We offer a wide range of loans for various purposes.
Our range of loans are as follows:
- Agriculture/ Business Loan
- Alimony
- Loans for Household Items
- Christmas Loan
- Debt Consolidation
- Educational
- Medical Expenses
- House Repairs & Home Improvement
- Loans to Purchase Land
- Building Construction
- Residential Mortgages
- New Vehicle
- Second-hand Vehicles Over Four (4) Years Old to Six (6) Years Old
- Second-hand Vehicles Over Six (6) Years Old
- Car Repairs
- Car Insurance
- Travel Loan
- Wedding Expenses
- Funeral Expenses
- Loans to Purchase
- Computers/Computer Systems & Peripherals
- Legal Fees
- Personal Effects
- Line of Credit
- Loans for CCCU Conventions
- Special Loan Facility
- School Supplies
- Investment Loan
Terms
- All loan applicants must be bonafide members of the Credit Union.
- All new members must complete a minimum time requirement of membership, with the Credit Union to qualify for a loan in excess of their Savings unless approved by the Board under special circumstances.
- A member who has been required to clear arrears resulting from delinquency must observe a waiting period of three months after completion of such payment before a new loan may be approved for that member.
- A loan shall not be granted to a still member (that is, a member who is not making contributions to shares) over and above his/her share value, unless that member makes contributions to shares for the last three(3) consecutive months. (By-Law 79)
Security
Security MUST BE PROVIDED ON LOANS:
The following may be accepted as security for loans
- Bill of Sale on Vehicles up to eight (8) years old;
- Bill of Sale on Furniture/Appliances; Proof of Ownership, Insurance and Condition of items must be verified
- Cash Surrender Value of Life Insurance Policies which must be verified by the member providing a statement from the Insurance Company.
- Shares, Stocks and/or Bonds Certificates that can be traded;
- Guarantors who are willing to deposit the Tangible Security as specified in (a), (b), (c),(d) above; or
- Legal Mortgage on Property.
- Shares/Deposits Balances held by the loan applicant or guarantor.
The Credit Committee shall ensure that there are no prior liens, security interests or assignments of the securities being offered.
A member is required to hold adequate Property Insurance on any property offered as Security for a loan, and must furnish proof of such Insurance.
If a member fails to renew the Insurance on such property, the Credit Union shall pay such Insurance and charge the Premium cost of such Insurance to the account of that member.