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.  
 
 



This qualifies you for membership and gives you access to all types of loans. In fact, you can access other savings and loan facilities just by having shares in the Credit Union. In addition, you benefit from receiving dividends whenever they are payable.

Each share is presently valued at Two Dollars (J$2.00) and may be paid in full at the time of application. However, an applicant may pay not less than Five Hundred Dollars (J$500.00) each month. Membership then becomes effective after the payment covers 1000 shares (presently J$2,000.00).

One member can transfer shares from his account to another upon submission of written request by the person giving the shares. A fee of J$100 is required (subject to change).

Shares are covered by insurance from CUNA Mutual Insurance Company (See information on Life Savings insurance coverage).

 
 
 
  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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