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The Credit Union charges low interest rates on the
diminishing balance together with reasonable payment periods. We
grant loans for Special Housing, House Renovations, Insurance, Vehicle
Purchase and Repair, Agriculture, Social Engagements, Mortgage/Real
Estate, Education, Business, Medical, Debt Consolidation. At no
extra cost, we offer (in the event of death before 70 years) insurance
coverage up to $60,000.00 on members’ loans.
Lending
and Loans Policy
Registered
Home Ownership Savings Plan
Loan
Application Forms
Loan
Checklist
(Please visit the Credit Union to consult with
a Loan Officer regarding the newly revised Policy)
Low Interest Loans: this facility is
granted to members and at best where loans are fully secured by
shared. An attempt is made to relate interest rate on loans
to the risk level of the loan. Loans represent the major portion
of the Credit Union Assets and so the Board and Management
must ensure that loans are both SAFE and SOUND.
Loan Insurance: Loans up to $60,000.00
are insured by CUNA up to and including age 69.
Registered
Home Ownership Savings Plan: this facility will
provide financial support/resources for access to Credit Union financing
for the purpose of Housing, Education and Business
Development.
Patronage Refund: Members
who do business with the Credit Union through loans are eligible
for a refund calculated on the amount of interest paid. The
General Meeting decides on the level of patronage refund.
Payment of this refund results in the reduction of the rate of interest
on the loan. This refund does not extend to NIB loans.
Waivers: To assist members
with urgent financial need, the Credit Union member is eligible
to a maximum of two waivers per year. Waivers are not automatic
and will be approved only for genuine unanticipated situations.
Three months must be allowed between waivers.
Make an appointment
to see a Credit Officer
(Vieux Fort – Monday, Wednesday
or Friday)
Contact your Credit
Union today!!
Phone - 452-4807/8
EMAIL
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