looking at the CreditUnion.ie website here and it says:
    For credit unions in the Republic of Ireland with a dedicated home improvement loan rate*, the average loan rate was 7.7% APR and the lowest rate was 4.33% APR.

    How would I find that loan so I can clear off this more expensive loan? I'm currently looking for a cheaper rate but I'm not sure how to find it short of getting a mortgage topup. Thanks.


Comments

  • #2
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    Famous Blue Raincoat wrote: »
    I'm currently paying an APR of 7.5% on a home improvement loan of about €45,000. I was looking at the CreditUnion.ie website here and it says:
    For credit unions in the Republic of Ireland with a dedicated home improvement loan rate*, the average loan rate was 7.7% APR and the lowest rate was 4.33% APR.

    How would I find that loan so I can clear off this more expensive loan? I'm currently looking for a cheaper rate but I'm not sure how to find it short of getting a mortgage topup. Thanks.

    It might be at a different credit union to yours....


  • #3
    Famous Blue Raincoat
    Registered Users Posts: 79 ✭✭Famous Blue Raincoat


    gwalk wrote: »
    It might be at a different credit union to yours....

    ...Yes, I expect it is. Wouldn't it be amazing if credit unions accepted new members and gave loans to those new members...


  • #4
    Eoinbmw
    Registered Users Posts: 1,810 ✭✭✭Eoinbmw


    The lower rates are probably covered loan offers!
    The low rates are and advertising ploy!


  • #5
    punisher5112
    Registered Users, Registered Users 2 Posts: 24,644 ✭✭✭✭punisher5112


    Some are these deals such as HSE staff etc....


  • #6
    scuby
    Registered Users, Registered Users 2 Posts: 908 ✭✭✭scuby


    First South credit union in Cork City do, based on flyers I've seen. New members can avail of loans


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  • #7
    vandriver
    Registered Users, Registered Users 2 Posts: 3,465 ✭✭✭vandriver


    Famous Blue Raincoat wrote: »
    ...Yes, I expect it is. Wouldn't it be amazing if credit unions accepted new members and gave loans to those new members...
    You can't just join any credit union.You need to live or work in the area covered by it.


  • #8
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    Probably the rate for a secured loan, i.e. you have more in savings than your loan.


  • #9
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    Famous Blue Raincoat wrote: »
    ...Yes, I expect it is. Wouldn't it be amazing if credit unions accepted new members and gave loans to those new members...

    almost as if they exist for people who live or work in the area..... and not just randomers on the internet......


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