ELIGIBILITY FOR LOANS
Loan shall be made to members in good standing and shall be made for Provident and Productive purposes:
- No member shall be eligible for loan until he/she has saved a minimum of $5,000.00 in shares; further, this share balance cannot be reduced once a loan is pending or on the books.
- No member shall be eligible for another loan until he/she has repaid one quarter of the total loan.
- "Now borrowing from JPOL is as easy as 1, 2, 3
1. No qualifying time OR qualifying shares required for collateral loans.
2. Two months moratorium (payment holiday) on NEW collateral loans
3. Get up to ten years to repay Home Equity Loans
Conditions Apply
- Members who are temporarily employed with no other source of income may borrow:
- Within their savings
- Above their savings, if the loan is guaranteed by a third party.
APPLICATION FOR LOANS
All applications for loans must be made on prescribed forms provided by the Credit Union, setting out purpose, security, ability to repay and any other information that may be required from time to time.
- Apply ONLINE for a secure loan. Secured Loan Application
(PDF Download)
Click here for the Un-Secured Loan Application Form (PDF download)
Click here for the Co-Maker Application Form (PDF download)
Click here for the Fast Track Loan Application Form (PDF download)
Click here for the Unsecure Loan Application Form (not available) (PDF download)
DOCUMENTATION REQUIRED FOR LOANS IN EXCESS OF SHARES
- Proof of ownership of security
- Proof of business (registration certificate, article and memorandum, last annual returns receipts, last audited accounts or original records)
- Income and Expenditure Statement
- Estimate or pro-forma Invoice
- Last two pay slips or letter from employer/s
- TRN
- Identification (National I.D., valid passport, drivers licence, identification from known employers and the Credit Union I.D.)
- Any other supporting document required from time to time.
See the full list of documentation required for processing loans in excess of shares. Click Here
The members total loan payment to all creditors shall not exceed 40% of his/her monthly gross income.
Members with additional income (business) must provide documented evidence of this via audited Financial Statement in addition to Bank Statements. For members with a second job, their last three salary slips and job confirmation letter from employer must be supplied.
DEBT SERVICING RATIO
After calculation of total indebtedness, the member must be left with a disposable income of 25% of gross income. If this is not so then the loan will be reduced to what the member can safely afford to pay back and still have the required disposable income.
MEMBERS AS CO-MAKERS
Guarantors and Co-makers are jointly and severely responsible with the principal borrower, for the TOTAL LOAN and such responsibility remains, until the loan for which he/she is a Co-maker or Guarantor is fully repaid
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