Loans

Payday Loan

The payday loan is an interest free unsecured loan with a maximum amount of $200,000.00 repayable over 2 months. However, the loan shall not exceed 80% of your average net salary. 

Application form is to be submitted along with your last three pay slips.

Approval is based on member’s demonstrated ability to repay the loan:

• Maximum debt to income ratio – 40-45%
• Monthly repayment must be salary deducted
• Minimum share balance of $2000.00
• Must be a member of the Credit Union for at least one year
• Processing fee is 2% of the loan amount

 If the loan goes into arrears, an interest rate of 20% will be applied to the outstanding balance by the 1^st of the month following the onset of arrears.

We invite you to call any of the following loan officers for any clarification or further updates on our offerings:

• Janielle Stewart 1-876-932-3496
• Shadae Cooke 1-876-932-9467