SKIBBEREEN and Bandon Credit Union has launched a brand new personal lending product ‘ACT’ which aims to boost personal finances for members throughout the common bond area, while also giving back to the local community.
ACT which stands for Affordable Credit Today broadens the Credit Union offering, allowing members to avail of loans for a range of personal needs including holidays, weddings, home improvements and education.
To celebrate the launch, the credit union is offering a special rate of 6.99% for all loans up to €10,000 from May 25th to June 9th.
Speaking at the launch, CEO Donal O’Driscoll said: ‘With this new product we wanted to include the values that make a credit union loan truly unique, while also giving those who may not have borrowed with us for many years the opportunity to reunite with their own community financial service provider. Unlike the past, decisions are now based on capacity to repay and not on historic savings records.’
He added that ACT allows people to borrow secured and unsecured loans for all their personal needs, safe in the knowledge that there is repayment flexibility, no penalties and free life cover. ‘The major advantage of dealing with your local credit union is that members can achieve their personal goals, knowing that the profits from their loan will be returned back to the local community which is something that no other financial institution offers,’ he explained.
Also speaking of the new loan product, Gavin Kiely, manager of the Bandon branch said: ‘Last week it was again shown that credit unions are the most trusted financial institution for the fourth consecutive year because members know that the credit union is there for them not only during the good times but also when they encounter difficult circumstances. This coupled with the organisation’s unique mission which is to place personal member service at the fore means that we always have our members best interests at heart above all else.’
Applications for the new ACT loan can be made in person, on line or by phone or for further information call in to their local Skibbereen and Bandon Credit Union branches.