Credit union launches new low-cost loan
Published 02/12/2011 | 05:00
CHRISTMAS has come early for members of one credit union who can now borrow €1,000 at a total cost of just €1,020 -- in a move to keep families away from moneylenders.
The new 'special offer seasonal loan', launched by Letterkenny Credit Union, in Donegal, has touched a chord with low earners and social welfare recipients who are struggling to make ends meet.
Gordan Randles, manager of Letterkenny Credit Union, said the loan provided members with value for money without stretching their finances.
"It has been very well received since its launch and is based on covering seasonal expenses. The loan can be paid off in a relatively short period of time with repayments that the borrower can manage," he said.