- Do I have to be a credit union member to take out a loan?
- How much can I borrow?
- How do I make repayments on the loan?
- How often will I receive information on my account?
- What security is required?
- What happens if I get sick, have an accident or lose my job?
- Do I need to take out insurance?
Horizon is a mutual financial services organisation and as such is owned by its members, each one of whom is a shareholder. Therefore you must be a member of Horizon to take out a loan. However, you don't need to become a member before you can apply for a loan - anyone can apply for a loan with Horizon.
The minimum amount you can borrow is $1,000 for a Personal Loan (secured or unsecured) and $5,000 for a Car Loan. You may wish to consider a credit card or overdraft for smaller amounts. The maximum amount you can borrow is $30,000 with an unsecured loan, although this will depend upon your circumstances. Secured loans are dependent upon the security offered. In all circumstances our personal loans are limited by your ability to meet your repayments. Do you wish to calculate how much you could borrow? Use our Car Loan Calculator. ^
You can arrange to make your loan repayments either by payroll deduction, direct debit from your savings or transaction account, internet or telephone banking transfer, at any of our branches or by a direct debit from another financial institution. ^
Statements are produced monthly or six monthly. Duplicate statements can be requested at any time from our office. Account information also available through our Internet and Phone banking services. ^
The security required will depend upon your individual circumstances. Examples of the type of security we may require are a mortgage over property and a Goods Security Agreement over an asset such as a motor vehicle. A fee is payable where this is required. ^
The best way to obtain peace of mind that your repayment obligations will be met in the case of accident, illness or involuntary unemployment is to take out insurance. Learn more about our Loan Repayment Insurance.
It is recommended that you take out insurance on your loan, although it is not compulsory it is designed to cover your lending obligations in the case of sickness, accident or involuntary unemployment. Although you do not have to purchase your insurance through us, we do offer a range of insurance policies. Learn more about our Loan Repayment Insurance. ^