Two credit unions in the West have come together to support their members at a time of both personal and economic challenge. St Jarlath’s Credit Union and St Anthony’s & Claddagh Credit Union, who plan on merging in 2020, have joined forces to offer a reduced rate personal loan as well as expert financial advice in recognition of the current difficulties faced by its members and the community at large.
Exclusive to credit union members, the ‘ReConnect Loan’ comes in at a competitive 6.5% versus the usual 10% personal loan rate. Members can borrow up to €3,000 over a maximum period of three years and the offer is available for three months from October to December this year.
According to Ted Coyle from St Anthony & Claddagh Credit Union, ‘both Credit Unions have seen first-hand the impact that Covid-19 has had on our local communities. Local businesses have had to close their doors, those reopening are having to adjust to a new way of operating and some still have to remain closed. We want to give our members a helping hand by offering finance at a lower cost than normal to help rejuvenate the local community and also indirectly help our local businesses. Our members can use the money to catch up on moments missed with family & friends, paying bills they may have struggled with during lockdown, or for things like staycations, car repairs, education, or home improvements.’
In addition, both credit unions are also offering a dedicated free financial advice service to any members that require assistance in areas such as budgeting. This new loan offering will not only assist members but facilitate the injection of much needed funds back into local businesses and the wider community. ‘Having worked together in the past, we wanted to do so again in order to give our members the opportunity to get back on top of things and reconnect with life after lockdown’, says John Doyle of St Jarlath’s Credit Union. ‘Also, in these hard times, local businesses have helped us through. Now it is our turn to support and invest in the local economy to help us navigate the new road that is ahead for all of us’.
Terms & Conditions apply. Loans subject to approval. Normal lending criteria applies.
*APR = Annual Percentage Rate