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Borrowing Money Responsibly Quiz

Quick knowledge check

Borrowing Money Responsibly Quiz

See how confident you are with borrowing decisions, protections, and safe lending practices.

Question 1 of 6 0% complete

Q1 Q2 Q3 Q4 Q5 Q6

What is one benefit of securing a loan against savings?

Lower interest rates compared to unsecured loans. No need to repay the loan. Higher interest rates for better returns. Instant approval for any amount.

How does Dundalk Credit Union protect your savings in the event of your death?

By providing share protection insurance up to €5,000 at no additional cost. By charging additional fees for insurance. By transferring savings to a different account. By freezing the account indefinitely.

What happens to an outstanding loan balance if a member passes away?

The loan is cleared in full with no liability to the estate. The loan must be repaid by the family. The loan is transferred to a new member. The loan continues to accumulate interest.

How does securing a loan against savings affect borrowing capacity?

It increases the chances of loan approval and may allow borrowing a larger amount. It decreases the chances of loan approval. It has no impact on borrowing capacity. It only affects the interest rate.

What is a key benefit of having a nomination in Dundalk Credit Union?

Funds are transferred directly to the nominee without the need for probate. Funds are transferred only after a lengthy legal process. Nominees must pay a fee to access the funds. Nominations are only valid for amounts over €23,000.

What is the typical limit on the amount that can be transferred through a nomination?

€23,000 €5,000 €50,000 €10,000

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