Below are Some of our Frequently Asked Questions
Who can join Link Credit Union
Anyone who resides or is employed in the Link Credit Union common bond (a defined area around the communities of Kingscourt, Bailieborough, Moynalty and Mullagh).
Can children join?
Yes, Link Credit Union encourages savings among young members. We currently run “DOSH’S School Savings Club with participating Primary schools inside our common bond.
What return can I expect on my savings?
A dividend is paid on savings usually in December of each year. This percentage is dependent on the financial success of our credit union during the past year, after accounting for statutory obligations and other relevant factors.
Can I withdraw my savings at any time?
You may withdraw your savings on demand as long as they are not pledged against a loan with Link Credit Union. There are a number of options available to you i.e. Cheque, Cash & Electronic Funds Transfers (EFT).
When can I apply for a loan?
After creating a regular savings pattern over a 6 week period you may apply for a loan. All first loans may require a suitable guarantor under our Lending Policy.
What can I borrow for?
Practically anything – Holidays, Car Purchases, Home Improvement & Extensions, Education Loans, Weddings etc.
What is the loan interest rate?
The standard loan rate is a competitive rate of 10.5% (11.06% APR). All loans are calculated based on the Reducing Balance Method. We also offer a special secured loan rate of 6.9% (7.14% APR) on all Savings Secured Loans and a special reduced rate loan of 7.9% (8.14% APR) for all Student and Education Loans.
Is my Loan insured?
Yes, for eligible members your loan is covered by insurance at no extra cost to you, up to 80 years of age and subject to health declaration. See the Loan Protection Insurance page for more information.
Is there any penalty for repaying my loan sooner than the contract time?
None, if you decide to repay all the Loan Capital early, that’s your choice. You can chose to pay above the agreed repayment amount or make lump sum repayments with a view to clearing your loan quicker. There are no early repayment penalties or fees. In fact, because our loan interest rates are based on your reducing loan balance any extra / early loan repayments will reduce the original amount of interest you will pay.
Can I have a further loan without my first loan being fully paid off?
In most cases yes, again we are very flexible in this area. You can choose to “Top-up” your existing loan balance or alternatively, if we have a promotional rate running you can choose to have 2 loans on your account – with 2 different interest rates.
Does Link CU offer CU Online Banking?
Link Credit Union Ltd now offer full online banking for our members. You can perform EFTs, View and Print online CU statements, message us via a secure server, Set up SOs and much more!
Is Link CU offering the PMC - It Makes Sense Loans?
Unfortunately Link Credit Union are no longer offering the PMC “It Makes Sense Loans”. However, we do still offer small loans to low income members so please do not hesitate to contact our office and we will endeavor to help you in any way we can.
How do I request a new PIN / Password for CU Online?
Please email email@example.com for issue of new PIN/Passwords. Alternatively you can contact any of our offices. PINs will arrive via post and Passwords will be sent directly to registered email address’s. If you are experiencing any difficulties using our CU Online section please visit our CU Online help section or email firstname.lastname@example.org.
How long does it take to get a decision on a loan application?
Fully Completed Loan Applications are forwarded to our Lending Unit. Our Loan Officers will review all loan applications as they are received into our offices. Generally Loan decisions are made within 12-48hrs of receiving loan documentation.
If there are any further questions you would like answered please Contact Us