Representative Example
A representative example is a term used in financial regulations. The example will help to show you the typical costs associated with a loan for a certain amount.
Loan Amount€10,000 | Loan Term5 years | Weekly Repayment€47 |
Rate of Interest - APR7.9% | Total Interest€2,105 | Total Cost of Credit€12,105 |
Loan Calculator
Maximum Loan Term :
8.2%
8.2%
8.2%
*Figures correct as of 01/07/2024 and are calculated on our loan calculator. Loans are only available for members. If you have any questions about our loans, please contact loans@elevatecu.ie Loans are subject to approval. Terms and conditions apply. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future. Elevate Credit Union Limited is regulated by the Central Bank of Ireland. This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing. The Credit Union, or any of its staff, cannot be held responsible for any errors.
Benefits of a Elevate CU Loan
Easy Application
You can apply for a loan easily online, by phone, or in-branch
Flexible Repayments
We offer flexible repayment terms to fit your specific needs
No Penalties
There are no penalties for early loan repayment
Competitive Rates
Our interest rates are highly competitive
Local Decisions
We have no hidden fees or charges, and we make fast and local decisions
Peace of Mind
Enjoy peace of mind with loan protection insurance
Loan Application Process
Become a Member
Once you are living or working within our common bond you are eligible to join us today and start borrowing
Calculate your Loan
Estimate how much you could borrow and calculate your repayments: weekly, fortnightly or monthly using our online calculator
Apply for Loan
Apply for your loan from the comfort of your home or in one of our three offices. Applying for a loan is easy and quick. Apply now!
Sit Back and Relax!
The decisions are made quickly on loan applications, usually within 24 hours
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 021 489 4555
Email Us
Send an email with your loan details to us at info@elevatecu.ie
Visit Us
Pop into any of our offices in Cork with all your required documentation
Supporting Documentation
Outgoings
- Bank Statements - 3/6 months
- Credit Card Statement - (if applicable)
- Mortgage Statement - (if applicable)
Proof of Income
- PAYE Employee - 3 recent pay slips
- Self-employed - Notice of self-assessment, 3 years certified accounts & accountants report
- Social Welfare - 2 recent payment receipts
- Retired - Proof of all pensions
Photo Id
- Photo ID - valid passport or driver's licence.
- Proof of Address - utility bill, bank statement or Government document dated within the last six months
- Your P.P.S. number on an official document
If you are looking for an alternative to modern financial services, then Elevate Credit Union Limited is for you.
So you have decided to spruce things up, you’re getting rid of the rust bucket….it’s time for new wheels. You go to the dealers, spot your new baby and then have to think about financing it, don’t worry! We’ll make it easy for you… A car loan from Elevate Credit Union is definitely the way to go. Let us take you through the steps.
| Before | CREDIT UNION | PCP |
|---|---|---|
| Deposit | We don’t need a deposit | Typically between 10% – 30% of the cars value, so if you are buying a car worth €30,000 you could be asked for a €9000 deposit. |
| Monthly Repayment | Flexible repayments, you will know how much you have to pay before you get motoring. | Having paid a (potentially big) deposit, now you have to start making repayments on the car. |
| Guaranteed Future Minimum Value | You own your car so you don’t have to pay us for it. | This is a large final payment, which you will have to pay if you want to keep the car at the end of the contract. |
| During | CREDIT UNION | PCP |
|---|---|---|
| Is my mileage capped? | Of course not, we can’t tell you what to do with your car! | Yes. If you exceed the agreed mileage you may owe more on the final payment than you think – even if you were to hand the car back it would cost you money. |
| What if my circumstances change and I can’t make repayments? | We will chat to you about your options and help you decide the best one. The car belongs to you, so you have the final decision what happens to it. | You may be allowed to sell the car to clear the debt but you will need to get permission from the finance company (car dealership) to do this. Alternatively, the car could be repossessed leaving you with no car. |
| After | CREDIT UNION | PCP |
|---|---|---|
| When Your Contact Ends | Congratulations on paying off your loan! You are now debt free. | You have a few options; Pay the GMFV to own the car. Hand the car back and take the bus home. However, you might not have bus money as you could have to pay a penalty if you broke any conditions of your contract. Enter into another PCP, having to pay another large deposit… did you think they refunded the deposit you paid at the start? |
