Line of Credit FAQs
- Do I have to be a member to take out an Line of Credit?
- How much can I borrow?
- How is interest calculated on my account?
- How long do I have to repay my balance?
- How do I make repayments to the account?
- How often will I receive information on my account?
- What security is required to take out an Line of Credit?
Do I have to be a member to take out an Line of Credit?
The Credit Union is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of the Credit Union to have an Line of Credit. Learn more about becoming a member.
How much can I borrow?
The maximum amount you can borrow is dependent on your ability to meet your repayments.
How is the interest calculated on my account?
Interest is calculated daily and charged monthly.
How long do I have to repay my balance?
An Line of Credit is a continuous credit contract which means as you pay it back you can redraw on it up to your agreed limit.
How do I make repayments to the account?
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet or Telephone Banking transfer, at any of our branches or using Bank@Post. Learn more about these repayment methods.
How often will I receive information on my account?
Statements are issued monthly or every three months as required. Duplicate statements can be requested at any time from our office. Account Balances and Statements are also available through our Internet and Phone banking services.
What security is required to take out an Line of Credit?
No security is required.
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