Recent reports in the national media suggest that some credit unions may no longer be in a position to lend to their members due to restrictions imposed on them by the Central Bank. While certain credit unions may find themselves in the unenviable position of having to say no to members seeking loans either because the credit union has reached their monthly quota or the amount sought is above the lending discretion of the credit union, this is certainly not the case for Athlone Credit Union Limited , who are very much open for business.
Speaking earlier this week, Mick Dillon CEO noted, “It was business as usual for Athlone Credit Union Limited who are continuing to approve loans without restriction”. Mr Dillon was anxious to dispel any notion that the credit union was forced to change or alter its lending policies in any way. “While the number of monthly loan applications is holding up we are also seeing a gradual reduction in the amount being borrowed by members.” He added that “This was to be anticipated in the light of the changed economic circumstances in which some members found themselves. Lending is the lifeline of any credit union and we in Athlone Credit Union Limited will continue to provide a suite of competitive loan offerings at attractive repayment rates to those members who can prove their capacity to repay.”
Credit union loans are inherently unique and different from bank loans. A member only pays interest on the outstanding balance and all loans come with life cover at no additional cost to the borrower subject to terms and conditions. Repayments can be tailored to suit individual and household income patterns and can be made through electronic payments or direct debits as Athlone Credit Union Limited is now part of the bank clearing network. So it’s still a case of Athlone Credit Union very much focussed on serving its members and still lending.
Athlone Credit Union has approximately 14,500 members and assets of almost €60 million.
For further information contact: Mick Dillon CEO on (086 ) 8563881 or (090 ) 6472497 ext 6.
