What is a Credit Union?
A Credit Union is a financial co-operative, owned and controlled by its members.
Who runs the Credit Union?
A voluntary board of directors govern the credit union. These directors are elected by the members at the Annual General Meeting and professional staff run the credit union operations.
Who can join St. Canice’s Kilkenny Credit Union?
Any person living or working within the common bond can join the credit union.
What is the common bond?
The common bond defines the area within which the credit union can operate.
Who can borrow from St. Canice’s Kilkenny Credit Union?
Only members are eligible to obtain loans from St. Canice’s Kilkenny Credit Union.
How much can a member borrow?
There is no strict amount that a member can borrow. Each application is assessed on its own merit and on the ability of the member to repay the loan in full.
How can a member apply for a loan?
Members may apply for a loan by calling into the High Street, MacDonagh Junction or Dunnamaggin office, online or over the phone.
What can a member borrow for and what is the current loan rate?
St. Canice’s Credit Union offers loans for different purposes, promptly and in the strictest confidence. Current interest rates are listed below;
Multi Purpose Loan - 9.9% (APR 10.4% variable)
Vehicle Loan - 8.2% (APR 8.5% variable)
Further Education Loan - 6.4% (APR 6.6% variable)
Green Loan - 8.2% (APR 8.5% variable)
Small Business Support Loan - 6.4% (APR 6.6% variable)
Secured Loans - 6.4% (APR 6.6% variable)
Large Home Improvement/Mortgage Redemption Loan - 8.2% (APR 8.5% variable)
How can loan repayments be made?
Members have several options to repay their credit union loan. They can pay by standing order, paypath, wage deduction, EFT, by using online banking or by calling into either credit union office.
Do I have to save?
Members are encouraged to continue saving at all times, even when repaying a loan. If saving on a regular basis no matter how small the amount, it is surprising how quickly savings/shares can grow. Remember savings and loans are protected by Loan Protection/Life Savings Insurance at no extra cost, subject to policy terms and conditions.
What is Death Benefit Insurance?
St. Canice's Credit Union provides Death Benefit Insurance for all eligible members at no extra cost. This insurance gives members and their families added security and relief from financial worry at a time of bereavement. This means that on the death of an insured member, a lump sum of €1950 is paid to help with the cost of funeral expenses, thereby easing the financial burden of bereavement. Members are insured provided they have opened their account before reaching the age of 70 and maintain a minimum amount of €5 in shares. Please note that only the first named person on a joint account can have this cover.
What is Loan Protection/Life Savings Insurance?
Loan Protection Insurance is a life insurance cover that St. Canice’s Kilkenny Credit Union provides on the lives of its eligible borrowing members, subject to certain terms and conditions. Provided a member is in good health and engaged in their normal life occupation, their loan may be covered by this insurance in the event of death.
Life Savings Insurance is also payable on the death of the eligible member subject to policy terms and conditions. The insurance benefit payable is in proportion to the amount of savings that a member has accumulated during the term of their membership. The benefit is also dependent on the member’s age at the date lodgements are made to the account. The maximum benefit payable under this policy is €12,700.