Borrow
Loans
Many of our Members join to avail of our loans facility. That's great! Your ability to borrow is not dependent on how long you have been a member, or how much you have in savings, but what you can afford to repay.
Over the years Members have come to realise that Moyola & Toome Credit Union, when compared to other financial organisations, offers a personal, flexible service at a fair rate of interest.
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 are paying back also reduces. This makes your loan cheaper, even though on paper the APR rate may look higher. Check out our loan calculator to see what our loan repayments look like.
- We don't charge arrangement fees
- We'll never charge you to set up a loan. There's no hidden charges with us. We're here to provide a service to you, not to profit from you.
- We don't charge you settlement fees.
- If you can pay off your loan earlier than expected, that's great we'll never charge you a settlement fee. It's the Credit Union difference.
- We offer free life insurance on loans ( T'S & C'S )
- We paid 15% interest rebate for 2024
Moyola & Toome Credit Union offers its Members a variety of loan options, depending on their circumstances and the loan purpose.
Our Loans at a glance
Pledged Shares
As always, shares lodged after a loan is issued, are free to be withdrawn and we would also encourage members to avail of our Easy Share account, where you can save for that special occasion, short break or for Christmas.
The Easy Share account can be set-up with no hidden transaction charges. Access to shares in this account are on demand as and when you need them and are also eligible for a dividend if declared by the credit union at A.G.M, provided account is up to date and not showing arrears.
If you require any further advice about the new obligation placed on credit unions, or want to find out more about opening an Easy Share Account, contact either office and speak to a member of staff.
How do I apply?
From 6th April 2018 Credit Unions will have new legal obligation when issuing loans which are not secured or covered by shares. From this date onward when a loan is being collected, the promissory note sets out the amount of members’ shares that are pledged against the loan and CANNOT BE WITHDRAWN.
Members can apply by calling 02879650398 or call into any of our offices.
To apply for a loan you will need to provide the following documentation;
- Bank Statements for the last 3 months
- Photographic Identification
- Self Employed - Business Accounts/Tax Assessment
Please Note: If you are applying for a Loan with Moyola and Toome CU for the first time we will also require an up to date Credit Report.
Try out our quick and easy loan calculator below
Maximum Loan Term :
12.68%
12.68%
12.68%
12.68%
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.
