COVERED LOAN
Don’t blow all your savings for that next big purchase, take a Covered Loan with us instead. Borrow at a discounted rate and keep all your savings intact.
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Why Covered Loan?
Covered Loan makes perfect sense for the financially cautious. You can use it for any big purchases or family circumstances. It will be easy to repay a loan than replaces your saving while keeping your savings off-limits (and out of temptation’s way), until your loan is fully paid. You can borrow up to the value of your savings, pay a discounted interest rate and your savings will still be there for you when you’re finished paying your loan.
Variable Interest Rate starting from 6.99%
Borrow from €500 to €30k
Spread Payments over 1-5 years
COVERED LOAN REPRESENTATIVE EXAMPLE
LOAN AMOUNT | €5000 |
VARIABLE INTEREST RATE | 6.99% (7.24% APR*) |
MONTHLY REPAYMENTS (10 Y) | €108.70 |
TOTAL INTEREST PAYABLE | €1516.76 |
*APR = Annual Percentage Rate. Normal lending criteria, terms and conditions apply.
Save while you borrow with MFCU Covered Loan
End to End Online Loan
Apply for a covered loan online within minutes using our website. Get a approved within 24 hours of submitting your application.
Safeguard your savings
Getting a covered loans means that you don't withdraw on your heard earned savings and continue to earn interest on them.
Flexible Repayment Schedule
Choose between weekly, fortnightly or monthly repayments. No extra charges for early repayments.
Reducing Balance Interest
The interest is calculated on a reducing balance. This means that your interest repayments will decrease as your loan amount decreases.
Loan protection insurance at no extra cost * (T&C)
Get a built in insurance with credit union covered loan. (To protect your dependents in case of extreme circumstances).
Competitive Interest Rate
Enjoy a special discounted interest rate for covered loan. You won't need to pay any deposits or lump sum payments.
REGISTRATION
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Other Loan Products
Click here for Covered Loan Terms and Conditions.
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