UNSECURED BOOSTER LOAN REQUIREMENTS
Maximum Loan Amount: $3,000,000.00
Repayment Period: 72 Months a 6 Years
Equity: 15% of loan amount in share equity account
Monthly Payment: $74,500.00
- Minimum 3 months membership
- Proof of Loan purpose a Invoice, Statements, Sale Agreement etc.
- Last two months pay slips
- Job Letter (For first time borrowers)
- Signed final payment letters (issued by the CU)
- Payments under this loan product are made as per the loan purpose.
- 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.
- JDF Members with less than one-year ROD 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.
- If credit score is a high-risk, a guarantor will be required. For the guarantor:
- 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.
Unsecured Booster Loan Repayment Schedule