This short-term loan will cover Insurances, Education Expenses, Medical Expenses, Family Vacations, House Repairs, Land and Building Taxes and Water Rates.
Loan Details:
- Loan will be for a maximum of 11 months.
- Member will be required to have 10% unencumbered New Shares per request.
- Loan will be subject to normal lending criteria.
- Interest Rate of 1% per month on the reducing balance
- Member must present documentation to support expenses e.g. renewal notices from Insurance companies for vehicle and house insurance, statement from school for school fees, notice from Insurance company for annuities and life insurance.
- Proceeds of loan will be held on Members' account and disbursed directly to suppliers when payment becomes due.
- Loan is strictly for recurring annual expenses and NOT for emergencies that may occur during the year.
- Loan can be taken on a yearly basis to cover yearly expenses
Required documents for this loan:
- Share requirement based on length of membership and relationship with Credit Union
- Job Letter
- Recent salary slip
- Evidence of Income/Expenditure (Self Employed)
- Bank Statements – 12 – 18 months (Self Employed)
- Supporting Documents as per request. e.g. renewal notices from Insurance companies for vehicle and house insurance, statement from school for school fees, notice from Insurance company for annuities and life insurance.