SOFT LOAN REQUIREMENTS
Maximum Loan Amount: $100,000.00
Repayment Period: 12 Months (1 Year)
Monthly Payment: $10,200.00
- Minimum three (3) months of membership
- Pay slip
- Job Letter (For first-time borrowers)
- Signed final payment letters (issued by the CU)
- If the member has an existing “Unsecured-Loan” a credit report will be generated. The CU may require statements from other financial institutions seen on the Credit Report that are not closed or removed from the Credit Report.
- If the credit score is a high risk, a guarantor will be required. The following conditions are:
- Completed guarantor form
- Guarantor last pay slip
- Guarantor ID
- Guarantor job letter (for non-JDF members) a non-JDF member must be permanently employed.
- Guarantors as serving JDF members, ROD must be at minimum one year of the member’s ROD.
- Guarantors as serving JDF members, must be a rank higher than that of the member.
- JDF Members with less than one-year ROD and over 18 years of service will be required to sign a pension letter. This letter only takes effect whenever the member retires from JDF. The monthly loan repayment/obligation will be deducted from their pension otherwise a guarantor document is required.