Frequently Asked Questions  
Credit FAQ's
 
Here you can find answers to common questions related to our credit facilities.

  1. What do I need to present in order to get a loan? [+]
    The basic requirements to obtain a loan are:
    • 2 pieces of Government issued ID (passport compulsory);
    • Social Security or Medical Benefits card;
    • Job letter;
    • Proof of address,
    • Documentation to substantiate/show loan purpose
    • Cash deposit (which varies according to loan type)
  2. Why am I encouraged to save while repaying a loan? [+]
    Savings form the capital base of your credit union. This base must constantly be built upon in order to create funds for on lending.
  3. Why am I sometimes encouraged to borrow rather than withdraw funds from my account? [+]

    The more business you do with your Credit Union, the more income is generated. The greater the surplus, the greater the returns to you. The more you withdraw from your savings the less funds you have on which to gain interest and for a 'rainy day'.

    The less funds the credit union has to do business and assist you with, the less income and the less returns to you.

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  • Services FAQ's
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