Loans (Various Types)
There are two types of Loans. Within shares and out of shares.
Within Share Loans
- Shares are used as collateral.
- Loan is granted immediately.
- Savings in the form of shares are maintained rather than depleted.
- Within shares loans can be more cost effective than actually withdrawing the funds from shares, and is strongly recommended.
- Requires collateral to fully secure the loan.
- Current employment letter and most recent pay slip.
- Approval granted by a member-elected Credit Committee.
- Interest rate does not exceed 1% per month on the remaining balance.
- A minimum percentage of payback may be required between borrowings.
- Terms available up to a maximum of 15 years (qualifying conditions apply).
- Competitive interest rates with interest calculated on the reducing balance.
- Convenient repayment through payroll deduction.
- Members are entitled to borrow up to a maximum of 10 times their share balance.
- Property, vehicles, co-makers, securities (stocks, shares) and life insurance with a cash surrender value are acceptable forms of collateral.
**Other terms and conditions apply**