01 April 2023
Notification of Change in Loan Interest Rates
Notification of Change in Loan Interest Rates
Dear Members,
I wish to inform you that the Board of Directors of South Dublin Credit Union Ltd. (SDCU) has decided to set the rate of interest on our loan products, as follows:
- Home improvement loans 8.5% (typical APR 8.8%)
- Car loans at 7.5% (typical APR 7.8%)
- Loans secured by shares 6.9% (typical APR 7.1%)
Please note the following rates are unchanged:
- Standard loans remain at 10.0% (typical APR 10.5%)
- Express loans remain at 11.4% (typical APR 12.0%)
- Loans for Education or Medical purposes remain at 6.33% (typical APR 6.5%)
The increase is necessary to fund improvements to the range and quality of services provided to members.
The rates above will come into effect from the 1st of May 2023 and will apply to new loans opened from that date and existing loans topped up from that date, i.e. loans taken out before then will continue to be charged at the existing rates.
As the rates shown above will attest, a loan from SDCU for any purpose remains great value, especially when you realise that any surplus made will either be returned to members or reinvested in our credit union. As the motto says we are “not for profit, not for charity, but for service” so please give us a call any time, browse our website or visit the office and we will do our very best to look after you.
Meanwhile, on behalf of the board I would like to thank you for supporting SDCU and to assure you of our continued best efforts on your behalf.
Yours sincerely,
Brendan O’Sullivan
Chair of the Board of Directors