FAQ

Who can join Dromore Credit Union?

Anyone who resides or is employed in the Dromore Parish common bond.

Can children join?

Yes, Dromore Credit Union encourages savings among young people.

How much can I save in the credit union?

The maximum savings an individual member may hold in savings currently stands at £10,000.

What return can I expect on my savings?

A dividend is paid on savings usually in November of each year. This percentage is dependent on the financial success of your 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 saving on demand as long as they are not pledged against a loan taken out with Dromore Credit Union. There are a number of options available to you i.e. cheque, cash and EFT.

What can I borrow for?

Practically anything, Holidays, Car Purchases, Home Improvement & Extensions, Education Loans etc.

What is the loan interest rate?

The standard loan rate is a competitive rate of 12% APR. All loans are calculated on the repayment plus interest method./symple_toggle]

Is my Loan insured?

Yes, your loan is covered by insurance at no extra cost to you, up to 70 years of age and subject to health declaration. See the Loan Protection Insurance page.

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.

Can I have a further loan without my first loan being fully paid off?

In most cases yes, again your credit union is very flexible in this area.