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.  
 
 



 When you become a member of our Credit Union, our Insurance Providers offer you double protection for your money. Cuna Mutual Insurance Company acts as our partner in ensuring that not only your loans, but also your savings, are secured at no extra cost to you! In this way, in case of total, permanent disability or death, you and your beneficiaries are guaranteed more security than at any other financial institution!

 LOAN PROTECTION (LP) INSURANCE

The Loan Protection offer is set up as a safety net for our members. If the member is totally, permanently disabled or dies, this insurance coverage pays off the outstanding loan balance that the member had at the time of the disability!

Summary:

1.     Insurable loan balances of members (deceased or totally, permanently disabled) will be repaid

2.     Loan coverage is offered on balance of up to $1,500,000.00

3.     Maximum repayment time is ten years (10 yrs)

4.     This insurance service is free to the member

5.     Conditions may apply

This offer is valid only to members under the age of seventy (70) years old.

LIFE SAVING (LS) INSURANCE

You become a part-owner of our Credit Union when you open a Shares account. In this way, we say you “buy shares” in the business or you have savings in a Shares account. The Life Saving Insurance guarantees that the amount of shares you buy or “save” in this account is always fully secured. That means, as your savings increase, your insurance coverage increases along with it.

Summary:

1.     Maximum coverage is $1 million

2.     More savings mean more insurance coverage

3.     Members are insured in case of death from natural or accidental causes

4.     Members are insured in case of dismemberment

5.     There is no extra cost to you for this insurance

6.     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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