First Choice Credit Union
Personal loans up to €80,000 with rates as low as 5.90% and free loan protection insurance, no early repayment penalties, and fast approval.
First Choice Credit Union offers personal loans tailored for a variety of needs, from home improvements to consolidating your debts. Borrow from as little as €100 and up to €80,000, depending on your requirements. Interest rates start at a competitive 5.90% (APR 6.06%) for loans over €50,000. All loans come with free loan protection insurance, subject to terms, and there is no requirement to keep funds on deposit for unsecured lending. Repayments are flexible, and there are no penalties for early repayments, making this an accessible and cost-effective borrowing option for many.
How to Apply: Step by Step
- Decide how much you wish to borrow based on your personal need and credit capacity
- Fill out the online application form or visit any branch in Achill, Balla, Ballyhaunis, Castlebar, Kiltimagh, or Swinford
- Upload or provide your supporting documents (like payslips or bank statements) for assessment
- Digitally sign the loan documents using the eSignature service
- Once approved, choose your repayment term and receive the funds in your selected account
Pros of First Choice Credit Union Personal Loans
One of the biggest advantages is the free loan protection insurance, granting borrowers greater peace of mind. The approval time is quick—typically within 24 hours of receiving your application and documents.
Another significant benefit is the ability to repay your loan early without any penalties, allowing you to save even more. Plus, you can apply entirely online using their Open Banking and eSignature services for a seamless experience.
Potential Cons to Consider
Interest rates on loans under €5,000 are higher, with the APR reaching 11.95%. Loan approval is subject to your creditworthiness, which may limit access for some applicants.
Additionally, loans are not available for property purchase, so if you’re looking to buy a home, you will need to seek other products or providers.
Our Verdict
First Choice Credit Union stands out for its flexible terms, transparent process, and added security of free protection insurance. While not ideal for would-be property buyers or those seeking very low amounts, it’s a compelling option for most personal and household lending needs. The straightforward application and quick approval make it worth considering for anyone seeking a personal loan.
