Credit Unions Help Euro 2012 Travelers Fund Their Trips

Fans who decide to travel to for the Euro 2012 in Eastern Europe may to head to credit unions to get loans to finance the trip according to an article in The Independent.

Credit union holiday loan rates can be as low as 5.75 percent, which can be one-third what some banks charge. A basic Euro 2012 trip is expected to cost roughly €3,000 – though if fans want to drink the trip could cost more.

It can be difficult to work the costs out since it’s not known where the group games are going to be played: Ukraine or Poland. Should Ireland be in a group that plays in the country of Ukraine, it could cause some logistical difficulties.

There may only be a limited number of hotel accommodations and potentially massive distances between some cities hosting group games. Donetsk and Lviv, which are two host cities, are more than 1,000 kilometers apart.

There’s just six months to go, and according to some personal finance experts, many fans looking to travel may not have enough money to needed to fund their trip, as the games will be played for roughly 10 days.

As for many it may be too late to save up the needed cash, fans may take out loans from credit unions and other lenders.

According to Irish League of Credit Unions spokeswoman, last year’s average interest rate member unions charged for the holiday loans was 5.75 percent. This is according to the spokesperson much less than the average 10 percent charged on the personal loans.

Credit unions can sometimes offer persons very cheap loans for car purchases; however, potential borrowers must prove they are using the money for a car.

At the moment Bank of Ireland list loan charges of 15.9 percent, with National Irish Bank charging 11.5 percent for a 12-month €3,000 personal loan.

All loans, the ILCU spokeswoman said, are subject to creditworthy members and must pass the standard pertinent checks involved in taking out a loan.

Photo of the Ireland versus Armenia, Euro 2012 qualifier in Dublin, Ireland by Nicholas Babaian.