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