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 $70,000.00, waived by the Board of Directors up to a maximum of $100,000.00

  • Maximum repayment period 10 months
  • Loans of up to $50,000.00 may be approved by the Credit Manager, to be paid within 2 working days
  • Member must not be delinquent within the past 3 months, and must be saving continuously for at least 6 months
  • Last 3 pay advices/certified proof of income needed and member’s shares will determine the amount granted
  • Amount granted will be dependent on member ability to repay
  • Lump sum placed on shares will attract a fee, or member will have to wait for a minimum of 3 months to qualify
  • Minimum pay-out of $10,000.00 will be maintained for subsequent loan applications to be considered
  • Service charge of up to 20% of the loan amount will be charged as processing fee
  • Delinquent loans not paid over 2 months will be deducted from the member’s shares.  This will render the member ineligible for another status loan for the next 6 months, unless waived by the Board of Directors. 

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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