Lending Services
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.
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.