Character Loans

A character loan is a type of loan that is made on the basis of the borrower’s reputation and credit.

Members signing documents to secure a loan

Interest Rate*


* All Interest rates calculated on reducing balance. All rates are subject to change without notice.

Maximum Repayment Period

5 years

Loan Ceiling

There is no limit on the amount to be requested.

Loan Requirements

  • Two forms of valid ID
  • Utility Bill
  • Evidence of Income (Payslip- not older than 1 month  and  Job Letter- not older than 3 months)
  • Supporting document for the purpose of loan
  • Required share balance

Loan Protection

TECU’s loans are fully insured by our Loan Protection plan. Upon death loans are insured as follows:

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?

Make an appointment with a Lending Specialist.

Apply for a Character Loan online.

How much can I borrow?

With our borrowing power calculator, you can estimate how much you can borrow and what your repayments would be.

Helpful hints in securing a loan

Happy TECU member standing in front of his new car

Build your borrowing capacity

TECU Credit Union partners with you to make achieving all of life’s goals a reality. Our character 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
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