LOANS PRODUCTS:

As a co-operative we recognize the importance of providing affordable loans to our members for everyday uses. Community First Co-operative Credit Union (CFCCU) therefore provides a very extensive loan portfolio. This will better enable our members to get the financial assistance they need.

In order to access loans at CFCCU, you must be a member of the credit union. Each applicant must provide the loan officer with the documents outlined below.

Employed Person must submit:

  • Job letter
  • Pay slip (two most recent)
  • Social Security card
  • Two valid Photo IDs (Passport + one other)
  • Proof of Immigration Status
  • Proof of Address within the last 6 months and in your name (Utility Bill /Bank Statement) NB if renting a letter must be provided by your Landlord, along with the actual Bill.  Your Voters ID can also be used.
  • Guarantor ( if required should provide job letter, passport and one other valid photo ID, social security card, two recent payslips, and proof of address)
  • Cash deposit (varies, dependent on the amount being borrowed)

Self Employed Person must submit:

  • Verification of Income
  • Business License
  • Social Security card
  • Two valid Photo IDs (Passport + one other)
  • Proof of Immigration Status
  • Proof of Address within the last 6 months and in your name (Utility Bill /Bank Statement) NB if renting a letter must be provided by your Landlord, along with the actual Bill.  Your Voters ID can also be used.
  • Guarantor ( if required should provide job letter, passport and one other valid photo ID, social security card, two recent payslips, and proof of address)
  • Cash Deposit (varies dependent on the amount being borrowed)

Below is a list of loan products currently offered at the credit union as well as a list of additional documentation needed to complete a loan application.

Mortgage Loans

Types of Mortgage Loans

1)    Property Purchase

Additional Documentation Required:

  • Minimum Cash Deposit of 5% – 10%  (conditions apply)
  • Copy of Sale Agreement
  • Valuation of property ( Valuators: Vier Dublin: 773-0197, John Bradshaw: 462-3627/786-9304)
  • Copy of Land Register
  • Life Insurance
  • Property Insurance
  • Insurance for house under construction
  • Non-Nationals required alien land holders license

2)   Construction

Additional Documentation Required:

  • Minimum Cash Deposit of 5% – 10%  (conditions apply)
  • DCA approved plans
  • Valuation of land ( Valuators: Vier Dublin: 773-0197, John Bradshaw – 462-3627)
  • Typed detailed estimates (labour and material) signed by contractor/builder.
  • Permission to build on land if applicable
  • Copy of Land Register
  • Life insurance
  • Property insurance
  • Insurance for house under construction


Repairs and Renovation Loan

Additional Documentation Required:

  •  DCA approved plans
  • Valuation of land
  • Detailed estimate – typed and signed by contractor/builder
  • Copy of Land Register

Vehicle Purchase

Additional Documentation Required:

New Vehicle:

  • 0% to 5% Cash Deposit
  • Drivers Licence
  • Purchase agreement for vehicle
  • Insurance assignment/Letter

Used Vehicle:

  • 15% to 50% Cash Deposit
  • Drivers Licence
  • Registration of vehicle
  • Purchase agreement for vehicle
  • Valuation of vehicle (valuators: Hazelroy Barnes- 562-9712 or 462-5534
    or Stenlie Matthew- 460-9870)
  • Overseas Vehicles: CIF Invoice from car company and Insurance Quote

Land Loans

Additional Documentation Required:

  • Minimum 5%-10% Cash Deposit
  • Valuation of land (Valuators: Vier Dublin – 773-0197; John Bradshaw – 462-3627)
  • Sale Agreement
  • Copy of Land Register
  • Non-Nationals require Land Holders Licence
  • Survey Map

Debt Consolidation Loans

Additional Documentation Required:

  • Proof of debt from financial institution/company

Wedding

Additional Documentation Required:

  • Evidence to support pending nuptials such as:
  • Copy of invitation (where applicable)
  • Catering invoice
  • Estimate of items to be purchase and the cost

Vacation/Travel Loans

Required Documents:

  • Invoice for ticket or ticket

Education Loans

Additional Documentation Required:

  • Letter of acceptance from an accredited college or institution
  • List of cost associated with studying
  • 15% to 25% Cash Deposit (Special Conditions Apply)
  • Valuation of property (if being used)
  • Copy of land registry ( if applicable)
  • Life Insurance (if applicable)
  • Property Insurance (if applicable)

Furniture and Appliance Loans

Additional Documentation Required:

  • Proforma invoice from vendor

Disaster Preparedness Loans

Additional Documentation Required::

  • Typed detailed estimates (labour and material) signed by contractor/builder.
  • Appraisal and Title of property

Christmas Loans

Additional Documentation Required::

  • Proforma invoice
  • Payroll deduction

Business Loans

Additional Documentation Required:

  • Business License from Intellectual Property
  • Detailed Business Plan
  • Verification of Income (Affidavit of means and audited financial statements)
  • Guarantor (May be required)
  • Cash Deposit (Depends on the amount being borrowed)

Other documents may be required depending on the type of business and the amount

Are you interested in being a member?  Fill out one of our application forms today!