Credit Union
Covered Loans

Great value loans

Interest calculated on reducing loan balance

Over €46 million

Borrowed by members last year


Loan approval rate

Simple loan process

Quick turnaround on standard loans

Credit Union Covered Loans

Limited Offer – New Lower Rate of Just 4.95% (4.968% APR)

A covered loan is a flexible and empowering way to borrow money without touching your savings.

You can borrow any amount up to the value of your share account, and your savings will still be there for you when you’ve finished paying off the loan. Last year our members borrowed over €4.9 million with a covered loan. Apply for a covered loan today and start enjoying the benefits of having access to extra cash without having to dip into your savings.

Apply for a Credit Union Covered Loan today or work out an affordable repayment plan with our handy Loan Calculator below.

Why choose a CLCU Covered Loan

  • Borrow up to the value of your savings
  • Avail of a great discounted rate of 4.95% (4.968% APR)
  • No set-up fees or hidden charges
  • Free Loan Protection Insurance (T&C apply)
  • Interest calculated only on the outstanding balance of the loan

infoApply for a loan today. Not a member? You can join & apply at the same time.

Loan calculator

Loan Type
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  • Weekly Total Interest
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  • Monthly Total Interest
APR means Annual Percentage Rate. The repayment amount quoted in the loan calculator above is for illustrative purposes only, and to provide you with an overview of the potential cost of borrowing. Restrictions may apply.

Warning: 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. If you are experiencing difficulty repaying your loan, or believe you may in the future, please click here.


Repayment Example of a covered loan:
A covered loan of €30,000 over 5 years would cost €565 pm at a variable rate of 4.95% (APR 4.968%). The cost of credit is €3,927 and the total amount repayable is €33,927. Variable rates may increase which would cause the cost of credit to increase.

While every care has been taken in the production of this web page, the Credit Union, or any of its staff, cannot be held responsible for any omissions, errors, or other mistakes on the site. The loan calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing.

Loan amounts and 99% approval rate are based on figures from 2020. Rates are correct as of 1/02/2022 and are subject to change. Croí Laighean Credit Union is regulated by the Central Bank of Ireland.

Frequently asked questions:

What is a Credit Union Covered Loan?

A Covered Loan allows you to take out a low-cost loan rather than dip into your hard-earned savings. You can borrow any amount up to the value of your share account, and your savings will still be there for you when you’ve finished paying off the loan.

Why choose a covered loan?

  • We offer a lower lowest interest rate for covered loans.
  • You can ensure your savings remain intact.
  • We offer flexible repayment options, and we don’t charge penalties for early repayment.
  • Many people find it easier to repay a loan than to replace savings.
  • There are no restrictions on the purpose of the loan.

How much can I borrow with a Covered Loan?

You can borrow up to the value of your savings.

Is a Covered Loan a Secured Loan?


Can I access my savings when I have a covered loan?

The amount you owe on the Covered Loan cannot be accessed. If you need to access your savings, please drop into a branch or call our member services team and we will discuss the options available to you. We will always work with you.

Apply for a loan today

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Need some help or advice?

Our member services are on hand to help in any way we can.