FAQs on Loans

Can a Member borrow funds to be used as collateral for a loan?

Members can apply for a loan with an option to purchase shares within TECU Credit Union. This can be used as collateral, however this is based on the results of the Member’s financial assessment done by a Loan Officer.

What is meant by the term TransUnion credit score?

TransUnion credit score is a record of your credit activity and history. It includes the names of companies that have extended you credit and/or loans, as well as the credit limits, loan amounts and your payment history. This is used to evaluate a Member’s ability to obtain a loan.

How long will it take me to get a TECU loan from start to finish?

The loan process varies given the loan product or promotion. The typical time frames are:

  • Character Loans: 1 – 5 business days
  • Vehicle Loans: 1 week – 3 weeks
  • Mortgage Loan: up to 90 days

What forms of collateral are relevant in a TECU loan application?

TECU Shares, TECU Fixed Deposits, asset purchased (vehicle, land or property), Cash Surrender Value on Life Insurance, Unit Trust Schemes.

How long after becoming a Member can I apply for a loan?

A loan application can be submitted immediately after Board approval of the membership application.

Are there any current loan promotions available?

TECU offers several loan promotions throughout the year. To find out more about current loan promotions please visit our website at https://tecutt.com/category/promotions/ or our social media pages.

How do I consolidate my loans with TECU?

TECU offers a Debt Consolidation loan product where Members can combine several loans/debts held with other financial institutions into a single, new loan that is more affordable.

How can I access a loan to build a house?

An appointment should be made for a consultation with a Loan Officer. Thereafter, a financial loan assessment will be performed to determine the loan qualification amount. Subsequently, all the required documents should be sourced, and another appointment made for the official application. Additionally, a preliminary assessment can be done online before scheduling an in-branch visit

Is it possible to get another loan after a delinquent loan has been settled or reconciled?

Yes, it is. Members are encouraged to borrow within their shares and re-establish a good credit history before applying for loans.

What are the requirements for a loan?

The requirements for our various loan products can be found at https://tecutt.com/products-services/

How do I apply for a loan?

Loan applications can be made online via our website www.tecutt.com or in-house via loan appointment or walk-in.

What is the Loan Appointment / Approval process?

Loan appointments can be scheduled online or telephone. The loan application approval time and process vary depending on the type of loan. Character Loans approval process ranges from same day to three days. Loan requiring second stage approval by the Credit Committee may take additional time.