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JDF Co-op Credit Union

Frequently Asked Questions


What types of security does the Credit Union use?

  • Motor Vehicle (11 years old vehicles)
  • Real Estate (Property)
  • Insurance Policy (Cash Surrender Value)
  • Cash (Investments)
  • Co-maker (Cash being the ownership of another)
  • Appliances (Maximum of 3 years)

Can I use someone else's collateral to secure a loan?

Yes, once the owner of the collateral gives his/her written authorization to do so, then the collateral owned by the other can be used to secure the loan.

What if my mother has an appliance, can I use it to secure my loan?

No, once the appliance is not owned by you or your wife/husband it cannot be used to secure a loan for you.

What is the amount used from a motor vehicle or a real estate for the security?

The amount is based on the valuation report.
Motor Vehicle - up to 90%
Real Estate - up to 85%

Do I need money in the Credit to qualify for a loan at the Credit ?

Yes. For motor vehicle loans. For Personal Loans you are required to deposit at least 20% of the loan amount. While 10% should be deposited for Furniture Loans and 15% for all Education Loans.

Click here for the Motor Vehicle Loan Schedule

and here for the Online Loan Application

What are the rates on the different forms of loans offered by the Credit Union

Share Loan - 10% p.a.
Personal Loans - 15% - 18% p.a.
Pay Day Loans - 18% p.a.
Golden Harvest Loans - 17% p.a.
Unsecured Loan - 24% p.a.
Easi Loan - 24% p.a.
Insure Plus - 12% - 14% p.a.
Education Loan - 15.6% p.a.
(Apply online)    

What if I am repaying a loan at another institution will I still be eligible for a loan?

Once your net salary can carry both payments and your debt service ratio when calculated does not exceed 50%, then you qualify to apply for a loan

What is debt service ratio?

This is a calculation that examines your ability to repay a loan and having sufficient take home pay. Debt service ratio is calculated based on your expenses (deductions) divided by your net salary multiplied by 100 (to get the percentage).

How long should I be a member to qualify for a loan?

For Unsecured Loans  you must be a member for at least 1 year. For Secured Loans you can apply as soon as you become a member.

What loans are considered as Unsecured Loans?

What is maximum loan amount offered at the Credit Union?

Loans are at a maximum of Five Million Dollars ( $5,000,000.00).

What is the maximum cash that I can collect over the counter?

Members can collect a maximum of $30,000.00 over the counter. Amounts exceeding this are done by way of cheques.

If I lodge money at the counter to my deposits account can I access via the ATM 5 minutes after?

Yes, our debit card service is online; hence once the transaction is done it is immediately updated.

What is the minimum amount I am required to have in my share account?

$2,000.00 is the minimum amount to remain in your share account.

 
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