Credit Union
Consolidation Loan

Repayment Example:

A consolidation loan of €10,000 over 5 years would cost €212 per month at a variable rate of 9.99% (APR 10.46%). The cost of credit is €2,745 and the total amount repayable is €12,745

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.

Loan amounts and 99% approval rate is based on figures from 2020. 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.

Frequently Asked Questions

What is debt consolidation? 

Debit consolidation is combining several payments into one manageable payment. It gives you back control, and can often lower the cost of your monthly outgoings.

Does debt consolidation pay off debt?

Debt consolidation works by merging all of your debt into one loan. This means that you will pay off your debtors, and it will also create one loan. Depending on the terms of your new loan, it could help you get a lower monthly payment, pay off your debt sooner, increase your credit score, or simplify your financial life.

How does debt consolidation benefit me?

As you have a single loan, you can often get a longer term which may reduce your monthly payments. If you are including a credit card in your debt consolidation, you may be paying a high-interest rate (>20%) on the credit card balance, and will probably get a much better rate with a debt consolidation loan.

Does consolidating debt hurt my credit?

If you’re struggling with debt, doing nothing will have the most impact on your credit rating. Late and missed repayments can negatively affect your credit score with the Central Credit Register (CCR) – this could make it difficult to take out a loan or mortgage in the future. With a debt consolidation loan, you can clear off your outstanding debts and start the process of building up your credit score again.

How does a consolidation loan differ from a standard loan

With a consolidation loan, the loan is paid directly to the creditors. This is done to ensure a member doesn’t create unmanageable debt that spirals out of control. MABS is a great free service that offers impartial advice and plays an important role in helping people to deal with problem debt.

What is the maximum amount and term?

You can borrow up to €50,000, for terms of up to 5 years, subject to affordability criteria.

How do I know if I qualify for a debt consolidation loan?

At Croí Laighean Credit Union, we don’t use a computer algorithm to assess loan applications. We assess all applications manually and this means you will always get a fair and transparent answer. As a not-for-profit credit union, we will always offer guidance and advice to our members to help them through this difficult period. If you are struggling with debt, and want to take action to get back on track, the best advice is to get in touch and talk to us.