General Terms and conditions:
- This loan is a special one, separate from the regular loan
- The life of the loan is 30 days.
- The maximum that will be granted is $25,000 or 35% of the members net take home pay, which ever is less.
- These loans are character loan i.e. no collateral is needed.
- A minimum equity of 10% of loan limit to be held on members shares.
How to Qualify
- Be a member of the Portland Co-op Credit Union
- Save regularly for at least 4-6 months
- Be gainfully employed, earning enough to comfortably afford the loan repayment
Documents required for loans
- Valid identification (passport, drivers license, national ID)
- 2 passport size photograph certified by Justice of the Peace
- Letter of employment
- The last 3 pay slips