Members may use their existing shares, or increase the amount to satisfy loan requirement. Members who make lump sum lodgments to shares may be required to wait for four (4) to six (6) weeks before a loan can be considered
Savings in a Financial Institution.
A member can give another financial institution instructions to assign all or part of their savings to the Society. This order is irrevocable unless written notice is given by the Society.
The face value will be discounted by 20%. (80% of the face value will be used.)
Shares in other companies
Shares in public companies such as Bank of St. Lucia, LUCELEC, Sagicor, are acceptable with the relevant assignment.
Co-makers and Guarantors
For loans not exceeding $20,000, a combination of no more than two co-makers and up to two guarantors may be used. Co-makers must sign loan form in the presence of Credit Union personnel.
Submit Insurance Policy along with a current status letter from your Insurance Company.
The cash surrender value and not the face value of the policy is used.
If policy belongs to a third party, a letter is required giving authorization to use policy. NB. The policy remains with the Credit Union until the loan is repaid or otherwise secured.