AXA Competition Winner
Congratulations to Nicky Cleere who is the lucky winner of our recent AXA Competition.
Well done Nicky and thanks to everyone who entered the competition online and in our office.
- Published in Latest News
September at Malahide Credit Union
In September, 31 new members chose to open accounts with us here in Malahide Credit Union.
- 22 were Adult Members
- 9 were Juvenile Members
A big welcome to all our new members.
We are actively lending, and last month, we issued €387,739 in loans to 75 happy members. That’s an average loan size of just over €5,165.
Our Loan Book is Open.
- Published in Latest News
Welcome Loans
Welcome Loans are now available from Malahide Credit Union.
Available for New and Existing Members. Apply Today and Join Tomorrow.
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August at Malahide Credit Union
In August, 30 new members chose to open accounts with us here in Malahide Credit Union.
• 20 were Adult Members
• 10 were Juvenile Members
A big welcome to all our new members.
We are actively lending, and last month, we issued €351,100 in loans to 72 happy members. That’s an average loan size of just over €4,800.
Our Loan Book is Open.
- Published in Latest News
July at Malahide Credit Union
In July, 44 new members chose to open accounts with us here in Malahide Credit Union.
• 26 were Adult Members
• 18 were Juvenile Members
A big welcome to all our new members.
We are actively lending, and last month, we issued €534,262.00 in loans to 91 happy members. That’s an average loan size of just over €5,800.
Our Loan Book is Open.
- Published in Latest News
Back to School Survey Costs
More than one-third (36%) of parents in Ireland say they are getting into debt due to back-to-school costs.
This is an increase on the 29% of parents in the same situation last year, according to figures released by the Irish League of Credit Unions (ILCU) today.
Parents of primary school children are, on average, in debt by €367 – up from €345 in 2017. For secondary school parents, the average debt reported is €443 – compared with €415 last year.
Some 67% of parents surveyed in the national study said back-to-school costs are a financial burden. Almost half (46%) said that costs are their biggest back-to-school worry, well ahead of concerns that children won’t settle in or make friends (15%).
Four in 10 parents said they are under pressure to buy branded goods and other items for their children. This figure was higher for parents of secondary school children with over half (54%) feeling the pressure, compared with 39% of parents of primary school children.
The number of parents saying they will be forced to deny their children certain school items has also increased – rising from 25% in 2017 to 31% this year. Of this group, four in 10 said they cannot afford new school shoes for their children, while seven in 10 said extracurricular activities will be cut from the budget.
Cutting back on food and bills
In general, just over a third of parents said they will have to sacrifice spending on family holidays to meet school costs. Just over one in five (22%) said they will have to cut spending on household bills and 15% said spending on food will have to suffer.
The study found, however, that overall costs have fallen somewhat since last year. Parents said they are spending €999 per primary school child, a €49 decrease on 2017.
For secondary school children, parents said the cost per child has fallen by €22 to €1,379. In general, the decrease was mainly due to a falls in the prices for extracurricular activities, transport and after-school care.
According to parents, the biggest spend for primary school children is again extra-curricular activities at €153 per child, followed by school lunches at €142 and after-school care at €140.
In relation to secondary school students, parents said the most expensive item is again books at €200, followed by uniforms at €179 and school lunches and transport – both costing €175 each.
Moneylenders
The ILCU said it’s concerning that of those parents in debt, more than a quarter (27%) said they have turned to a moneylender in an effort to cope with back-to-school costs. This is up from 20% last year.
Of the group in debt, three in 10 said they have borrowed between €400 and €500, while more than a quarter said they had borrowed over €800.
When asked why their preferred option was a moneylender, 46% of this group said they felt they would be guaranteed the money and that the approval processes in banks and credit unions would be more difficult.
Four in 10 parents (42%) said they felt they had no other option because they had a bad credit history. A significant number of people in this group (77%) said they will use a moneylender again this year to cover the back-to-school spend.
Almost seven in 10 parents (69%) said that schools are not doing enough to keep costs down, a decrease from 76% of parents last year. When asked how schools could do more to help in this regard, 32% said reducing the price of books or introducing a book rental scheme, and 22% said the option of generic uniforms or even free uniforms would help.
