DONEGAL, Ireland–Credit unions frequently say they want to be better engaged with members. For one CU here, it’s taking the engagement literally.
Letterkenny Credit Union has introduced a Wedding Loan carrying an 8.2% APR.
In introducing the new loan, the credit union said the average couple pays more than €22,500 for their wedding and honeymoon.
“With an array of wedding blogs, magazines and fairs promoting must-have 2017 trends and ‘it’ honeymoon destinations, it’s understandable that things start to become costly,” Paul Hume, chairperson of Letterkenny Credit Union, told the Donegal News. “Indeed, it’s expected around one in four couples will borrow for their big day. At Letterkenny Credit Union, we will only propose wedding loans with realistic terms, which can be paid back in a way that works best for each couple. Our loans can have a repayment plan to suit individual circumstances, and there is always the option to repay lump sums without incurring any extra penalties or charges.”
Hume added the credit union can also assist couples on working within their budget, while further offering travel insurance.