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.  
 
 



         

 (adapted)

Member must have in shares a minimum of 20% of the loan required     Maximum: $150,000.00

  • Member must commit to the contribution of at least $1,000.00 monthly to the Special Education Savings Plan before the loan is disbursed (this fund can be used as security for future education loans)
  • Security will be discussed at the time of the loan, and the loan ceiling will be determined by the Board of Directors each year
  • Repayment period 10 months
  • Access all-year-round
  • Supporting documents from the institution must be presented with the application – ORIGINALS ONLY
  • Service charge will be added to the loan and repaid over the loan period
  • No fee is required up-front
  • Shares must cover at least 20% of loan requested
  • Amount granted will be based on ability to repay
  • The last 3 pay advices/certified proof of income required
  • Proof of Address

Other conditions may apply.

 
 
 
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