Upgrading Your Car?

Upgrading Your Car?

Planning on upgrading your wheels? With a St. Michael’s Credit Union Car Loan members own their car from day one! Below we’ve highlighted the difference between a loan with us and PCP finance.

  • You can sell your car whenever you like.
  • There are no hidden fees, admin charges, transaction charges or set up costs.
  • Our loans are fully transparent and the interest is the full cost you pay, full stop.
  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment.
  • With our Car Loan, there are no large balloon payments.
  • Your credit union loan is insured in the event of your death – subject to terms, conditions and eligibility criteria – at no direct cost to you.
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty!
  • You can borrow for the full amount.

The Credit Union is member owned and works on a not for profit basis, so the surplus generated by members borrowing with us goes back into our community.

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The Pitfalls of PCP

  • There is a lack of regulation around PCP, so people aren’t protected.
  • Nearly all PCP’s have restrictions in respect to the condition of the car and/or the mileage you incur. So, if you drive a lot, it can mean a lower minimum guaranteed value.
  • Also wear and tear may also mean you do not get the full value of the car agreed at the start of the deal.
  • PCP’s are a way of trying to ensure that you will come back and buy another car from the same dealer or manufacturer. All well and good, but what if you don’t like the brand of car or range they have to offer anymore?
  • Because a lot of the repayments are deferred, the interest costs may be low initially, but the total ends up being high over the full length of the agreement.
  • Dealers and car-companies are able to offer lower interests rates on the deals for the first three to five years because they retain ownership of the vehicle, lowering their risk.

Car Loan Example

Amount: €15,000

Rate: 7% (7.23% APR)

Loan Period: 5 Years

Weekly Repayments: €68.38

Total Repaid: €17,777.75

Information correct as of the 02/01/2018. You can get your own loan estimate by using our Loan Calculator. 

Talk with a friendly member of staff you know and who knows you today!

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No Tricks With A Credit Union Loan

No Tricks With A Credit Union Loan

Over the coming days, children and adults alike will be dressing up for Halloween. Children will be going door to door trick or treating as is Halloween tradition. At St. Michael’s Credit Union, there are no tricks attached to our loans or the application process! As of the end of October 2017, we have approved 97% of loan applications.

Loans With No Tricks

However, there are plenty of treats available to members when borrowing from their Credit Union;

  • With a Credit Union loan, there are no administration charges, hidden fees or transactions charges.
  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment.
  • You can pay off your personal loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders could charge you extra for paying them back faster!
  • In the unfortunate event of your death, your credit union loan is insured – subject to terms, conditions and eligibility criteria – at no direct cost to you the member.
  • St. Michael’s Credit Union offers a variety of interest rates that are fair and reasonable.
  • We strive to make our loans process as straightforward and easy to understand as possible for members.

Our friendly staff are here to assist members through the loans process. No matter the size of the loan or the kind of question you have they are happy to help. At your credit union, you are in a position to talk with a familiar face.

Also, Credit Unions are democratically run and accountable to their members and not outside shareholders and every member has one vote, it does not matter how many shares they have.

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Thinking of a new 172?

Thinking of a new 172?

Thinking of a new 172? A Credit Union Car Loan has benefits that you simply don’t get elsewhere! We’ve highlighted the difference between a loan with our Credit Union and PCP finance.

PCP Pitfalls (1)

  • Unlike a PCP you own the car from the outset.
  • You can sell the car on at any time.
  • You can borrow for the full amount.
  • There are no hidden fees, admin charges, transaction charges, set up costs or balloon payments.
  • Repayments are calculated on your reducing balance, so you pay less interest with each repayment
  • The interest you pay on a credit union loan is the full cost of the loan so it is fully transparent.
  • Your credit union loan is insured in the event of your death – subject to terms, conditions and eligibility criteria – at no direct cost to you.
  • You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!

These benefits aren’t only for people buying a new car. They apply to many different types of loans.

PCP Pitfalls

  • You don’t own your car until the final payment is made
  • Most PCP’s require a large balloon payment at the end to terminate the agreement
  • Most PCP’s have restrictions in respect to the condition of the car and/or the mileage you incur. A lot of wear and tear may also mean you do not get the full value of the car agreed at the start of the deal. High mileage can mean a lower minimum guaranteed value.
  • PCP’s are a way of trying to ensure that you will come back and buy another car from the same dealer or manufacturer. All well and good, but what if you don’t like the brand of car or range they have to offer anymore?
  • If you have a crash and the cost of the repairs is greater than 66% of the original list price then you may also not get the minimum value you were hoping for.
  • Because a lot of the repayments are deferred, the interest costs may be low initially, but the total ends up being high over the full length of the agreement.
  • Dealers and car-company banks are able to offer lower interests rates on the deals for the first three to five years because they retain ownership of the vehicle, lowering their risk.

Example of a Car Loan

Rate: 7% (7.23% APR)   Amount: €15,000

Loan Period: 5 Years

Weekly Repayments: €68.38

Total Repaid: €17,777.75

You can get your own loan estimate by using our Loan Calculator.

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A Student Loan

A Student Loan

St. Michael’s Credit Union isn’t here for profit, we’re here for people! At St. Michaels, we understand the positive effect a student loan with your credit union can have. We also have our Bursary Draw for €1,500 and invite all students to apply!

Covering College Costs

A student loan can help in a variety of ways whether it’s paying for;

  • College Fees
  • Accommodation
  • Books
  • Course Material
  • Living Expenses
  • Transport

This can be an expensive stage in anyone’s life but you’ll find your local credit union is there to help. Call in for a chat today and we’ll soon have you sorted for the year ahead. Our staff are happy to provide guidance and answer any questions you might have. We only propose student loans with realistic terms, which you can pay back in a way that works best for you. Last year we also posted on college accommodation and the cost of third level education to help our members have the best understanding.

