What do I need to qualify for a loan?
There are 5 basic requirements needed to access any loan at the credit union :
- You must be a member of the credit union, 18 years and older.
- You must present a valid national photo ID, preferable your passport.
- You will also need to provide:a job letter/ business license, social security card, and proof of address.
- Proof of purchase/proforma invoice (documentation showing what your purpose is for borrowing money )
- Cash security. This ranges from 10% to 65% depending on what is being purchased.
How can I become a member?
- The first step towards becoming a member involves the purchase of permanent shares.
- What are permanent shares you may ask? These are long-term financial investment in the future of your cooperation, Community First.
- As a member you are required to purchase a minimum of 20 permanent shares at $5 each, totaling $100. However feel free to purchase more.
- Each share you purchase helps secure a future for your credit union
- Additional for every share you purchase you receive returns on your investment in terms of dividends which are deposited into your savings annually once the credit union obtains favourable returns.
- It is in your best interest and the interest of the credit union that you purchase more permanent shares.
- In addition to the one hundred dollars ($100) required for permanent shares, there is a twenty dollars ($20) entrance fee. Potential members are required to bring in two pieces of valid picture ID (passport and one other ID), a Job letter/work permit and proof of address (current utility bill, bank statement etc) in order to qualify for membership at Community First Co-operative Credit Union.
- Persons living abroad who wish to start an account are required to mail notarized copies of the documents listed and completed membership form.
- Once you have met all these requirements, you are a legal member and as such entitled to all services and products offered and any additional benefits of membership.