SPONSORED: How Thomastown Credit Union can help take the stress out of Christmas spending
Christmas can be an expensive time. And for many families it is also a worrying time as they struggle to make ends meet. Thomastown Credit Union is here to help.
Thomastown Credit Union offers personal loans up to €50,000 and Community Loans up to €160,000.
“But if it’s a small loan for Christmas that you are looking for, we have that too,” says the Credit Union’s CEO Anne Marie Daly.
“Christmas loans are available for all members, even if you already have a loan with us. Members can borrow from €1,000 to €2,000 to help to cover Christmas expenses.”
A €1,000 loan from Thomastown Credit Union will cost only €62.01 in interest over the year. The weekly repayment will be €20.43 over a 12-month period. The total amount repayable will be €1,062.01.
Normal approval time is 24 hours once documentation has been received by the Credit Union. And Thomastown Credit Union have a 97% approval rate on all loans.
At this time of year some families are in danger of falling into the hands of money lenders. They offer a convenient loan – but at an eye-watering interest rate that can be as high as 157%. This means if you borrow €1,000 over one year the total amount payable is €1,560. So beware! Check out the total cost of the loan, not just the weekly repayment.
Some money lenders impose even higher interest rates on some of their loans – and these are the licensed, legal operators. The illegal operators are the guys who call at your door and offer to help out.
Nobody really knows what annual interest rates they charge because the loans are either paid off quickly, with a huge penalty loading, or, as is more often the case, they are never fully paid off, and suck payments in instalments from families for years and even generations.
Thomastown Credit Union’s loan terms and conditions are straightforward. There are no hidden fees or administration charges. Staff will work with the borrower to ensure loan repayments are structured in a way that best suits their circumstances.
“We are a not for profit organisation,” explains Anne Marie. “Our aim is to look after the interests of our members.”
Thomastown Credit Union wants its members to have a happy Christmas. Not one that saddles them with debt. So it is reminding members that it is important not to borrow excessively, and to then find yourself under financial pressure for the rest of the year.
With an eye to the future, it may be useful to know that the Credit Union also offers a Christmas savings account. This allows members to put a little aside during the year.
Thomastown Credit Union is a not for profit co-operative, run by the members and for the members. All of the surplus at the end of the year is allocated to reserves for the future of the credit union and distributed to members in the form of a dividend and interest rebate.
Thomastown Credit Union’s Bennettsbridge Office is open every Wednesday from 10am to 1pm and 2pm to 4pm. It was renovated in July 2018, and it offers the same services and privacy as the Thomastown Office.
Members can park at their ease for free, can open new accounts, apply for loans and complete their weekly transactions. All members of Thomastown Credit Union are welcome to use both offices and can avail of the six day service.
The Board of Directors, committees, volunteers, management and staff of Thomastown Credit Union would like to thank all members who continue to use our services.
Wishing you all a Happy Christmas and a Prosperous New Year!
To make an appointment, call 056 772 445 or log on to: http://www.thomastowncreditunion.ie