Community Loans
Community Loans
Community Loans – from 5.95% ( APR 6.11%) These loans have been designed to offer local community groups, organisations, and charities access to capital to help make their vision become a reality.
Loan application process
We understand that the loan process for community groups differs from personal loans, and we've tailored these steps accordingly.
Step
1
Initial Consultation
To ensure your project aligns with our lending criteria and to discuss your specific needs, schedule a consultation with our lending team. This initial meeting will help us understand your project goals, financial projections, and any potential challenges.
Step
2
Develop a Comprehensive Project Proposal
Create a detailed project outline. Prepare a comprehensive project proposal outlining your group’s mission, project goals, target beneficiaries, budget, and financial projections. This document will help us assess the viability and impact of your project.
Step
3
Gather all Financial Information that you will need to apply
Gather financial statements, budgets, and any relevant financial data that demonstrates your group's financial stability and ability to repay the loan. This may include income statements, balance sheets, and cash flow projections.
Step
4
Apply For The Loan Online or In House
Our Lending Team will work with you to complete the loan application. Our lending team will provide guidance and support throughout the process.
Step
5
Sit back and wait for Approval.
Upon approval, we will disburse the loan funds according to the agreed-upon terms.
Our Approval Rate
We aim to provide a high quality lending service to our members so you can trust in your Credit Union for your lending requirements. Contact our dedicated lending team at loans@synergycu.ie or Phone 0818 272927
Calculate Your Loan Repayments
Phone 0818 272927 and a member of our lending team will talk you through your loan repayments or email loans@synergycu.ie. We are here to help your organisation succeed.
The benefits of borrowing from us
A credit union loan is different to any other loan on offer in your community.
A loan is insured at no cost to the member against disability or death
Once you are eligible for a Credit Union Loan, repayment terms can be designed around your needs
Repayments are calculated on your REDUCING balance so you will pay less interest with each repayment
Open Banking is available, allowing you to securely share your information without printing, photocopying, downloading or emailing bank statements
Wide range of very competitive, reasonable and fair rates
There is no charge when you take out the loan and there are no hidden fees or transaction charges
The requirements to apply
- Make sure Your Organisation is a member of Synergy Credit Union
- Consult with our Lending Team
- Provide financial statements, budgets, and any relevant financial data.
- Additional information may also be required
Representative Example & APR Explanation
A representative example is a term used in financial regulations. The example will help to show you the typical costs associated with a loan for a certain amount.
The Annual percentage rate (APR) is the annual rate of interest you will be charged on a loan. It takes account of all the costs involved over the term of the loan, such as any set-up charges and the interest rate. You can use the APR to compare different loans, as long as you compare them over the same term, for example 5-year loans.
Loan Amount
€5,000
Rate of interest - APR
10%
Loan Term
3 years
Total interest
€771
Montly Repayment
€160
Total Cost of Credit
€5,771
Loans FAQs
Have a question? See if it's answered in our Frequently Asked Questions below.
Only members are eligible to borrow. You can join the Credit Union as a member and apply for that loan you need at the same time. Members need to be living, working or going to school in our common bond to eligible to join. If a person in your household is a member, all other people in that household can join Synergy Credit Union too regardless of where they live.
Members can apply for a loan online, by email (Link loans@synergycu.ie) by Freephone 1800 272927 or by calling into any of our offices in Fermoy, Watergrasshill or Lwr. Glanmire Rd. in Cork City.
Yes, you can apply for a top up loan at any time; you don’t have to repay one loan before applying for another. If your new loan is based on a different interest rate, our system is enabled to run two or more loans on the same account at the same time.
You can repay your loan by direct debit, wage deduction, electronic funds transfer or by calling into any of our offices. There is also Express Lodgement facilities located in our Fermoy Branch.
Apart from the loan interest, there are no other costs, fees or charges.
Yes, you can switch any Bank Loan or Credit Card Balance to a Synergy Credit Union at a reduced loan interest rate
Straight away! You can join the Credit Union and apply for that loan you need on the same day. The loans officers generally approve loans on the same day or the following.
You can borrow up to €100,000 unsecured for a maximum term of ten years. The maximum loan amount that you can borrow will be based solely on your ability to repay within the agreed time frame.
Synergy Credit Union maintains an insurance policy called the Life Savings and Loan Protection Policy (LP/PS), which activates on the death of an eligible member to increase the value of their savings which can be returned to the member’s estate or family and to clear outstanding loans.
Contrary to popular belief you do not need to have savings or have been a member for a certain time. Each application is dealt with on its’ own merit. You need to show you have the capacity to make repayments as well as having enough left over to live on
Yes, you can apply for a loan online , upload any required documentation to the credit union electronically and sign for the loan remotely using Docu-Sign. Once the loan agreement is signed electronically, we will send the funds electronically to your nominated account
