What are the terms?
- The minimum monthly payment is 4 % of your approved limit for an unsecured LOC. (For example - The monthly payment on a Line-of-Credit for $1000 is $40)
- Payments above your minimum monthly installments can be made, HOWEVER, the agreed monthly installment MUST be paid EACH month
- You may secure your Line-of-Credit with savings and with other collateral available to you. The minimum monthly payment for a secured LOC is 2% of your approved limit.
- You may use your Line-of-Credit for any of your financial needs (avoid high Credit & Hire-purchase charges)
- The minimum Line-Of-Credit available is $1000.00
- A Member should have a minimum $150.00 on his or her account to apply
- Line-of-Credit will be given on 3 times your gross monthly salary up to a maximum of $30,000.00 (money not used to secure any loan)