Credit Union News

The Alan Gallagher Third Level Educational Award is now in its 5th year and its purpose is to improve the social and economic well-being of members and recognize the value of their contribution to the community, in this case ESB. The award is not about charity or welfare but about enhancing members’ lives and providing opportunities.

Details of the scheme are as follows:

 • One Education Award per annum will be offered to students commencing their third level studies in the next academic year. Selection will be on the basis of an open draw.

• The value of each Education Award is €3,000 per annum for a maximum period of four years. This is subject to satisfactory performance including passing the prescribed exams.

How to apply

Your application for the ESB Third Level Education Award will automatically include you in the Credit Union draw. These application forms can be downloaded from the ESB Intranet or you can contact Shared Services in Head Office to send you a form.

Deadline

The final date for receipt of applications is the 15th October 2010 and the winner will be drawn on the 29th October 2010 with the winner’s name being announced on the Credit Union website.

Eligibility

• This award is available for the dependent children of St. Patrick’s Credit Union (ESB Staff) Ltd. members.

• The scheme is for students commencing their full-time, third-level education (to degree or diploma level) at any approved University or third level educational institution within the E.U.

 • A family may be in receipt of only one Education Award at any one time.

 • An individual student may be entered for the draw on one occasion only.

 • Unforeseen circumstances concerning eligibility will be reviewed if they arise during the tenure of an award.

• Under the 1997 Finance Act these awards may be taxable.

Range of Courses

• For the purpose of recognition, Degrees & Diplomas should be accredited by a recognized University, The HETAC (formerly NCEA) or equivalent accrediting institution.

• The Education Awards do not apply to post-graduate or part-time studies.

Please contact Simon Dunne on 01-6325100 if you have any questions. 

December is when a lot of people start to think about changing their cars in the New Year, either buying a new one or trading up a few years. If you would like to get your hands on a 2010 car then the key is a loan from St. Patrick’s Credit Union.

You will also save yourself a lot of money and stress as Banks and Building Societies are extremely reluctant to lend to anyone at the moment as a result of the “Credit Crunch” which we are totally unaffected by.

Interest rate of just 6.5% p.a. - one of the lowest rates available in Ireland for car loans.

Example: The repayment on a €10,500 loan with the Credit Union over 3 years is €321.82 per month i.e. a total interest charge of €1,085.52

Compare this with the same loan from a Bank or Building Society with a typical monthly repayment of €334.00 resulting in a total interest charge of €1,524 – an extra €438.48

No hidden charges or extra payments at the start or end of the loan term as with Banks and Building Societies.

Banks and Building Societies charge Documentation Fees ranging from €63 to €75 and similar amounts by way of a Completion Fee.

Some Banks quote for a 5 year loan but with 61 monthly payments instead of 60 – an extra payment.

No penalties for making lump sum payments or clearing your loan early as with Banks and Building Societies.

Most car loans from Banks and Building Societies are leasing or hire purchase agreements with a fixed interest charge for the period of the loan, and accordingly lump sum payments and early clearance attract severe penalties.

Free Loan Insurance on all loans.

If you are in good health at the time of making your application, your loan balance is insured (in the event of death) at no extra cost to you. Banks and Building Societies do not provide such a service.

If you are interested, please login to the Members Area to make an on-line loan application or to download a paper application.

The Directors and Staff of St. Patrick’s Credit Union are delighted to announce the launch of a Green Loan product, with a specially reduced loan rate of just 4.5% p.a. fixed for the duration of the loan.

The credit union has set aside a fund of €5m for this product. This is an ideal opportunity for members to improve their home comfort, take advantage of costs savings, and make the changes that can help create a better environment for this generation and the next.

For further details on the Green Loan and a full list of the Terms & Conditions please click on the Available Services page or contact a member of staff on 01-6325114.

March is the time of year when we start to think about house extensions and major home improvements, and St. Patrick’s Credit Union should be your first port of call if you need a loan to finance the work.

If you go to a Bank or Building Society for a typical loan of say €50,000 to finance the house extension, they will invariably approve the loan by topping up your mortgage. This will involve a lot of extra cost as a result of solicitor’s fees and extra mortgage protection cover being required. It will also be very time consuming (weeks if not months) due to the inordinate amount of paperwork Banks and Building Societies get you to complete. And because of the on-going credit crunch Banks and Building Societies are now extremely reluctant to lend to their customers.

Borrowing the same amount from the Credit Union is much simpler, could save you a lot of money, and is stress free:

- The loan would be an ordinary term loan and not a mortgage (subject to normal lending terms and conditions). Therefore there is no need to hire a solicitor and the paperwork can be completed in a matter of minutes with the loan cheque being in your hands within a few days.

- This is a major advantage in that you can give your builders the go-ahead to start work immediately, and not risk losing them due to the time delay with Banks and Building Societies.

- The repayments on a €50,000 loan over 10 years would be €568 per month at a rate of 6.5% p.a.

- The Credit Union has FREE Loan Protection Insurance (Life Cover) on its loans for members who are under 70 years of age and are in good health at the time the loan is drawn down.