Info on Misconceptions

Credit unions often face misconceptions that can deter potential members from taking advantage of their unique benefits. At Nenagh Credit Union, we aim to dispel these myths and highlight how our services can significantly benefit you.

Misconception 1: Credit Unions Are Difficult to Join

One common misconception is that joining a credit union is a complicated process with stringent eligibility requirements. While it’s true that credit unions have membership criteria, these are often more inclusive than people think. At Nenagh Credit Union, membership is open to anyone residing or working within our common bond area, which includes several local communities. The process is straightforward, and our friendly staff are always ready to assist you with your application. You can apply online from the comfort of your home or call us to make an appointment on 06734444

Misconception 2: Limited Services Compared to Banks

Another myth is that credit unions do not offer the same range of services as traditional banks. Nenagh Credit Union provides a comprehensive suite of financial products and services. From savings accounts and personal loans to current accounts with Mastercard Debit Cards, Apple Pay and Google Pay, we offer everything you need to manage your finances effectively. Our online banking and mobile app ensure you have 24/7 access to your accounts, making banking with us convenient and efficient.

Misconception 3: Outdated Technology

Some believe that credit unions lag behind when it comes to technology. However, Nenagh Credit Union invests in modern technology to provide our members with the best possible service. Our mobile app and online banking platform allow you to check balances, transfer funds, and manage your accounts from anywhere at any time. We continuously update our systems to ensure they are secure and user-friendly.

Misconception 4: Lack of Security

A prevalent misconception is that credit unions are less secure than banks. This is not true. Nenagh Credit Union is regulated by the Central Bank of Ireland, ensuring we adhere to strict financial and operational standards. Additionally, members' savings are protected by the Irish Deposit Guarantee Scheme, providing the same level of security as traditional banks.

Misconception 5: Limited Loan Options

Many people think that credit unions offer limited loan options. At Nenagh Credit Union, we provide a variety of loan products tailored to meet your needs, including home improvement loans, car loans, education loans, and green loans. Our competitive interest rates and flexible repayment terms make borrowing from us an attractive option.

Misconception 6: I need to have savings to take out a loan

A common misconception is that you need to have savings to take out a loan with Nenagh Credit Union. This is not true. Nenagh Credit Union offers loans based on your ability to repay, not on the amount of savings you have. Whether you have savings or not, you can still apply for a loan and benefit from our competitive rates and flexible terms.

Misconception 7: I cannot take out a loan as I am on social welfare

It is a misconception that individuals on social welfare cannot take out a loan. This is incorrect. Being on social welfare does not automatically disqualify you from obtaining a loan. Loan eligibility is determined based on your ability to repay, not solely on your income source.

Misconception 8: I cannot top up or take out another loan if I already have a loan

Another common misconception that you cannot top up or take out another loan if you already have one. This is not true. Having an existing loan does not automatically prevent you from obtaining additional loans or increasing your current loan amount. Loan eligibility is assessed based on your ability to repay and other factors, not just the presence of an existing loan.