How does a credit union work?

Sunday, June 28th, 2020

Your credit union is simple!

  1. We invest your money into common funds.
  2. You elect your members as directors at Annual General Meetings to manage your funds.
  3. Lend members money from your funds
  4. You are charged interest on loans acquired.
  5. Interest earned and profits from investments is your credit unions’ income.
  6. The Board of Directors along with the General Manager pay the cost of running your credit union with the credit unions income.

After operational expenses are determined DIVIDENDS are distrusted to members in good financial standing with the credit union.

How soon can I access a loan after becoming a member?

Sunday, June 28th, 2020

Three (3) months.

What documentation do I need to apply for a loan?

Sunday, June 28th, 2020

Documentation varies on the type of loan needed. See our list of loans to find out the details that pertain to your request