What is a fixed-term loan?

A fixed-term loan is a loan where the interest rate and monthly payment amount are fixed for the entire term of the loan, so you know exactly how much you will need to pay each month. This can be helpful for budgeting and planning your finances.

Why choose a fixed-term loan?

Predictability: The fixed interest rate and monthly payment amount can give you peace of mind and help you budget your finances.

Stability: Fixed-term loans can provide financial stability, especially during times of economic uncertainty.

Create your perfect 7-year repayment plan with our Loan Calculator or use the table below that outlines the cost of borrowing depending on the sum

Repayment Example

A 7 Year Fixed Loan of €35,000 over 7 years would cost €528.37pm at a fixed rate of 7% (APR 7.23%). The cost of credit is €9,379.70 and the total amount repayable is €44,379.70.

While every care has been made in the production of this web page, the Credit Union, or any of its staff, cannot be held responsible for any omissions, errors, or other mistakes on the site. This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing.

Rates are correct as of 1/02/2022 and are subject to change. Croí Laighean Credit Union is regulated by the Central Bank of Ireland.

FAQ’s

How much can I borrow with a 7-Year Fixed Loan?

You can borrow between €30,000 to €100,000.

What is the APR (Annual Percentage Rate) for this loan?

The APR is 7.23%

What are the requirements to apply for a 7-year fixed loan from Croí Laighean Credit Union?

To borrow, you must be a member of Croí Laighean Credit Union. If you live or work in our common bond, you are eligible to join.

If you are an existing member, you need to ensure your ID and proof of address on file are up-to-date, and your account is not dormant (an account is marked dormant if there has been no member-initiated activity in 3 years or more).

You don’t need to be a member for a period of time, or have savings with us – all loans are assessed on the member’s ability to repay.

What documents do I need to apply for the loan?

To assess the loan, we will need:

– Bank Statements: Last 3 months
– Revolut Statements (if you use it): Last 3 months
– Payslips/Social Welfare/Pension: If your wages/payments are paid into your bank account, we need your most recent payslip/payment receipt. If not, we’ll need your last 3 payslips/payment receipts.

What are the monthly payments for a 7-year fixed loan?

The table below outlines the cost per week, fortnight, or month based on the sum borrowed:

How does a 7-year fixed loan compare to other loan options at Croí Laighean Credit Union?

Our 7-year fixed loan has a great value rate of 7% (7.23% APR). The fixed-term loan offers stability throughout the term of the loan, which can help you accurately budget your finances.

What are the fees associated with a 7-year fixed loan from Croí Laighean Credit Union?

We have no hidden fees or charges; you just pay the interest and nothing more!

Fixed term Loan or Variable Loan – which is better?

A fixed-term loan gives you peace of mind with set repayments and a clear end date. A variable loan is more flexible — you can pay it off quicker or top it up if needed. If you like predictability, go fixed. If you like wiggle room, go variable. Either way, we’re here to help you choose what’s right for you.

Can I prepay my 7-year fixed loan?

You can’t technically prepay a 7-year fixed loan, since it’s set up with fixed payments over a fixed time, but we’re always happy to work with you. If you’ve got extra funds, you can pop them into your account, and they’ll be there when your loan payment is due. Need to change your payment date? Give us a call and we’ll do our best to sort it for you.

What are the Croí Laighean Credit Union branch locations and opening hours?

We have 4 branches and the opening times are listed below:

What happens if I miss a payment?

We’ll be in touch to let you know and help you get back on track. The most important thing is to talk to us early — we’re here to help, not judge. The sooner we know, the more options we’ll have to support you.