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Loan Requirements

To qualify for a loan with us is simple. Take a look at some of our requirements.

EMPLOYED PERSONSSELF-EMPLOYED PERSONS

Job Letter

Pay Slip (most recent three)

       

Verification of Income

Financial Statement (last 2 years)

Cash Flow Statement (Last 2 years)

Letter of proof of services rendered

Management of Accounts

Registration documents

NB.  Member must be present on the day of the meeting

Click on the list of loan types below to see the specific requirements for each. These requirements are in addition to the employment status requirements above.

 

 

LOAN TYPES

  • An agreement of sale from the vendor/Attorney-at-Law
  • Copy of the plot of land
  • Valuation of land by a licensed valuer
  • Life Insurance Policy valued at the sum borrowed

A legal mortgage will be used as security and all related fees paid by member.  However these fees can be included in the total sum borrowed.

  • Professional valuation on property/house         
  • Agreement of sale from vendor            
  • Life Insurance Policy valued at the sum borrowed    
  • Title deeds for land
  • Approved plans from Town & Country Planning
  • Valuation on property by licensed valuer
  • Builder’s quotation
  • Life Insurance Policy
  • Contractor's Insurance Policy
  • Comprehensive Insurance coverage on property on completion of construction and WHCCUL should be shown on policy as Mortgagee
  • On completion of 1st stage, a valuation by the Wesleyan Holiness Co-operative Credit Union’s valuer must be done before final disbursement can be issued.  This valuation cost will be borne by the member
  • Certificate of Compliance from The Chief Town Planner on completion of construction

A legal mortgage will be used as security and all related fees paid by the member.

  • Invoice from garage
  • Cover note from Insurance Company (full comprehensive insurance)
  • Copy of key
  • Insurance Policy with Wesleyan Holiness Co-op Credit Union as Mortgagee
  • Valuation on vehicle from a recognized dealer
  • Quotation from insurance company (full comprehensive insurance)  
  • Letter of sale from owner
  • Copy of key
  • Insurance Policy with Wesleyan Holiness Co-op Credit Union as Mortgagee

A bill of sale will be taken out on the vehicle and all associated costs will be borne by the member.

All current bills/statements showing balances to be paid

A letter/statement from the doctor

No security, member must be in good standing.

SECURITY FOR LOANS

Loans must be secured by one or more of the following:-

  1. Borrower’s savings
  2. Guarantor (must be a member of the Wesleyan Holiness Credit Union and in good standing)
  3. Assignment of Insurance Policy (90% of Cash Surrender Value)
  4. Shares of Stock Certificates (70% of Market Value)
  5. Bill of Sale
  6. Mortgage on Real Estate or Land
  7. The Credit Committee shall ensure that there are no prior encumbrances affecting the security being offered.  However, where such prior encumbrances exist, the value of security must be adequate to cover any prior encumbrances as well as the Wesleyan Holiness Co-operative Credit Union Ltd’s loan.