COK Sodality Credit Union, the largest credit union in the English-speaking Caribbean, has reduced the rates on loans across the spectrum of its product offerings by as much as six per cent. The reduced loan rates are one aspect of several initiatives that they launched in 2010 in an effort to assist its 230,000 (approx.) members in overcoming the challenges brought on by the current period of economic decline.
According to Jacqueline Mighty (COK’s Chief Executive Officer), “all our initiatives are guided by our mission of improving the well-being of our members, and we saw it as our responsibility to engage in an across-the-board loan-reduction exercise that will continue to afford our members the opportunity of meeting their personal financial goals.”
The loan reduction exercise will be in two phases – (i) from March 3, 2010, all new loans are subject to the new rates (ii) existing loans will be reduced on April 1.
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