Loan Interest Rebate 2018
If you attended our recent AGM or read our Annual Report, you may have heard that St. Raphael’s is rewarding some of our members with an interest rebate. But what exactly is an interest rebate and how does it affect you?
A loan interest rebate is a way for St Raphael’s to reward members who have borrowed from us throughout the year. In simple terms, a rebate is a partial refund of the interest that a member paid on a loan.
Do I qualify for a Loan Interest Rebate?
This year’s loan interest rebate applies to members who paid interest on an Everyday Loan for the year ending 30 September 2018.
How much do I receive?
A loan interest rebate of 15% was announced for the year ending 30 September 2018. This effectively means that the interest rate on the Everyday Loan for 2018 was reduced from 8.25% to 7.01%. So, for example, if you paid €500 in interest during the last financial year, you’ll receive a refund of €75.
How do I claim my refund?
You don’t need to do anything. The rebate will automatically be lodged into your share account.
Once again we’d like to thank all of our members for their continued loyalty and support throughout the year and look forward to working with you again in 2019.