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 $150,000.00

  • Maximum repayment period 12 months.  
  • Provide invoice/receipt from Insurer
  • Cheque will be drawn to the Insurance Company whose name appears on the invoice.
  • Current Fitness and Registration for the named vehicle (vehicle must be registered in member’s name)
  • Last 3 pay advices/certified proof of income; full security must be provided; member must be saving continuously for at least six months
  • Interest rate to be discussed at time of loan; loan must be fully repaid before another application can be considered. 
  • Service charge 1%

Other conditions may apply.

  Funding for this web site was provided by the Private Sector Development Programme (PSDP), a joint initiative of the Government of Jamaica and the European Union. The views expressed on this web site are those of the Correctional Services Co-operative Credit Union and do not necessarily reflect those of the PSDP  
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