How much does a credit union loan cost?

Willowfield Credit Union has an interest rate of 1% per month on reducing balance of you loan. Annually every member repaying a loan may receive an interest rebate. For example the loan interest rebate for the year 2019/2020 was 19%. This rebate is allocated straight to shares.

What can I borrow for?

The Credit Union ethos is to consider loan applications for productive and / or provident purposes. So whether you want to borrow for home improvements, a new car, a deposit on your new home, a wedding, education fees, uniforms, a holiday, or special occasion, you know Willowfield Credit Union will deal with your application in the strictest of confidence and will consider each application based purely on its merit. How do I make my repayments? As with borrowing, we try to make repaying, as member friendly as possible: we try to tailor a repayment schedule to suit your individual circumstances. You can repay weekly, fortnightly or monthly, with loan terms from one to five years. *** You can make your payment directly over the counter at either of our offices, or for your convenience, we can also accept payments, by standing order, direct from your bank or building society. When your loan is issued you will sign a promissory note: (a legally binding document) which clearly outlines your repayment agreement. ***Conditions apply

What if I can no longer meet the repayments agreed in my promissory note?

Don’t panic – here at Willowfield Credit Union we understand that sudden unforeseen changes in circumstances can affect a member’s ability to repay their loan especially in today’s unpredictable financial climate. Now more than ever you can depend on us to help and advise you should the need arise. Contact our Credit control team at the office immediately should you experience any difficulty repaying your loan.

Budgeting your money

At Willowfield Credit Union we recommend that members should create for themselves a Budget. Creating a budget will ensure that you keep control of your finances and so prevent running up debts which cannot be maintained. It will help if you keep a record of your income and of all money spent. A Budget form which you may find helpful can be downloaded here.

Unsecured Loan application form

Secured Loan application form


  1. In event of death loan is written off
  2. savings could be increased
  3. At no additional cost to member

(Conditions apply)


Loan Calculator


*PLEASE NOTE** the total interest quoted on the calculator does not include the annual rebate which may be paid to all borrowers at the end of the financial year.

Need further information? Email us today at or call us on 028 90455 415


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