7/27/2019 Special Loan Categories at AGECU
1/2
Phone: 868-623-1841 ext 334
E-mail: [email protected]
Cor. Trinity Ave and EMR, Lavantille
A G E C U
Many times good fortune comes not from good
luck but the ability to take advantage of a good
opportunity when it arises. With the special loans
AGECU arms the membership with this ability in
key areas identified by our special loan packages.
While this may be true, however, one must always
remember to practice sound financial techniques
to ensure financial stability is maintained.
An easy tip for monitoring your financial stability is
to see whether your are too much in debt and this
can be done by utilizing the Debt Service Ratio
(DSR) calculation. An acceptable DSR is when
your total deductions do not exceed more than
forty percent (40%) of your gross income. If it
exceeds this limit you should look into minimizing
your total deductions by not acquiring additional
debt or consolidating or refinancing your current
debt to reduce your monthly/weekly deductions.
S O U N D F I N A N C I A L
P R A C T I C E S . . .
Y O U D R E A MW E F I N A N C E
Building bridges to abetter tomorrow
A
G
E
C
U
S P E C I A L L O A N
P A C K A G E S
7/27/2019 Special Loan Categories at AGECU
2/2
To think outside the box is to look
further, trying not the obvious but
thinking beyond them
Thats what we have done with our
specialty loan packages, weve gone
outside the regular share secured
loan parameters, giving something a
little extra with the members loans
While special loans can be created
throughout the year based on trends
and patterns in the borrowing mar-
ket and the needs of the member-
ship, there are seven (7) general
loans that are usually offered
throughout the year and some at
specific times in the year.
T H I N K I N G O U T S I D E T H E B O X . . .
S E A S O N S P E C I F I C L O A N S
Education LoanThe special education loan is a loan offered
at0.75% interest to be repaid within 12 month andis to facilitate
the members with back to schoolexpenses. Kindergarten - $1,500.00
per child,secondary - $2,500.00 per child, tertiary -
$3,500.00 per child.Dividend Loan
The dividend loan is a special interest free loan forthe total
percentage dividend decided on at theAGM that the member can take.
If the loan isnt
repaid after twelve (12) months the loan balancewill be
transferred to the secured loan balance of
the member.
Christmas LoanThe special Christmas loan is where the membercan
get double the amount of money they put onshares however the loan
granted should not ex-
ceed $30,000.00.
Y E A R R O U N D L O A N S
Cash and Investment LoanThe Cash and Investment Loan Member is a
spe-cial loan of up to $30,000.00 at 1% on the reduc-ing balance.
The member will receive 50% in handand 50% will be invested at a
guaranteed interestrate as per fixed deposit schedule, maturing
be-tween two years (2) to two and a half years (2.5)from investment
date. This loan can be accessed
again at the point of maturity
Debt Consolidation LoanThe special debt consolidation loan is a
loan of-fered at 0.9% interest on the reducing balance
where the credit union consolidates all the mem-bers current
loans, or purchases the members
debt from other financial and utility institutionsand
consolidates it into one loan, thereby givingthe member one
manageable monthly/weeklyinstallment to pay. The external debt will
be lim-ited by the members collateral and ability to ser-
vice the loan.Vehicle Loan
The special vehicle loan is a loan facility that haszero down
payment, (optional 1% processing fee
for 1% interest on loan) and the car is used ascollateral to
cover the full cost of the loan, themember must however be able to
service the loan
re-payments.
Company Home Improvement LoanThe special company home
improvement loanallows for a loan totaling a maximum of$35,000.00
for improvements to be made to ahouse in the members name, where
the member
repays the principle and the company pays the
interest.
*All Loans will be subject to AGECUs Loan qualification
policy,the members financial standing and their ability to repay
theloan. Loans may not be granted based on the these criteria.
Cor. Trinity Ave and EMR, Lavantille
Phone: 868-623-1841 ext 334E-mail: [email protected]
AG E CU
Forging ahead for a
brighter future...
Soaring to newheights with everyopportunity ...
