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FAQs

We have compiled a list of common questions to help you understand the many benefits of a credit union.


What is the difference between a Credit Union and a Bank?
When you take up financial products from a bank, you do so as a customer. Banks are owned by their shareholders and are run at a profit to provide the highest possible dividends to those who hold shares.

Alternatively, when you take up financial products from a credit union, you become a member, and therefore a part owner, of the credit union. Credit unions exist to provide financial products and services for the equal benefit of their members, rather than to produce profits for shareholders. As a member of a credit union, you have a right to attend member meetings and comment and/or vote on matters concerning the constitution, management performance and financial reports of the credit union.

Why would you switch to a Credit Union?

  1. You are more important than the size of your wallet
  2. Superior service from helpful staff
  3. Flexible financial services
  4. Credit unions are financially responsible
  5. Membership pays
  6. Professional expertise you can depend on
  7. A promising future connected to a successful past

How are Dividends paid?
We give dividends to our members annually, based on the surpluses the Company would have made for that particular year. Our dividends have been varying between 5% – 7% over the years. As our investment portfolio continues to grow so too will our dividends. It should be noted that the more shares purchased on a monthly basis, the more dividends would be paid.

How soon can I access a Loan after becoming a Member?
Three (3) months.

How can I obtain a copy of my Statement?
Contact us using our Contact page or call us at 868.640.6416

What payment methods are available for my Loan?
The following payment methods are available, but may vary based on loan type:

  • Banker’s Order
  • Salary Deduction

What is a Co-borrower?
A Co-borrower is someone who applies jointly for credit with the primary applicant and who is equally responsible for repayment of the loan.The payment history on the loan will affect all borrowers.

Does my name have to be on the Account/Loan to receive information regarding the status?
We can only release information on a loan to the borrowers or with their written permission to discuss with someone else.

What documentation do I need to apply for a Loan?
Documentation varies on the type of loan needed. See our list of loans to find out the details that pertain to your request.

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