Communion and Confirmations season is upon us in Kenmare and it can be an expensive time for parents, adding pressure to already stretched household budgets. It is important that families in the local Kenmare area know that the credit union is here to help – whether it is to set up a savings or budget plan in advance of the big event or to assist families with a small modest loan. Kenmare credit union is now offering a special communion / confirmation loan rate of 11.6% APR.
Research undertaken by the Irish League of Credit Unions in 2011 found that the average amount of money received by a child for communion is €471, while the average amount received for a child making their confirmation is €455. Parents found that clothes are the biggest cost associated with communion, while food and drink are the biggest costs associated with a confirmation. This may be due to the fact that children may wear their uniforms for their confirmation.
In relation to funding the costs of communion and confirmation, 21% of respondents stated that they use credit cards to cover some of the costs of communion, with 15% using this method to finance confirmation costs. An even more worrying result is that almost one in 8 (12%) of families finance at least part of the costs of communion via moneylenders. Most parents encouraged their children to save most of the money given to them for their communion or confirmation.
The great thing about a personal loan at Kenmare Credit Union is that there are no hidden fees or transaction charges and credit union interest rates are fair and reasonable and are capped by law. Repayments are calculated on your reducing balance, so you pay less interest with each repayment. Your credit union loan is also insured in the event of your death – subject to terms and conditions – at no direct cost to you. Other lenders charge for this. You can pay off your loan early, make additional lump sum repayments or increase your regular repayments all without a penalty. A personal loan at Kenmare Credit Union is a more affordable and structured way of paying for Communions and Confirmation rather than the more expensive options of Credit Cards, Bank Overdrafts or Money Lenders.
Catherine Orpen from Kenmare Credit Union said; “ The ethos of the credit union is simple – we are here to offer friendly, accessible financial services in the local community through modest savings and loans services. We would urge anyone who is planning for the costs of communion or confirmation to call in and speak to us.”
Cost of Credit Example
A loan of €700 over 1 year could cost just €15 per week in repayments (11.6% APR, 52 weeks, Total Amount Repayable: €739.50, Cost of Credit €39.50). Lending Criteria and Terms & Conditions Apply.
To celebrate the launch of Kenmare Credit Unions new website www.kenmarecreditunion.ie and special new Member Survey the credit union will be giving away some special prizes. All you have to do to enter is either register for our Newsletter on www.kenmarecreditunion.ie or call into the office to complete our Member Survey. The competition is open until 31st May 2014.
Prizes up for grabs are an e-reader, Carnegie Arts Centre Gift Voucher and Gift Vouchers from local businesses in town.