Character Loans
A character loan is a type of loan that is made on the basis of the borrower’s reputation and credit.
Interest Rate*
1%
* 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:
| 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 Character Loan online.
Make an appointment with a Lending Specialist.
How much can I borrow?
With our borrowing power calculator, you can estimate how much you can borrow and what your repayments would be.
Note: Mobile and tablet users may experience minor
usability issues with the calculators.
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 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
