Myth-Busting: The Truth About Credit Unions

At Carrick-on-Suir Credit Union, we’re proud to serve our community with fair, transparent, and member-focused financial services. But over the years, we’ve noticed that some myths about credit unions still linger. Today, we’re setting the record straight!

Myth 1: “You have to save for months before you can get a loan.”

Reality: That used to be the case decades ago, but it’s not true anymore. At Carrick-on-Suir Credit Union, loans are available based on your ability to repay—not on how much you’ve saved. In fact, many members can access loans quickly, with simple applications and fast decisions.

Myth 2: “Credit unions only offer small loans.”

Reality: We provide loans for a wide range of needs—whether it’s a small loan to cover back-to-school costs, a car loan, or even larger amounts for home improvements. And as of 2025, we’re also offering mortgages! Credit unions have grown alongside their members’ needs.

Myth 3: “Credit unions are old-fashioned compared to banks.”

Reality: We’re proud of our community roots, but we’re just as modern as any bank. Members can enjoy online banking, a mobile app, and secure digital services—while still being able to call into the office and speak to a real person who knows your name.

Myth 4: “You have to live in Carrick-on-Suir to join.”

Reality: Membership is based on what’s called a common bond—which includes people who live, work, or have family ties within our area. It’s broader than many people think, and if you’re unsure, we’re always happy to check your eligibility.

Myth 5: “Loans are full of hidden charges.”

Reality: Unlike many lenders, we don’t add sneaky fees or charges. Our interest rates are clear and fair, and we never penalise you for repaying early. Plus, in many cases, loans come with loan protection insurance, giving you extra peace of mind.

Myth 6: “Credit unions aren’t as safe as banks.”

Reality: Your savings are safe with us. Credit unions in Ireland are regulated by the Central Bank of Ireland, and members’ savings are protected up to €100,000 under the Government’s Deposit Guarantee Scheme—the same protection banks provide.

Final Thoughts

Carrick-on-Suir Credit Union isn’t just a financial institution—it’s a community. We exist to support our members, not to make profits for shareholders. By choosing us, you’re not just getting fair loans and safe savings—you’re also helping to strengthen our local community.