Share Covered Loans

Share Covered Loan Rate 3.9%
(4.0% typical APR)

Secured Borrowing

A Share Covered Loan is a cost-effective way to access funds while leaving your savings untouched.

It can take a long time to build up your savings, so when it comes time to making that big purchase you may be reluctant to withdraw your savings.

With a Share Covered Loan from St. Paul’s Credit Union, you don’t have to.

How to Apply?

Online

The fastest way to apply is on our Mobile App or via your online account.

Call Us

Call us during office hours on 021 4313355.

Email Us

Send an email with your loan details to us at enquiries@stpaulscu.ie.

Visit Us

Call into our office in Cork with all your required documentation.

Supporting Documentation

Speed up your loan application by having the following loan supporting documentation available.

Supporting Documentation required for

  • Share Covered Loans

  • Loans where the net exposure is less than €5,000, or

  • Members who got their last loan in the previous 6 months and their circumstances have not changed

  • Proof of Income e.g. 2 Pay/Pension Slips

Note: ID and Address must be up to date as described above.

Supporting Documentation required for all other loan types

  • 3 months recent bank/mortgage** statements
  • 2 Pay/Pension slips for applicant (and spouse/partner where applicable)
  • Self-employed income – most recent set of financial accounts
  • Evidence of other income e.g. rental income

** Mortgage Statement showing Mortgage paid up to date or statement of the bank account used to pay the mortgage (if applicable)

Note: ID and Address must be up to date as described above.

Share Covered Loan 3.9% (4.0% typical APR)

Typical Example

A 3 year Share Covered Loan of €10,000.00 will have Monthly repayments of €294.80, Interest 3.9% variable, (4.0% APR). If the APR does not vary during the term of the loan the total cost of credit is €612.80 The total amount payable is €10,612.80

Secured Borrowing

A Share Covered Loan is a cost-effective way to access funds while leaving your savings untouched. It can take a long time to build up your savings, so when it comes time to making that big purchase you may be reluctant to withdraw your savings. With a Share Covered Loan from St. Paul’s Credit Union, you don’t have to.

Share Covered Loan Conditions

  • Loan amount is less than or equal to Share balance amount
  • Shares will be tied to Loan for the lifetime of the Loan
  • Share balance cannot be reduced below the Loan balance

  • Loan Duration: Up to 5 years

  • €5,000 minimum loan amount

Why a Share Covered Loan With Us?

A loan covered by shares allows you to borrow against your savings.

Flexible loan schedule

Our easy repayments fit in with your budget.

No fees or charges

We don’t charge any hidden extras.

Speed and convenience

A decision on your loan will be made quickly.

Personal treatment

We provide the best customer service to our members.

Low interest rate

Our low interest rates are extremely competitive.

Ethical loans

A credit union loan is an ethical loan.