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Cost of College 2016

The Benefits

As with all credit union loans, there are a number of benefits that you simply don’t get anywhere else. The benefits include;

  • No administration fees or transaction charges
  • You can pay back your student loan early without facing a penalty
  • Flexible repayment options
  • You pay interest only on the reducing loan balance

How To Apply

The student can apply for the loan on their own account with a parent/guardian to sign as a guarantor or the parent/guardian can apply on their own account. It’s that easy! You can use our Loan Calculator to get an estimate.

Tony Burke €1,500 Student Bursary

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The bursary is available to Leaving Cert students who are attending any third level course. More details can be found HERE.

Remember, in your local credit union, you are not a customer, you are a valued member! 

Invest In Your Nest!

Invest In Your Nest!

We’re lending to members who are looking to invest in their nest! This could be used for a new washing machine, painting a child’s room, making changes to the kitchen, getting more from your garden or any other home improvement you’re planning. The amount you invest in your nest doesn’t matter, your credit union is here for you!

The Benefits of a Credit Union Loan

  • The peace of mind with loan protection insurance.
  • Lump sum repayments.
  • You can clear the loan early without any penalty.
  • No hidden charges.
  • Your repayments are calculated on the reducing balance of your loan.

Examples of home improvement loans with St. Michael’s Credit Union;

 

Use our Loan Calculator to get an estimate on the exact amount you would like to borrow here. St. Michael’s Credit Union has a loan approval rate of 94%! Talk to us today to invest in your nest!

What you need when applying for a loan;

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Home Energy Grant

Homeowners can avail of the grant through the Sustainable Energy Authority of Ireland provides funding through the Better Energy Homes a government programme. The grants provided apply to home insulation and heating system. To date over 335,000 homeowners have received grants. These grants have helped people to save on their heating bills, make their homes warmer and cosier. It also does a little to combat climate change! We have more information on availing of the grant here.

Communions & Confirmations

Communions & Confirmations

Preparing for a First Holy Communion or a Confirmation is an exciting time but with so many things to consider, the costs can add up quickly. It’s important to plan for the day and here are a few tips to help;

  1. Start Saving it’s never too late to begin saving and every little bit you put aside helps cover the costs of the day. It all adds up over time! St. Michael’s has been helping members save for over 54 years.
  2. Budget and know how much you can afford to spend. Make out a realistic budget and keep track of all your spending. Make a list of everything that you think you’ll have to buy from the outfit to the food. Make a decision on how much you’re going to spend and stick to that amount.
  3. Cutting the Costs 
  • Shop around when picking out their outfit for the day to get the best price.
  • Be creative! If you don’t have the money for all the extras think about what you can do yourself.
  • If you have decided to have a party at home, ask guests to bring along a dish to help share the cost and the work.
  • Do something a little different like asking your child what they might like to do with just the immediate family – maybe a trip to Fota.

I You Need To Borrow?

If you need help covering the costs of a Confirmation or Communion we are here for you! Avoid maxing out your credit card or using a moneylender that charges huge interest rates. Come talk to us today!

Here are examples of a loan with us;

Secured Loan; 

Loan Rate: 4.85% (5%APR)      

Amount: €600         Loan Lenght: 1 Year

       Weekly Repayments: €11.82      

 Total Repayment: €614.90

Personal Loan;

Loan Rate: 10.98% (11.60%APR)    

Amount: €500         Loan Lenght: 1 Year

       Weekly Repayments: €10.16      

 Total Repayment: €528.38

The Perfect Time To Start!

Now is the perfect time to teach your child about money and the importance of saving. A good starting point is to get your child to open a savings account with their communion money. We offer children’s’ savings accounts and visit local schools on a weekly basis as part of our School Savers Scheme. Encourage your child to put a little aside regularly by setting them a goal to save for. More information on saving with your credit union can be found here.

We wish everyone celebrating a First Holy Communion or Confirmation a great day!

A Wedding Loan

A Wedding Loan

Can’t help falling in love with St. Michael’s Credit Union wedding loan! Early 2017 will herald a flurry of wedding planning activity, as 26% of couples in Ireland will typically become engaged in December. While this is an exciting time for soon to be newlyweds, it can also be tinged with anxiety. The average couple will pay more than €22,500 for their wedding and honeymoon, invite 156 of their nearest and dearest and spend over €60 per guest.* It’s little wonder the question of paying for it all can bring sleepless nights.

With an array of wedding blogs, magazines and fairs promoting must have 2017 trends and ‘it’ honeymoon destinations, it’s understandable that things start to become costly. Indeed, it’s expected around one in four couples will borrow for their big day. At St. Michael’s Credit Union, we will only propose wedding loans with realistic terms, which can be paid back in a way that works best for each couple. Our loans have a repayment plan to suit individual circumstances, and there is always the option to repay lump sums without incurring any extra penalties or charges.

So whether the aunties and uncles are coming out of the woodwork for an invitation or the guest list is being kept to a secret few, we will provide support with loans that fit every individual wedding, and which are based on fair, reasonable terms.

At St. Michael’s Credit Union we have been offering access to affordable credit in our local community for over 50 years. We are always on hand to provide guidance, be that with borrowing or with saving towards the big day. We can assist couples to work within their budget and plan out what they can afford to spend. We also offer foreign exchange for that all important honeymoon. So with us supporting happy couples the whole way, they can rest easy and catch up on their beauty sleep before the big day.

For further information, you can get in touch by;

Email:   info@stmichaelscu.ie

Phone:  021 435 7771

Or on our social media pages;

Facebook

Twitter

*www.weddingsonline.ie 2016 Wedding Survey