‘Unnecessary debt’
Commenting on the findings of the survey, Paul Bailey, ILCU Head of Marketing and Communications, said: “Despite the current recovery of our economy, families continue to struggle to cope with the cost of sending their children to school.”
Bailey said it’s “somewhat encouraging” parents are reporting that certain costs have reduced since last year, but at the same time there are “increasing numbers of parents saying they are in debt, and a rise in the numbers saying they are turning to moneylenders”.
He encouraged people to visit their local credit union to discuss their options “even where they feel they have a poor credit history”, rather than turn to a moneylender,
Bailey said moneylenders sometimes charge an annual percentage rate (APR) as high as 188%, based on figures compiled but the Central Bank. He said using them can “lead to a recurring cycle of unnecessary debt and irrational borrowing”.
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Back to School Loans
BACK TO SCHOOL MEANS…… New Uniforms and clothes, New Books and supplies, Sports equipment, Bus passes etc. etc…
Students will be heading back to school before you know it and here in Malahide Credit Union we’re aware that at this time of year, parents have to stretch the household budget even further to meet the cost of Back to School expenses.
Our Personal Loan is an affordable way to pay for those Back to School costs and money borrowed can be used for pretty much anything school related.
We have an easy application process and we’re quick at making decisions, so you won’t be left waiting for an answer.
Contact us today about a loan today.
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CU Loan v PCP
Car shopping is a fun and exciting time but finance shopping for your new car can be taxing!
Many car dealers are offering PCP Finance packages that can look very attractive, but what do you really know about PCP finance? And why should you choose a Credit Union Loan over PCP Finance? Read on…
What is PCP?
Simply put PCPs are a modern twist on the old hire purchase agreement.
- A key aspect of a PCP is the need for the car to retain its agreed value at the end of the 3 or 5 year deal.
- This means the PCP Finance companies apply a lot of restrictions on the agreement – such as on mileage and on servicing.
- PCP Finance can tie you to debts you may not be able to afford, if you are faced with a balloon payment or if you run into financial difficulty during your PCP agreement. Unlike a car loan from your credit union, you cannot sell off the car to repay your debt or renegotiate your repayment terms. There is no flexibility in the PCP repayment terms, 3 years is 3 years.
- If the car falls below the agreed value due to an issue with the car (car crash or exceeding agreed mileage) or changes in the second hand market, then you are left with no equity in the car. In the past year there has been a dramatic change in the second hand car market due to the volume of car imports from the UK and the decline in sterling.
- There can be additional fees and charges – always make sure to read all the small print! There can often be missed repayment fees or repossession charges.
- When you take out a PCP contract, your lender will send details of the repayments to a credit reference agency, such as the Irish Credit Bureau (ICB).
Benefits of a Malahide Credit Union Loan include
- You own your car from day 1 – this means you can sell it or change it whenever you want
- No restrictions on mileage or who services your car, or what make of car you buy next
- No balloon payments
- No admin or transaction fees
- With a Malahide Credit Union Loan you have the buying power of a cash buyer
- You can make a lump sum payment, repay your loan early or increase your repayments with no penalties. Other lenders may charge you extra for paying them back faster! With PCP Finance there is no flexibility with the repayment terms.
- Your Malahide Credit Union loan has Loan Protection Insurance at no additional cost to you. Other lenders may charge you for this.
- Our interest rate is competitive
Before you sign on the dotted line, call us about a Car Loan and feel the freedom of driving a car you own!
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June at Malahide CU
In June, 40 new members chose to open accounts with us here in Malahide Credit Union.
• 26 were Adult Members
• 14 were Juvenile Members
A big welcome to all our new members.
We are actively lending, and last month, we issued €427,371.00 in loans to 78 happy members. That’s an average loan size of just under €5,500.
Our Loan Book is Open.
- Published in Latest News
May Statistics
In May, 25 new members chose to open accounts with us here in Malahide Credit Union.
• 20 were Adult Members
• 5 were Juvenile Members
A big welcome to all our new members.
We are actively lending, and last month, we issued €432,408.00 in loans to 84 happy members. That’s an average loan size of just over €5,145.
Our Loan Book is Open.
- Published in Latest News