About Share Loan
Elevate your financial strength with the Share Loan – a loan that’s not just about borrowing; it’s about leveraging your success. With the Share Loan, your shares serve as collateral, allowing you to qualify for up to 3x your Share balance. It’s a low-risk, high-reward option that lets you continue earning dividends on your shares while accessing substantial funds. The Share Loan is more than a financial tool; it’s a strategic move towards achieving your financial goals.
Features of the Share Loan
- Signed consent clause
- Any two forms of identification from the following (Driver’s Permit, National Identification Card, Government Issued Passport, Electronic Birth Certificate)
- Job letter no older than 3 months
- Most recent payslip or Income and Expenditure Statement with corresponding bank statements for the last 2 consecutive years
- Proof of address no older than 3 months (Supporting documentation if the property is not owner occupied)
- Documents in support of your request
Got any questions? we’re here to help
Frequently Asked Questions
Special lending criteria will apply.
Documentation required will vary depending on the nature of your request but the prerequisites are two valid forms of picture identification, recent job letter and payslip along with supports for your request.
The Share Loan is a unique loan offering from CLICO Credit Union that allows you to borrow up to 3x your shares, for any purpose you desire. Whether it’s debt consolidation, home renovations, planning a wedding, starting a small business, or pursuing further education, the Share Loan gives you the flexibility to meet your financial needs.
The loan amount is determined based on the borrower’s ability to service the loan.
Applying for the Share Loan is simple and convenient. You can visit our website and apply for the loan using your online banking credentials. Alternatively, if you are a member and do not have your online banking credentials you can apply for them at ccuebranch.com and click “Sign Up”
Yes, you can become a member of CLICO Credit Union and apply for the Share Loan, special lending criteria will apply. Our team will guide you through the membership process, ensuring you have access to all the benefits and services offered by our credit union. Email us at bdteam@clicocu.com or fill out the form at the bottom of this page.
Yes, you will be required to have 1/3 shares of the requested amount.
The interest rate for this loan product ranges from APR 12.0% & 18.0%. Our lending team will work closely with you to provide the most favourable interest rate based on your individual circumstances.
The Share Loan carries a maximum repayment term of 7 years.
You can borrow up to $650,000 with the Share Loan, depending on your specific requirements and eligibility
Once you have submitted your application, our lending team will review it promptly. We strive to provide quick and efficient loan decisions, and you will be notified of the outcome as soon as possible.
The preferred form of repayment is via salary deduction, but alternative options can be discussed with your lending officer.
Absolutely! Debt consolidation is one of the many purposes for which you can use the Share Loan. Consolidating your debts can help simplify your finances and potentially lower your overall monthly payments.
All loans are subject to normal lending criteria. Our lending team will assess your eligibility based on factors such as your terms of employment, income, credit history, and ability to repay the loan.
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