Stay on track with credit union loan

A new loan product for credit union members who have experienced temporary lay-off from work due to Covid-19 was announced this week by First South Credit Union.

CEO of First South Credit Union, George Cantwell, said: “Our new Stay on Track product is designed to help our members manage the stresses associated with temporarily reduced income during the current lockdown. The loan can be used to cover potential shortfalls in your budget over the coming months.”

He added: “First South Credit Union has been in business since 1960 and now providing services to over 33,000 members. We have worked with our members through various times of crisis such as the interest rate spikes in the 1980s and the recent financial crash in 2008. This is our way of continuing to show our support for our members in the current crisis. With the Stay on Track loan, members can borrow up to €5,000 based on their borrowing needs - established by comparing previous income versus current income.”

The loan is only available to members who are temporarily out of work and is not designed for normal borrowings such as home-improvements.

“We encourage members to talk to us about our other loan products which we would be more than happy to discuss. You can check out our website 1cu.ie or call any of our five offices on 021-4965134,” concluded Mr Cantwell.