Share based, mortgage, motor vehicle, property, bridging

What is the Loan Account?

·       Loans are the largest single asset and source of income of the credit union

·       Loans are provided for provident and productive purposes

·       Loans are given to satisfy the needs of the membership

·       Loans are granted to only bona fide members

What are the Requirements to Access a Loan?

Ø    A current payslip

Ø    A current job letter

Ø    Utility Bill

Ø    2 forms of photo ID

Ø    Estimate or other

Ø    Processing Fee of $50.00 (share-based loans)

Ø    Processing Fee of $1200 to $1500 (m/v, property and bridging)

Ø    Certified copy of ownership (m/v)

Ø    Deed title (Mortgage for property)

Ø    Valuation Report (both m/v and property)

Ø    Builder’s estimate (if loan is for repairs or purchasing of property to build)

Ø    10% downpayment (property)

Ø    20% to 50% downpayment

Who benefits from the Loan Account?

Any member who has been evaluated on the basis of the 5 C’s of credit and therefore has the ability to repay the debt.

What are the Benefits to the Member?

Ø    Low interest rates

Ø    Easy access to loans and re-financed loans

Ø    Free coverage by CUNA

Ø    Payment Protector