Because a credit union is in business solely to help its members, and is owned by its members, it conducts its affairs in the best interests of members and therefore does not charge high interest rates. In recent years, St. Gabriel’s has gradually reduced the interest rate charged on loans from its maximum level of 1% per month ( APR 12.68% ) to its current level of 0.66% per month (APR 8.3% ). 

How to apply
St. Gabriel’s will consider loan applications from members for any worthwhile purpose. Each application is considered on its own merits.

Applications can be made online via our online Loan Application Form. If you prefer not to submit your loan application via e-mail, applications can also be made at the office or if you prefer over the phone. Our staff will give any assistance required in completing the application. The loan will then be promptly considered by a loan officer or the credit committee.

In deciding whether or not to grant the loan, the committee or loan officer will take into account the individual member's record to date, i.e. level of savings and repayments, as well as ability to repay.

Once the loan is granted the member will be asked to sign a credit agreement (which is a legally binding document being a promise to repay the loan), and to commit to regular repayments.

Planning and managing repayments
St. Gabriel’s is flexible with regard to repayment plans, though there are some legal limitations to length and amount of loans. Members are generally advised to repay the loan in as short a time frame as possible bearing in mind their ability to pay. Should a member experience difficulties in meeting repayments, they should immediately contact the credit union, which will treat the matter sympathetically and in total confidence.

Use our online Loan Calculator  to help you figure out how much a loan from St Gabriel's will cost you. To help you budget for any repayments use the Budgeting Tool at the Cork Credit Union website.

Special Home Loans
The Board of St. Gabriel's is pleased to announce the following loan services incorporating a fantastic  interest rate of 6%. This is designed to assist you making the decision to upgrade your home whether it's a new kitchen, attic conversion, conservatory or even an extension. It allows you to spread the costs associated with your planned project up to 10 years with the payments tailor made to suit your pocket.

To qualify for this new special rate a number of conditions will apply:

	The loan must be more than €5,000
	Satisfactory proof is required to show that the loan is for housing purposes.
	Terms and conditions apply.

One Year Loan at 5% (Apr 5.1%)
St Gabriel's offers a one year loan at the special low rate of 5% (Apr 5.1%)
The following rules apply

	This special rate is for new loan applications only.
	Previous balances cannot be refinanced at this rate.
	The loan MUST be repaid within 12 months of the draw down date.
	If you fail to repay within 12 months then the complete loan reverts to our standard rate of 7.96%  (Apr 8.3%) for the whole period of the loan.
	The loan must be repaid in full before you can borrow at this rate again i.e. no top-up loans.
	Normal Credit Union terms and conditions apply.

Loan protection insurance
In credit unions the savings and loan balances of all eligible members are automatically covered by loan protection insurance at no extra cost to the member.

If you have any other queries regarding loans, please contact us

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