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!