FAQs

Here you can see a list of our most Frequently Asked Questions organised by category. If your question is not listed, please feel free to submit a question via our contact form or call us on: (028) 295 41007

A credit union loan has some very special features:

  • Loans are insured at no direct cost to the eligible member.
  • No hidden fees or transaction charges.
  • Reasonable interest rates.
  • Repayment terms to suit your particular circumstances.
  • You can repay the loan earlier with no penalty.
  • Additional lump sum repayments accepted with no penalty.
  • Flexibility to make larger repayments than agreed with no penalty.

KRD offer a portfolio of loan products for a range of different purposes at fair and reasonable rates. Our Standard Loan product is 1% per month on a reducing balance, with automatic eligibility for our Loan Interest Rebate. We also have a range of reduced interest rate loans e.g. secured loans, green loans and loans which prioritise a reduced monthly/weekly payment over the receipt of a Loan Interest Rebate.

You can apply from the comfort of your own home via the KRD App or online via the website. You can also apply by phone (028 29541007) or by visiting one of our 3 offices.

If you're not already a member and you would like to enquire about a loan, ring us on 028295 41007 or call into any of the offices for more details on how to apply for membership (or go to our members section on the site).

So, whatever you're borrowing for a car, home improvements, a special occasion, holiday, school or college fees KRD will give you a fair deal.

Whenever you take a loan you sign a Credit Agreement (a legally binding document) agreeing to pay off your loan within a specified period of time.

For unsecured loans, the maximum period of the loan is 10 years, whilst for loans which are secured against property ,the period of the loan can be extended much beyond that, provided the loan is completed by age 80*.

KRD are very flexible with how you repay your loan. Your credit union can help you choose a repayment plan and method that suits you, including paying in the office, paying by standing order or direct debit or by debit card. If your circumstances change and you want to alter your repayment plan, your credit union is there to help you. It's also worth remembering that you can repay your loan in full, at any time, without any penalty or additional charges.

 

KRD Credit Union is an understanding and a responsible lender. Life happens, and so if your circumstances change during the course of your loan repayment and you experience difficulties making your agreed repayments, it’s very important that you contact us to discuss your situation. If you alter/stop your agreed repayments, we are obliged to pursue the outstanding monies on behalf of all of the members of the credit union.

You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:

  • They continue to earn a dividend.
  • They continue to benefit from the Life Savings Insurance protection.

We will be happy to talk to you about suitable alternatives to withdrawing your savings.

KRD Credit Union actively encourages its Members to save. Each £1 of savings in the Credit Union equals a share in the Credit Union. The more shares you hold, the greater the return you receive when the annual dividend is being paid.

The savings limit for shares is presently £30000.

A Dividend is the same as interest on your savings, but because you are a shareholder in the Credit Union, it's known as a dividend.

Each £1 of savings in the Credit Union equals a share in the Credit Union. The more shares you hold, the greater the return you receive when the annual dividend is being paid.

The savings limit for shares is presently £30000.