Covered Loan

A covered loan is a cost-effective way to access funds while leaving your savings untouched.
You are allowed to borrow up to the value of your savings at a discounted rate of interest 6% (6.2%APR).

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Why our Covered Loan is different

You are not just another customer you are a Member.

Avail of our lowest interest rate for loans

You continue to earn a dividend on your savings account

Your savings remain intact

Flexible Repayment Options

Instant loan approval subject to Appointment

It’s easier to repay a loan than replace savings

There are no restrictions on the purpose of the loan

Repayments are calculated on your reducing balance, so you pay less interest with each repayment

Your credit union loan is insured - subject to terms and conditions - at no direct cost to you. Other lenders charge for this

Loan Calculator

Calculate your loan repayments

Maximum Loan Amount :
Maximum Loan Term :


Required Loan Term

Repayments
APR
6.2%
Repayments
Total
Total Cost
APR
6.2%
Repayments
Total
Total Cost
APR
6.2%
Repayments
Total
Total Cost
APR
6.2%
Repayments
Total
Total Cost

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.

Representative example

Loan Amount

€2,500

Rate of interest - APR

6.2%

Loan Term

18 months

Total interest

€115.31

Weekly Repayment

€33.53

Total Cost of Credit

€2,615.31

Requirements

What documents you need to apply

For existing Members

  • Proof of Income (3 most recent payslips or social welfare receipts )
  • 3 Months Bank Statements (including the most recent transactions)
  • 3 Months Credit Card Statements

We may request additional documentation from you to support your loan application. (If required)

*For your first loan with us we will need 6 months statements.

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Not a Member?

If you are not already a Member of Sarsfield Credit Union, you can easily open an account at our branch in Glentworth Street.

  • Photographic ID (e.g. a current Driving Licence or Passport)
  • Proof of Address (e.g. a utility bill, government letter or bank statement dated within the last 6 months)
  • Proof of PPSN (e.g. Medical/Drugs Payment Scheme Card, P60, P45, or correspondence from Revenue)
  • If not living in the area, proof of working in the area

We may request additional documentation from you to support your membership application. (If required)

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It’s easier and quicker to apply for a loan when you are a Sarsfield Credit Union Member.

Loans are subject to approval. Terms & Conditions apply.