Debt Consolidation
Ease the Tension with TECU’s debt consolidation loan. This loan provides a low interest loan option to combine all their existing debts. We make debt consolidation easy!
Complete the form below to find out how you can gain financial freedom!
Here’s what you need to apply:
- Two forms of valid government issued picture ID
- Proof of address (utility bill)
- Evidence of income (recent payslip and job letter)
- Temporary/Contract workers must be continuously employed for at least two (2) consecutive years
- Self-employed individuals- Respective business should be registered, with the exception of taxi/maxi operators. Member must provide bank statements for at least three years
- Must provide established standing order/salary deduction for repayment
- Member should be contributing regularly to shares/ good repayment history in the last six (6) months. New members must have good repayment history within the last twelve (12) months
- D.S.R. should not exceed 45%
- Credit card debt
- Student loan debt
- Mortgage loan debt
- Unpaid medical expenses
- High-interest personal loan debt
Maximum Repayment Period
10 years
Interest Rate*
Risk Rated
* A credit risk rating is based on assessing your financial commitments and your ability to repay.
Loan Ceiling
There is no limit on the amount to be requested.
Loan Requirements
- Two forms of valid government issued picture ID
- Proof of address (utility bill)
- Evidence of income (recent payslip and job letter)
- Temporary/Contract workers must be continuously employed for at least two (2) consecutive years
- Self-employed individuals- Respective business should be registered, with the exception of taxi/maxi operators. Member must provide bank statements for at least three years
- Must provide established standing order/salary deduction for repayment
- Member should be contributing regularly to shares/ good repayment history in the last six (6) months. New members must have good repayment history within the last twelve (12) months
- D.S.R. should not exceed 45%
Loan Protection
TECU’s loans are fully insured by our Loan Protection plan. Upon death loans are insured as follows:
| Age | Coverage |
|---|---|
| 1-75 years | $150,000.00 |
| 76-80 years | $75,000.00 |
| 81-85 years | $37,500.00 |
| 86 years and over | $0.00 |
Call us today for up-to-date rates. Ask for a Loans Officer, who will be more than willing to assist you.
Ready to apply?
Apply for a Debt Consolidation Loan online.
Make an appointment with a Lending Specialist.
How much can I borrow?
To estimate how much you can borrow and what your repayments would be, it is recommended that you be assessed by one of our Lending Specialists.
Helpful hints in securing a loan
Build your borrowing capacity
TECU Credit Union partners with you to make achieving all of life’s goals a reality. Our debt consolidation and other loans are assessed based on your ability to service a loan in addition to the following credit worthy aspects:
- Present shareholding and frequency of contribution towards shares
- Assets such as property, vehicles, savings at other financial institutions and Liabilities i.e. other loans/ debts
- Employment status and history
- Your Shareholding and share buildup within the credit union
- Your Share to Loan Ratio, which is your total shares divided by the total loans that are currently outstanding (Shares/Loans)
- Your existing loan balance and your indebtedness
- Savings, Borrowing and Repayment History within the credit union
- The primary purpose of the loan
- Your age, current salary, employment status and duration of membership
- The availability of adequate and marketable security and other assets
