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)

 

This is especially beneficial to members who are in need of funds for their education, or that of their family members. Members pledge to save a steady sum monthly, not less than $750.00 for 10 months beginning August each year. Beginning the first week in June of the following year, they receive an addition of 75% of one month’s deposit to their total savings. The member can either withdraw all funds towards education-related bills or use the funds to secure a “Special Education Loan”.

Education Loans are now available all-year-'round!

  • Related documents from school/institution of learning
  • Last 3 Pay Advices
  • Proof of relation (if person using the funds is not the member) 
  • Proof of address & age
  • TRN

Other conditions apply

N.B. Members lose the 75% addition if the contract is broken.

 
 
 
  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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