St. Paul’s Rebate of Interest on ALL Loans
Member Economic Participation is one of the co-operative principles on which St. Paul’s Garda Credit Union was founded.
The distribution of surpluses among members in proportion to their usage of the Credit Union is what makes Credit Unions, as co-operatives, unique in the world of financial institutions.
St. Paul’s paid a 5% Rebate of Interest on ALL LOANS in 2021.
The 5% Rebate of Interest on all our loans effectively reduced the APR of our loan rates as follows:
| Loan Type | Rate | Effective Rates after deduction of 5% Rebate of Interest |
|---|---|---|
| Share Covered Loan | 3.9% (4.0% APR) | 3.7% (3.80% APR) |
| Mortgage – Housing Loan | 3.25% (3.30% APR) | 3.09% (3.14% APR) |
| Home Improvement Loan | 4.25% (4.33% APR) | 4.04% (4.11% APR) |
| Student Loan | 4.5% (4.6% APR) | 4.275% (4.37% APR) |
| Car Loan | 4.9% (5.0% APR) | 4.66% (4.75% APR) |
| Standard Rate Loan | 7.75% (8.0% APR) | 7.36% (7.6% APR) |