BASSETERRE, St. Kitts – THE options for customers seeking to obtain loans from banking institutions were recently widened with the St. Kitts Co-Operative Credit Union (SKCCU) rolling out two new loan facilities.
The launch of these took place yesterday (Apr. 4) at the Bladen Commercial Development branch of the SKCCU, before members of the media, as well as members and employees of the organisation.
The products – the Instant Credit Loan (ICL) and the Eazee Cash Line of Credit (LOC) – are being described as initiatives which will “signal the departure from the norm…”
Loans Supervisor Kay Stanley-Frederick, in providing information about the LOC, explained that it affords individuals the opportunity to borrow a maximum of $8,000 without down payment or cash security. She said the repayment period is one year and the loan can be refinanced within six months of the borrowing date.
A savings plan of between $20 and $50 monthly, is attached to the loan and a non-refundable $25 application fee is required.
The Eazee Cash LOC, she explained, allows for $500 to $10,000 to be borrowed without down payment or cash security. Because this facility revolves, no repayment period is attached, the sum of money can be withdrawn whenever it is needed and this too has a saving plan attached to it.
Both facilities, Stanley-Fredericks explained, have a number of attached requirements including that applicants must be members of the SKCCU possessing a minimum of $500 in shares; the SKCCU must be able to implement a salary deduction system and the processing time for the loan for existing members is 24 hours, providing that all requisite documentation is presented.
Also, she indicated that they both have attractive and competitive rates.
Pierre Bowrin – Director of the SKCCU - in officially launching the products, implored potential loan recipients to be responsible in their use of the monies.
“What I want to say to our members in particular that these products are going to help you to resolve a lot of the issues that you have…whatever those are. However, I do ask you as a member, that you be responsible with the products. Yes this is cash but you must use it responsibly because how you use just doesn’t affect you as a member but it affects us the society.
Change Manager Frederick Baron informed that the next product – which will be launched before the commencement of the upcoming school year – is the Learn While You Earn Loan. This, he said, would assist individuals in their quest for academic development.
He said with this facility, members would be encouraged to provide the SKCCU with the fee structure from the university and approval of as much as $25,000 could be given.
With that product, he explained, fees would be paid directly to the learning institution, thereby eliminating some of the worries students often experience.
Baron also promised that within the upcoming six months, all eight of the loan facilities would be rolled out.
