For more information, please call (876) 929-1706 (Kingston) or (876) 979-6516 (Montego Bay) or email info@ieccu.com

Manchester Co-operative Credit Union, with locations in Mandeville, Christiana and Porus, has a special offer on motor vehicle loans and cash secured loans.

Motor vehicle loans – use your motor vehicle to secure a loan for any purpose, including refinancing of an existing loan elsewhere. Interest rate has been reduced to 15.95% (*conditions apply) and no service charge is applicable.

Cash secured loans – now offering rates as low as 11.99% + no service charge + no credit history required (* conditions apply). This offer ends on December 31, 2010.

For more information about either of these offers contact them at the following numbers:
Mandeville – 962-0401
Christiana – 964-2408
Porus – 904-0416

• Easi-loans
• Vacation loans
• Home improvement loans
• Mortgages
• Motor vehicle loans

For more information about their products, please visit their head office at 10 Oxford Terrace, Kingston 5, or call them at 926-6973.

In order to be eligible for a loan above savings through the Police Co-operative Credit Union, you must be a regular saver for at least six months. Members can borrow up to four times their savings.

Loans within shares (FastTrack) are readily available, and are processed while you wait. Loan repayments are designed to ensure that you continue to save while you repay.

The Police Co-operative Credit Union’s loan products include:

• Medical expenses
• Education
• Debt Consolidation
• Motor vehicle purchase and repairs
• Business
• Furniture and computer (special loan)

For more information, you may contact the Police Co-operative Credit Union by calling 967-4505 or visiting japolicecu.com.jm

• Motor vehicle
• Education
• Mortgage
• Home equity
• Small business
• Air conditioning
• Back-to-school
• Christmas combo
• Computer
• Father’s Day
• Mother’s Day
• Furniture/appliance
• Pay day
• Vacation
• Cash-on-credit
• Insurance premium
• Salary enhancer

Rates on our products are as low as 13% | conditions apply

For more information, call 968-1115 or email jpscreditunion@jpscu.com

With rates as low as 10 percent per annum on the reducing balance, and a wide variety of lending solutions (see below), members are able to climb the ladder of financial success one step at a time, establishing a credit relationship and increasing wealth through savings. In addition, there is no limit to the amount you may borrow. However, you must possess the capacity to repay, and a good credit history, whether with MCCU itself or another financial institution.

Credit union members, therefore, owe it to themselves to use credit wisely. All that’s required is some basic financial planning, self-education about the cost of credit, and a responsible attitude to your legal obligations.

MCCU SMALL BUSINESS LOAN
This credit union recognizes that as a small business owner, your most difficult task is finding the money to operate your business. MCCU has created a loan facility to assist members in the small business sectors, who are in need of financing.

BENEFITS:
• Get money to operate your business
• Interest rates as low as 10 per cent per annum on the reducing balance
• Get up to $5,000,000
• No fee payment up front
• Enjoy moratorium (based on type of business)
• Free loan protection insurance up to $1,000,000
• Accumulated savings for the life of the loan
• Free life-savings insurance up to $120,000

QUALIFICATION
Loans are granted to applicants who meet the following requirements:
• Good personal credit history
• Adequate knowledge and skills about the project to be undertaken
• Personal involvement in the project
• Willingness to provide financial, other information necessary to evaluate project
• Business should generate employment

DOCUMENTS REQUIRED:
• Valuation report for asset(s) in the business
• Valuation report for asset(s) to be used as collateral
• Surveyor’s ID report for real estate property
• Registration title (if in possession of the property)
• Proof of ownership
• Motor vehicle title and other relevant documents for vehicle
• Letter of independent legal advice for guarantor

ACCEPTABLE SECURITY:
• Registered land title
• Motor vehicle
• Equipment
• Co-makers
• Cash surrender value of life insurance

STUDENT LOAN
Are you planning to study? The Montego Co-operative Credit Union’s student loan facility has flexibility that will assist you in meeting the cost of tuition for your entire course of study. Undoubtedly, this will give you peace of mind, which will hopefully help to guarantee your success.

Each year they also have several members who borrow, whether from MCCU itself or others, to finance their (or their children’s) tertiary education. Quite often they borrow what is required or what they can get when the funds are needed which can be on an annual or semester basis. Many have found that this is an inadequate and sometimes untidy arrangement. In addition, the Student’s Loan Bureau caters only to a tiny section of the society, often those who are from less fortunate families. To address this problem, the MCCU has designed special students’ loans.

PART-TIME STUDENTS
Montego Credit Union will approve the entire amount for the course while the member draw down the amount for fees and other costs, depending on the required payment pattern, until the maximum loan period is six years and will be repaid during the course of the study.

FULL-TIME STUDENTS
In like manner, Montego will approve the entire amount required for the course of study. The member will draw down, as needed; to meet expenses until the maximum approved is exhausted.

This loan will not be repaid during the course of study. In addition, a grace period of six months after graduation will be given to allow the student to find employment. Payments will commence after the grace period has ended and will run for a period of no more than six years. The maximum loan period will be 12 years. If a student has failed a course, he/she may receive a disbursement in the repeat year. However, this amount will be deducted from the sum approved.

The maximum amount to be loaned is $3 million which is at a variable interest rate of 14 per cent per annum on the reducing balance. The interest accrued on the loan during study will be capitalized prior to the commencement of payments.

SECURITY
The member will required to provide security for the loan or two guarantors who are willing to provide tangible security will be accepted.

All draw downs will be conditional on the member maintaining an excellent credit history on this and all credit facilities held with Montego Co-operative Credit union.

MORTGAGE LOAN

HOW TO QUALIFY
• Open an account with Montego (if you are not already a member)
• Provide an amount of five per cent or your loan request in your share account (and at least 10 per cent to the vendor, in the case of purchase)
• Be gainfully employed, earning enough to comfortably carry the loan repayment.
• Be able to offer to us a mortgage and have the capacity to pay closing cost.

HOME/PROPERTY ACQUISITION
Loans can be used for both home or property acquisition. However, the equity required is 15 per cent of the loan amount.

DOCUMENTS REQUIRED:
• Sales agreement
• Copy of certificate of registered title
• *Valuation report
• *Surveyor’s report
• Quotation from insurance company for property coverage
• Income verification:
• Job letter plus three most recent pay slips
• Final accounts for self-employed business persons
• Certificate of payment of taxes by previous owners
• Taxpayer Registration Number (TRN)
• A recent photograph

*Check with MCCU for a list of the pool of valuators and surveyors that are acceptable to them.

HOME IMPROVEMENT LOANS
Funds borrowed under this facility can be used for the following purposes:
• To add a garage
• Remodel a kitchen
• An additional room
• Any improvement you need to arrive at your dream home

DOCUMENTS REQUIRED:
• Photocopy of registered title for the relevant property
• Proper authorization from parties to the title (if jointly owned)
• Estimate of work to be done
• Income verification:
• Job letter plus three most recent pay slips
• Final accounts for self-employed business persons
• Certificate of payment of taxes
• Valuation report from pool of valuators
• Surveyor’s report
• Verification of insurance coverage
• An approved building plan
• Taxpayer Registration Number (TRN)

In addition, other loan products are:
• Home equity
• Motor vehicle
• Furniture and appliances
• Vacation
• Computer
• Personal
• Line of credit
• Easi Loan
• Education
• Agriculture
• Debt consolidation

Note: conditions apply on all of Montego Co-operative Credit Union’s loan products.