What types of security does the Credit Union use?

  • Motor Vehicle (11 years old vehicles)
  • Real Estate (Property)
  • Insurance Policy (Cash Surrender Value)
  • Cash (Investments)
  • Co-maker (Cash being the ownership of another)
  • Appliances (Maximum of 3 years)

Can I use someone else’s collateral to secure a loan?

  • Yes, once the owner of the collateral gives his/her written authorization to do so, then the collateral owned by the other can be used to secure the loan.

What if my mother has an appliance, can I use it to secure my loan?

  • No, once the appliance is not owned by you or your wife/husband it cannot be used to secure a loan for you.

What is the amount used from a motor vehicle or a real estate for the security?

  • The amount is based on the valuation report.
  • Motor Vehicle – up to 95%
  • Real Estate – up to 85%

How much funds do I need to have within my shares to qualify for a loan?

  • Motor Vehicle Loans – from 5% – 20% dependent on the year vehicle (See schedule)
  • Personal Loans – 10% of loan amount
  • Hire-Purchase Loans – 10% of loan amount
  • Wedding Loans – 10% of loan amount
  • Unsecured Loans – 20% of loan amount
  • Laptop Loans – 10% of loan amount
  • Insure Plus – 15% of loan amount
  • Education Loan – 5% – 10% of loan amount
  • Mortgage Loans – 5% of loan amount