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FAQs

Questions
  1. What is the turnaround time for a Loan?
  2. How much time will I get to repay a loan?
  3. What if I already have a mortgage on the property, can it still be used as collateral for a loan?
  4. Who will need to come to the loan interview?
  5. Will my obligations be explained to me during the interview?
  6. What are the requisite documents for the application of a loan?
  7. If I am in arrears with my mortgage payments with another institution, can the Credit Union take over my loan?
  8. How can I know if I will qualify for a loan?
  9. Up to what year motor vehicle can I use as security?
  10. Can I get another loan if I have an existing loan with the Credit Union?
  11. How does the Golden Harvest insurance work?
  12. When will the insurance coverage for the Golden Harvest be terminated?
  13. What are the circumstances under which the insurance benefits will not be paid for the Golden Harvest?
  14. Can the Golden Harvest be used as collateral for loans?
  15. What is the Family Indemnity Plan?
  16. Who can be covered under the FIP?

Answers
  1. What is the turnaround time for a Loan?
    Click here for details

  2. How much time will I get to repay a loan?
    This is dependent on the type of loan being applied for.

  3. What if I already have a mortgage on the property, can it still be used as collateral for a loan?
    Yes. We do accept 2nd mortgages.

  4. Who will need to come to the loan interview?
    All parties whose names appear on the Title must be present at the interview.

  5. Will my obligations be explained to me during the interview?
    Yes.

  6. What are the requisite documents for the application of a loan?
    This is provided on a checklist readily available here:
    Car Loan Application
    Mortgage Information/Checklist
    Home Equity Mortgage Information/Checklist


  7. If I am in arrears with my mortgage payments with another institution, can the Credit Union take over my loan?
    Each application will be considered on its own merit; please contact your local Branch for details.

  8. How can I know if I will qualify for a loan?
    We will assess your debt service ratio (DSR) to see if you can afford the monthly payments. Your debt service ratio is your total loan repayments divided by your total monthly gross salary.

    We will also look at your credit history with the credit union or other financial institutions to determine credit worthiness. For further information speak with one of our Loans Officer

    For an easy self-assessment; please use our loan calculator here


  9. Up to what year motor vehicle can I use as security?
    We accept motor vehicles up to 15 years old once it can be comprehensively insured.

  10. Can I get another loan if I have an existing loan with the Credit Union?
    Yes; this will depend on whether all required conditions are satisfied. Contact a loans officer for details.

    What if I meet into an accident, what is my obligation?
    If you should meet into an accident we require that you inform the credit union as soon as possible after the accident. Any payments from the insurance company will be made payable to the credit union. The loan will be cleared and the difference (if any) will be given to you


  11. How does the Golden Harvest insurance work?
    Once the first payment is made, if you die or become permanently disabled, the goal is automatically payable in full. Conditions apply.

  12. When will the insurance coverage for the Golden Harvest be terminated?
    • The insured ceases to be a member of the Credit Union
    • The deposit is over 60 days delinquent
    • The insured reaches age 70 or the goal is reached
    • The insurance benefits are paid

  13. What are the circumstances under which the insurance benefits will not be paid for the Golden Harvest?
    For death or total and permanent disability caused by the following:
    • Involvement in criminal activities
    • Insured’s beneficiary’s intentional behavior, including drugging or murdering
    • Suicide within the first two years of insurance
    • Self-inflicted disabilities
    • Health conditions as stated in the contract which existed before the contract date

  14. Can the Golden Harvest be used as collateral for loans?
    Yes; up to 90% of the amount saved

  15. What is the Family Indemnity Plan?
    The FIP is an insurance that covers up to six eligible members of a family including the member, upon death for one affordable monthly premium.

  16. Who can be covered under the FIP?
    Any member of the policyholder’s family which includes:
    • Spouse- married or unmarried
    • Any two parents - biological parents, parents-in-law or step-parents who have not yet attained age 76 at the time of enrollment
    • Children of the member - biological or legally adopted children who have reached age 1 up to 26 years and are unmarried
    • Children who are permanently disabled if enrolled prior to age 26 will be covered for the duration of their lives
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