B.H.K. Credit Union Ltd.

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B.H.K. Credit Union currently operates a policy of offering an interest rebate to borrowers at the end of the year, when this is possible. This has the effect of greatly reducing the effective cost of a loan as the examples below show.

A Credit Union member, who has established a pattern of regular saving, may apply for a loan.

A loan applicant at B.H.K. benefits from the very special features of a Credit Union loan:

Applications are processed confidentially and promptly
There are no hidden fees or transaction charges
Interest rates are very reasonable
Interest is paid on the reducing balance of the loan - This means that the interest component of each repayment gets smaller and smaller as time goes on.
An Interest Rebate applies at the end of each year - This reduces significantly the cost of the loan.
There are no penalties for early loan redemption or for making additional lump sum payments.
Loans are insured at no additional cost to the borrower - The loan balance is paid in full if the borrowing member dies.
Repayment terms may be negotiated to suit the borrower's particular circumstances
Secured loans available on demand
Loan terms are generally for 5 years or less. They may, in certain circumstances, extend to 10 years.
Loans may be repaid by Standing Order Mandate.

Sample Repayments
Example A
Loan of €5000 borrowed over 5 years:
Weekly repayments before consideration of Interest Rebate : €25.61.
This equates to a repayment of €24.66 per week after consideration of an Interest Rebate of 15%.

Example B
Loan of €10,000 borrowed over 5 years:
Weekly repayments before consideration of Interest Rebate : €51.22 .
This equates to a repayment of €49.33 per week after consideration of an Interest Rebate of 15%.

Note:

The rate of rebate may vary from year to year and is generally related to the volume of activity generated by BHK’s borrowers. The above calculations are based on the rate of rebate declared for 2008. (15%)

The Interest Rebate is credited to the borrower in December.

Figures quoted above assume that repayments are made according to the agreed schedule.

In 2009 the Board of BHK was unable to propose a Loan Interest Rebate. This was mainly due to the Financial Regulator's more stringent requirements on all credit unions to make extra provision for "Reserves". Members should note that this money is in reserve and hopefully will be available for distribution in the future.

For Further Information
Phone or e-mail the office at Main St., Blackrock. or Drop in to the Blackrock office. Applying for a loan could not be simpler, just phone or call in.

What are Credit Union loans for?
The purpose of the Credit Union is to enable us to help each other out. Credit Union loans are especially tailored to help us deal prudently with those occasions of expense which all individuals and families encounter from time to time. These include:

Home improvements

Motor loans

Holiday expenses

New computers

Wedding and other special occasion expenses

Back to school expenses

Many other similar situations

New Products
In keeping with its policy of providing for the ever changing needs of its members and the community, BHK Credit Union now offers 3 new loan products. These include:

Business Loans - designed to help existing or start-up small businesses.

Education Loans - to assist families with eduction expenses - special rate 5.5%.

Community Loans - to help clubs, groups and societies working within the BHK common bond.

Each of these new loan products is offered at special attractive rates of interest. Terms and conditions apply.
For further details or to discuss individual needs contact the office.