Applying For A Loan

How to apply for a Loan

• Two (2) forms of vaild Identification (ID Card/Driver’s Permit/Passport)
• Recent Pay slip
• Job Letter
• Utility Bill/Bank Statement (Not more than Three months old)
• Supporting loan documents (Quotations, Estimates, Bills, Receipts)
• Supporting documents of income/ employment 

All Loan applications must be made on the form prescribed by the Credit Union and  filled out completely and signed in the presence  of the Loan Officer. The completed loan form is then forwarded to the Credit Committee who is charged with the responsibility of granting loans to members within the loan policies established by the Board of Directors.

DEMAND LOANS

Demand Loans are offered to members to meet short term financing. Loans may be granted under the following conditions:-

• Sickness
• Death
• Education

Any circumstances determined by the Credit Committee as deserving urgent and special consideration, prior to approval of the Credit Committee  the approval of the President or vice President must be obtained.Any  loans under this  category should not exceed $15,000.00.

CHARACTER LOANS

The Credit Committee will consider applications for loans in excess of applicant’s shareholding up to a maximum of one and three quarter (1 ¾) times the applicant’s shareholdings or the applicant’s shareholdings plus Two Hundred Thousand Dollars (TT$200,000.00). In making its decision, the Credit Committee will consider the member’s:-

• Record of Savings (period of membership not less than three (3) Months)
• Capacity to repay (Debt Service Ratio)
• Credit History (A member who has a mortgage loan, may access a character loan, providing that the member has available shares in excess of the minimum share requirement for the mortgage loan.)