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Why is a credit union loan better?

A credit union loan has some very special features:

  • Loans are insured at no direct cost to the eligible member.
  • No hidden fees or transaction charges.
  • Reasonable interest rates.
  • Repayment terms to suit your particular circumstances.
  • You can repay the loan earlier with no penalty.
  • Additional lump sum repayments accepted with no penalty.
  • Flexibility to make larger repayments than agreed with no penalty.

How much does a credit union loan cost?

KRD's interest rate is 1% per month on reducing balance. However every member receives their interest rebate at the end of year. This year you our members received 40% back on any interest they had paid that year. This money is put into your shares for you to spend how you like!

How do I apply for a loan?

You can apply by call into one of our offices, by phone on 028295 41007 or by email.

Any member wishing to make an application for a loan to the credit committee, can do so by ringing or calling into the office before 4pm on Tuesday.

If you're not already a member and you would like to enquire about a loan, call into our office in Kilrea, Dunloy or

Ballymoney for more details on how to apply for membership (or go to our members section on the site).

So, whatever you're borrowing for a car, home improvements, a special occasion, holiday, school or college fees your place will give you a fair deal.

What about repayments?

Whenever you take a loan you sign a promissory note (a legally binding document) agreeing to pay off your loan within a specified period of time.

For unsecured loans, the maximum period of the loan is 5 years, whilst for loans which are secured against property ,the period of the loan can be extended much beyond that, provided the loan is completed by age 80*.

KRD are very flexible with you our members on how you repay your loan back. Your credit union can help you choose a repayment plan which suits you. If your circumstances change and you want to alter your repayment plan, your credit union is there to help you. It's also worth remembering that you can repay your loan in full, at any time, without any penalty or additional charges.

Changes in Circumstances!

KRD Credit Union considers itself to be an understanding lender, so if your circumstances change and you experience difficulties meeting your agreed repayments, it's very important that you contact our office to discuss your situation.

If you don't contact us and you either stop making payments on you account, or you pay less than the agreed amount, we will assume not that you can't make repayments, but that you won't. That being the case we are obliged to pursue the outstanding monies on behalf of the other Members of KRD Credit Union


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Loans are subject to approval. Terms & 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.

Kilrea
25/27 Church Street, Kilrea, Co. Derry - BT51 5QU
  • Tel:
  • Fax:
  • Email:
  • (028) 295 41007
  • (028) 295 41097
Opening Hours
  • Mon
  • Tue - Thurs
  • Fri
  • Sat
  • 9:00am - 4:00pm
  • 9:00am-4:30pm
  • 9:00am-5:30pm
  • 9:00am-1:00pm
Dunloy
18 Main Street, Dunloy, Co. Antrim - BT44 9AA

Opening Hours
  • Tue
  • Fri
  • Sat
  • 9:00am - 1:00pm
  • 1:30pm-5:00pm
  • 9:00am-12:00pm
Ballymoney
77 Castle Street, Ballymoney, Co. Antrim - BT53 6JT

Opening Hours
  • Mon
  • Tue - Thu
  • Fri
  • Sat
  • Closed
  • 9:00am-4:00pm*
  • 9:00am-5:00pm*
  • 9:00am - 12:30pm
*Closed for lunch (12:30 - 1:00pm)
KRD Credit Union Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.