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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)