St. Canice’s Credit Union is inviting each and every one of its 65,700 members to Imagine More! Imagine a member owned institution, designed to serve members, not profit from their needs. Imagine a democratic, community based institution that takes decisions locally in the best interest of members. Imagine a loan from a lender at the heart of your community! Imagine a straight-forward loan, with no sneaky conditions!
St. Canice's made national headlines about a new loan offering only available to local St. Canice’s members.
A loan price war could be sparked by the decision taken by St. Canice's CU to slash their large loan rate from 8.2% to 6.2% for loans between €25,000 to €75,000 – which brings it below the banks’ charges and it has no criteria to have a specific account already with the CU, which the banks do. The Great Rate loan has been a fantastic offering to members and to date over €10 million has been lent out with the average loan being approximately €32,000.
62% of members have used the money to make home improvements ranging from home extensions, new kitchens & bathrooms, attic conversions to complete garden make-overs and even log cabins. 28% have opted to upgrade their cars; be that for expanding family requirements or upgrading to a fancier model for themselves. 8% have opted to switch their existing bank loans with a higher rate with a bank to the more competitive rate now offered by their local credit union, saving them huge money over the lifetime of their loan. The remaining 2% of borrowers were combining multiple purposes into 1 loan and ticking lots of things off to do lists while doing so. The best bit was that all these people were able to complete projects, dreams and make it happen for them at an affordable borrowing rate. They also got CashBack at the end of the year of 10% of the interest they paid, which reduced the rate even further.
Imagine More is the brand new loan campaign from the credit union. Recent regulatory changes have now given credit unions much more flexibility to issue longer term loans. In addition, many credit unions are now in a position to provide mortgages to their members. The campaign will kick-start with the roll-out of personal loans followed by home improvement and car loans. The campaign is focused on letting people know that credit unions are not just for small, short term loans but that we can cater for bigger and longer term loans too. We’re open for your larger loan needs with our “Monster Loans”!
St. Canice’s Credit Union is embarking on the new campaign as part of its ongoing commitment to tailoring services and products to the specific needs of its members. St. Canice’s Credit Union has lent over €4 million to the local community already in 2020 and has €80 million available to lend. As local, ethical lenders, credit unions take the time to understand the member’s situation. A member of staff will ensure that the loan is suitable to the member’s needs and their particular financial circumstance.
The new campaign also comes in the wake of St. Canice’s Credit Union winning the 2019 national Customer Experience Awards, along with more than 240 credit unions across Ireland. Credit unions were ranked number one for customer experience for the fifth consecutive year in the CXi Ireland Customer Experience report, leading the way for qualities such as integrity, empathy and commitment to delivering services in line with members’ needs. So we know our members trust us and now we need them to know that we can provide larger loans than what they perceive or believe.
Commenting on the new campaign, Roisin Lawton, Head of Lending of St. Canice’s Credit Union said: “We are inviting all our members to come in and see us, or pick up the phone and call us, about getting a larger loan. We are looking forward to discussing their plans for that house extension or green retrofit or indeed a new electric car! Or it might be the dream luxury around the world holiday! Whatever the reason, we have the size of loan to match your dreams.”
Roisin continued “We want to ensure that all of our valued members, and people thinking of joining the credit union, are aware that not only are our loans straightforward, but that we cater for loans of all sizes including larger loans, more than people imagine. Our loans are typically approved within 24 hours from receipt of your application, with no savings multiple applying and 96% of loan applications approved in full this year. There are no sneaky penalties for paying a loan back early, nor are there any scary hidden fees or charges on our loans. As we make decisions locally, we are happy to take the time to get to know the individual circumstances of all of our members. For example, our Great Rate Loan, which comes with an affordable APR rate of 6.38%*will ensure you can transform your home exactly as you’ve always wanted, but without the stress of grappling with unduly high repayments. So call in, or contact us today, and enquire about our “Monster Loans” and Imagine More!”
St. Canice's CU drops their Mortgage Rate
St. Canice's Credit Union started offering mortgages to members 2 years ago and quickly reached the limit of how many they could offer. They are delighted to announce that their application to the Central Bank to extend their longer term lending limits has been approved and they have also now reduced the mortgage rate to 3.9% (APR 3.97%) You can now borrow up to €350,000 from your local credit union and for a term up to 35 years. There's no place like home and they want to help you find yours.
To check out more details you can visit their website here