The maximum line credit loan which you MAY obtain is $25,000 as – $1250 monthly
Conditions to qualify for a line of credit:
- Member is a consistent saver with the Credit union
- Membership with the Credit Union exceeds six (6) months
- Member’s Debt Servicing Ratio must be less than 35%
- Member must provide job letter and pay slip
The Credit Union will base monthly payments as described below, on the new balance after the latest advance:
| BALANCES | MONTHLY REPAYMENTS $ |
| $1,000 and under | 50.00 |
| $2,000 and under | 100.00 |
| $3,000 and under | 150.00 |
| $4,000 and under | 200.00 |
| $5,000 and under | 250.00 |
| $6,000 and under | 300.00 |
| $7,000 and under | 350.00 |
| $8,000 and under | 400.00 |
| $9,000 and under | 450.00 |
| $10,000 and under | 500.00 |
| $11,000 and under | 550.00 |
| $12,000 and under | 600.00 |
| $13,000 and under | 650.00 |
| $14,000 and under | 700.00 |
| $15,000 and under | 750.00 |
| $16,000 and under | 800.00 |
| $17,000 and under | 850.00 |
| $18,000 and under | 900.00 |
| $19,000 and under | 950.00 |
| $20,000 and under | 1,000.00 |
- The maximum cash advance to a member within 24 hours will be $1,000
- All loans owned by the member must be current at the time of any additional advances
- Interest on cash advanced will be calculated on a daily balance at a rate of 1.50%