Members can apply for a loan after 13 weeks of regular savings. The maximum amount that a member can apply for is 3 times their shares, up to a maximum of £15,000.00 on top of their shares.
Magherafelt & District No. 3 Credit Union Ltd has a Loans Committee who deal with all loan applications.The Loans Committee meets twice per month (on the first and third Wednesday of each month) to consider all loan applications.
- Member has £1000.00 in shares - maximum loan which can be applied for is £3000.00
- Member has £5000.00 in shares - maximum loan which can be applied for is £15,000.00
- Member has £10,000.00 in shares - maximum loan which can be applied for is £25,00.00
Magherafelt & District No. 3 Credit Union will consider emergency loans in some instances. If you need an emergency loan contact the staff at our Registered Office who will be happy to advise you.
Advantages of Borrowing from your Credit Union
No initial set up fee - No final settlement fee
Flexible terms tailored to your specific needs
The ability to overpay or settle your loan at any time, without penalties
Interest is only charged on your REDUCING balance
Loan insurance available at no extra cost to you
Friendly local staff
Our Loans at a glance
Try out our quick and easy Loan Calculator
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.
If your loan application is approved you will be asked to complete a "promissory note" - this is a legally binding agreement where you promise to pay the loan at the agreed terms.
If you have difficulty meeting your payments please contact our staff immediately.The Credit Union can offer flexible terms and will deal with your application as sensitively as possible.
Members are actively encouraged to consider saving whilst repaying their loan.Your savings and loans are protected by insurance.
Interest is charged on all loans at 1% per month charged on the reducing balance (12.68% APR).All loans attract the same amount of interest regardless of how large or small.
Top-up loans are also available in some instances.
On 31st March 2012 authorisation and regulation of Magherafelt & District No.3 Credit Union Ltd passed to the Financial Services Authority (now known as the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA)).
This means that all shares (savings) in the Credit Union are now eligible for protection under the Financial Services Compensation Scheme (FSCS).
All eligible deposits are protected up to a total of £85,000 by the FSCS, the UK's deposit protection scheme.
The maximum amount protected under the FSCS is £85,000 per member. Any deposits you hold above the £85,000 limit will not be covered. Further information is available at www.fscs.org.uk