Loans

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Products

Vehicle Loans

There are three (3) categories of vehicle loans: new vehicles, used vehicles and Antique and Classic Vehicles. Interest rates, repayment terms and collateral value for the above loans will be determined by the age of the vehicle and are governed by the current rate structure set by the Finance and Investment Committee and reviewed periodically. As a general rule, The Credit Union limits maturities to 72 months. However, the repayment period may vary depending on the expected life and salvage value of the vehicle. For example, older used vehicles typically have repayment periods less than 60 months while new vehicles may be financed for as long as 72 months. For further information on our Vehicle Loans, feel free to contact our office and speak with any of our Loan Officers.

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MORTGAGE LOANS

Members applying for house and land purchase loans can be allowed a loan ceiling of up to One Million, Two Hundred Thousand Dollars ($1,200,000.00) at an interest rate of .46%. For further information on our Mortgage Loans, feel free to contact any of our offices and speak with one of our Loan Officers.

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CONSUMER LOANS

The Credit Union extends credit to qualifying members for consumer purposes. As a general rule, qualified members are those who demonstrate capacity to service the debt and pledge adequate collateral where necessary. The Credit Union offers a variety of consumer loan products. For further information on our Consumer Loans, feel free to contact our office and speak with any of our Loan Officers

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EDUCATIONAL LOANS

Education loans will be given for further education of qualified members and their children, to a maximum term of five (5) years.

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CHRISTMAS PACKAGE LOANS

Christmas Package Loans (CPL) are available to members from 1st November each year. Christmas Package Loans can be obtained at the values of $3,000.00 and $5,000.00. To apply for a CPL of $3,000.00 or $5,000.00, members must have available shares of $400.00 and $1,000.00 respectively. Such shares should be deposited between 30th November of the previous year and the current date at which the CPL is processed. Members can only have one CPL in existence at any point in time. For further information on our Christmas Package Loans, feel free to contact our office and speak with any of our Loan Officers

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UNSECURED LOANS

A member shall be entitled to apply for a loan of twice times his shares on the first $50,000.00 worth of shares and approved deposits and one and a half times for shares and deposits in excess of the first $50,000 to a maximum of $100,000 in shares and approved deposits.

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SPECIAL LOANS - Can We Assist Loan 1 (CWAL1)

This loan is a twelve (12) months loan which is specifically intended for weddings and special events. However, it can be extended to include other things at the discretion of the loans officer. It is for a maximum of $5,000.00 and carries with it an interest of $1,000.00. The total monthly instalment will be $500.00 as well as $50.00 to be deposited to the member’s shares. This will be paid in the form of a cheque. The loan is hassle-free and same day. This facility must be paid in full before another facility of this nature can be accessed. The member must be of good standing (must not be in default), with the ability to repay and have a minimum of $1,000.00 savings on shares, which should be unencumbered and should be held for the duration of the individual's loan. New members will qualify for this loan if they have taken at least one loan and which has been repaid in full. Administrative fee of $80.00 applies. For further information on our Can We Assist Loan 1, feel free to contact our office and speak with any of our Loan Officers.

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