Credit Union loans offer low-cost option for improvements

You might not think it with the freezing cold outside, but Spring is almost here and the change of season is one of the best and most popular times of year for home improvements.

Home upgrading is a trend which has seen somewhat of a surge in popularity in recent years – and for good reason. A refurbishment can completely transform a home.

A nationwide survey by the Irish League of Credit Unions (ILCU) found that a significant two thirds of adults had carried out home improvements between 2014 and 2017.

Alan Clarke, Lending Officer at Athenry Credit Union told Tribune Property: “For many, it is also the only affordable option if they find they have outgrown their home and need more space for the family. In the same survey, one quarter of respondents estimated that they had spent between €1,000 and €3,000 upgrading their home. 10% spent between €3,000 and €5,000.

“Many households planning on renovating their home understandably would not have this spare cash to hand. It can be tempting for them to fund the planned renovations through their credit card.

“However, with the high levels of interest charged, even if you clear the minimum balance, this can end up being a very pricey decision. For the cost-conscious home improver – a credit union loan is the best option, and are often approved very quickly.” Indeed, the ILCU survey found that of those needing to borrow to fund their renovations, six in ten said they would use their local credit union.

“We offer home improvement loans at an APR of 8.32% and if you’re a first-time borrower or haven’t borrowed from Athenry Credit Union in the past five years you can avail of our first-time borrower loan at an APR of 5.99%.”

For more, read this week’s Connacht Tribune.

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