Loans

Loans

It is the policy of this Credit Union to provide loans for provident and productive purposes to eligible members based on the character and integrity of the individual and on the capacity of the member to repay the loan and on the sufficiency of security offered for the loan by or on behalf of the member as is deemed necessary under the law and Board policies.

No applicant for a loan shall be discriminated against because of race, class, colour, sex, religion or political affiliation.

All applicants for a loan must have attained the age of 18 years at the time of application.

In no case shall the amount loaned to a single member exceed $250,000 long term.

The Board of Directors reserves the right to exercise its discretion in determining the eligibility of an applicant for a loan, provided that the applicant can otherwise satisfy the Board of Directors as to his/her standing and trustworthiness.

Character Loans

A character loan is a type of unsecured loan that is made on the basis of the borrower’s reputation and credit...

Mortgage Loans

A mortgage loan is a loan in which property or real estate is used as collateral. The borrower enters into an...

Strength of Shares Loans

A Strength of Shares Loan is a loan fully secured by withdrawable (callable) shares. This type of loan is granted...

Vehicle Loans

A Vehicle loan is a loan granted for the purchase of a new or used vehicle, repairs to a vehicle.

Terms and...

Fishing Loans

A fishing loan is a loan granted for the purchase of a fishing vessel, outboard engine or fishing equipment.

Terms...

Contract Loans

A Contract Loan is a short term loan to finance a government contract for infrastructural works.

Terms and...

Small Business Loans

This type of loan provides capital for a member to set up business and funds to purchase equipment or working...