Thinking about a loan? Look no further than Pomeroy Credit Union for all your personal lending requirements.
A Credit Union loan has some the following benefits:
- No hidden fees or transaction charges
- Our interest rates are fair and reasonable compared to others in the market
- Repayments are calculated on your reducing balance, so you pay less interest with each repayment
- Repayment terms to suit your particular circumstances
- Your credit union loan is insured at no direct cost to you. Other lenders charge for this
- You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, without a penalty. Other lenders may charge you extra for paying them back faster!
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Secure loans (i.e. loans up to the value of your shares) can be approved immediately.
All loan applications over and above shares, must go to our Credit Committee meetings. The meetings are held every Friday night between 7:30pm and 8:30pm.
If you are a member, please visit our office or call us and we can discuss your needs and complete an application form.
If you are not a member and would like to enquire about a loan, call into our office and the staff will provide you with details on how to apply for membership and the loan policy of the credit union.
Loans are subject to approval. Terms & Conditions Apply
Whenever you take a loan you sign a promissory note (a legally binding document) agreeing to pay off your loan within a specified period of time.
The maximum period for loans with Pomeroy Credit Union is 5 years and we always recommend that Members complete their loan as quickly as possible in order to minimise the amount of interest they pay.
Pomeroy Credit Union considers itself to be an understanding lender, so if your circumstances change and you experience difficulties meeting your agreed repayments, it’s very important that you contact the credit union office to discuss your situation.
If you don’t contact us and you either stop making payments on your account, or you pay less than the agreed amount, we will assume not that you can’t make payments, but that you won’t. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating. That being the case we are obliged to pursue the outstanding monies on behalf of the other Members of Pomeroy Credit Union.
Any loan over the share value will require a guarantor. If a friend or family member asks you to act as guarantor for them, please make sure you fully understand the commitment you are making.
Effectively, you are signing a legal document to say that if this person defaults on their loan, you are willing to take responsibility for it. Consider long and hard as to whether you feel this person will keep up repayments, even if their circumstances change.
Pomeroy Credit Union charge 1% per month on the reducing balance of a loan. This Credit Union endeavours to give a rebate on loan interest paid which depends on the annual surplus available in each financial year, therefore loans may cost less than 12.68% APR. Credit Unions do not charge fees or transaction charges. Since interest is charged only on the outstanding balance of the loan, you will pay less interest if you repay your loan in a shorter time than planned. Thus the Credit Union gives you control over your finances even when you are a borrower.
* All figures given on this web site are for your general information only, and give a rough guide to loan repayments. Any statements on this web site do not purport to be authoritative or legally binding. You are advised to check with our offices for up-to-date rates and offers.
Whilst every care has been made in the production of this information, it is for illustrative purposes only and to give you an overview of the potential cost of borrowing at Pomeroy Credit Union. It does not constitute a loan offer. This document is for illustrative purposes only, so as to give you, the borrower, an overview of the potential cost of borrowing and does not constitute an offer of finance or repayments.