Debt Consolidation Loan
- Credit card debt
- Student loan debt
- Mortgage loan debt
- Unpaid medical expenses
- High-interest personal loan debt
Maximum Repayment Period
* A credit risk rating is based on assessing your financial commitments and your ability to repay.
There is no limit on the amount to be requested.
- 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%
TECU’s loans are fully insured by our Loan Protection plan. Upon death loans are insured as follows:
|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