A member is eligible for a loan once they have met the requirement. Members may borrow up to 10 times their Shares depending on the loan types. Interest rates on loans are very competitive and vary according to the share ratio. All interest rates are calculated monthly on the reducing balance. Once you are borrowing more than you have saved, collateral (security) may be required for the loan.  

Loan ceiling $1,500,000.00

  • Repayment period up to 48 months
  • Loan security needed, and supporting documents regarding purpose is required
  • Provide last 3 pay advices/certified proof of income; ratio: 3 times shares, interest rate to be discussed at time of loan. 
  • Service charge of 1% of loan granted

Members seeking and granted waivers are required to pay a service charge of 1% of loan granted. Another loan can be accessed when 1/3 of previous loan is repaid. 

Other conditions may apply

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