Loans Products

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 ( not more than 6 months old)
  • 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 ( not more than 6 months old)
  • 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, Cynthia Laviscount : 722-4150, )
  • 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, Cynthia Laviscount : 722-4150 )
  • 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
  • Purchase agreement
  • Insurance assignment/Letter

Used Vehicle:

  • 15% to 50% Cash Deposit
  • Registration of vehicle
  • Purchase agreement of vehicle or invoice ( if being bought from overseas)
  • Valuation of vehicle (Valuators: Leslie White-464-2910; Stenlie Matthew- 460-9870)

Land Loans

Additional Documentation Required:

  • Minimum 10% Cash Deposit
  • Valuation of land (Valuators:  Vier Dublin – 773-0197; Cynthia Laviscount – 722-4150 )
  • Letter from land vendor
  • Copy of Land Register
  • Non-Nationals require alien land holders license

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:

  • Itinerary from airline and/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
  • 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

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