Debt Consolidation Loan

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Requirements for Debt Consolidation

  • Subject to normal lending criteria.
  • Member debt must not exceed 2.5 times shares. Where it does partial consolidation will apply.
  • Interest rate: – monthly rate 1.25% on the reducing balance or 15.0% per annum.
  • Bank Standing Order/Salary Deduction/Over the Counter payments (OTC) provided that member has a repayment record of timeliness amounts over a 12month period and for OTC’s the first instalment must be prepaid.
  • Applicable loan fees apply.
  • The maximum repayment period for the loan product will be 5-7 years.
  • Consolidations of existing and special loans internally and externally except Vehicle Loans
  • Necessary supporting documents are required.
  • Member must provide settlement letter from external Financing Institutions in order to make direct payment to these institutions.
  • Member must have a good borrowing or credit history for 1 year to be supported by Transunion Credit Report.
  • Members will not qualify for a new loan under six months except in extenuating circumstances.
  • All fees incurred for early settlement by external parties are to be covered by the member.
  • Cheques for debt settlement will be made payable to external agencies and to members except in cases of Licensed Money Lenders.

Requirements for Debt Restructuring (ASCU Loans only)

To assist members that have high loan instalments with ASCU Consideration for restricting and extending the life of the loan should be given.

  • Subject to normal lending criteria.
  • Member debt must not exceed 2.5 times shares
  • Interest rate: monthly rate 1.25% on the reducing balance or 15% per annum.
  • Restricting loan fees apply.
  • The maximum repayment period for the loan product will be 5-7 years, while
  • this may seem long but the interest returns will be grand especially at the start of the loan.
  • Consolidations of existing and special loans internally except Vehicle Loans
  • Necessary supporting documents are required.
  • Member must have a good borrowing or credit history for 1 year.
  • Members will not qualify for a new loan under six months except in extenuating circumstances.
  • To qualify member’s DSR ratio must over 50% and must complete and income and expenses statement.

How much can I borrow?

%
Per Month On The Reducing Balance


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Note: The calculators are intended as a guide only based on the information you input. The results should not be considered approval for a loan. To find out exact amounts you should speak to us. The repayment amounts and total interest calculations exclude any fees and charges that may be charged to your loan which, if they apply, will add to the cost of loan. Other fees and charges also apply. Conditions apply to all loan options. Interest rates and repayment amounts are subject to change. Applications for a mortgage loan are subject to approval and satisfactory security. Full terms and conditions will be in our loan offer.

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868-640-6416/6418

Head Office

868-363-7298

Tobago

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info@aeroservicescu.com