Loans at Teachers Credit Union are based on a member’s share balance. No appointment is necessary and approval is usually granted on the same day. The interest paid on the loan is 1 % on the reducing balance and members are given a patronage bonus of 131/2% each year from the interest paid to reduce the loan balance.
New members will not normally qualify for a loan before they complete three months of regular share savings, unless the request is an emergency which is properly documented. However, after six months of regular savings they may be granted a loan in excess of their shares according to loan policy guidelines. An application for a loan must be accompanied by a photo ID and the most recent payslip.
A member has the responsibility to ensure that his/her loan is repaid. Should the Ministry of Education or a Financial Entity fail to make the necessary deduction, then the member must make the payment which is due.
Loans carry a service charge of $30.00 regardless of the size of the loan and a loan can be refinanced after a period of three months.