HOUSEHOLD FURNITURE AND APPLIANCES LOAN
A furniture loan will be granted to assist persons, who wish to purchase furniture up to a maximum value of $60,000.00. The member must save a minimum of $5,000.00 in his/her share account before applying for this loan. Further he/she will be required to take out a Golden Harvest Account, saving a minimum of $1,000.00 each for at least 24 months in this account, in addition to $300.00 in shares. Only new furniture from a reputable company will be considered.

APPLIANCE, FURNITURE, & COMPUTER LOANS.
All loans approved for the above purposes or using same as security, member will be required to take out a Golden Harvest account with a minimum saving of $1,000.00 per month. In addition, a minimum of $1,000.00 shall be saved in the shares account and $500.00 in the ordinary deposit.

Real Estate Loan:

1. Real Estate used as collateral for Loans must be fully insured.
2. Where the value of the land (separate from the total value of the real estate) is adequate to secure the loan, the requisite insurance may be excused. This is left to the discretion of the Credit Manager or the General Manager.
3. Loans may be approved for construction purposes where the current equity in the property is not able to consummate a loan. This will only be approved based on the projected value as stated by the valuator in conjunction with a bill of quantities, approved plan and other documents which may be required. See our list of approved real estate valuators HERE.
4. For building loans, the requisite insurance will be instituted. Stage payments will be done based on site inspection and receipt of a bill of quantities from a certified quantity surveyor. All cost associated will be borne by the applicant.

Police Federation Loan:

1. This is a joint loan between the Credit Union and the Police Federation, where a pool of funds is deposited at the Credit Union to be used as collateral for loans to members of the Federation. The risk of the loan rests with the Federation; consequently disbursement will only be done upon receipt of a referral letter from the Federation and proof of income. The maximum loan term shall not exceed eighteen (18) months.
2. In the second instance, a maximum loan of $250,000.00 can be made available to members of the Federation for deposit or closing cost associated with the acquisition of real estate. An interest rate of 6% will be applied and the loan will be amortized over a three year period. Individual applicants can access the maximum amount of $250,000.00, however two members may opt to combine and can receive a maximum of $400,000.00. The Credit Union will apply a one percent processing fee to this loan.
3. The above facilities are revolving loans; consequently disbursement is based on the availability of funds.

SPECIAL LOAN

This is a special facility that is open to the members who have saved above the required saving, and which saving is not required as security for the loan, they will be allowed to borrow up 80% of this saving. This facility is only opened to members who have exhausted the present $1M ceiling, and demonstrate the ability to repay and can provide adequate security.

GENERAL

1. All loans to members under seventy (70) years of age are automatically insured in accordance with the CUNA Mutual Policy up to a maximum of $600,000.00, while savings is insured up to a maximum $150,000.00.
2. The Jamaica Police Co-operative Credit Union limited shall have a lien on Shares, Deposits, and other Savings of a member, (except for accounts for which he or she is Trustee) for any sum due to this Credit Union from the said member, or for any loan endorsed by the member. In case of default, the Credit Union may apply any sum credited to the member's Shares, Deposit and other Savings in or towards payment of any such debt.
3. When loans are granted for the purchase of goods and services (motor car, furniture, repairs, etc.), the cheque will be made payable to the suppliers of such goods and or services. However discretion can be exercised, where the circumstances so require.
    
4. The monthly repayment for loans in excess of the insured amount of $600,000.00 shall include an amount to the Golden Harvest savings plan for a period not less than the life of the loan. The policy will be assigned to the Credit Union.
5. If a Golden Harvest is not instituted, then a Life Insurance Policy for a face value equivalent to the risk must be assigned to the Credit Union.

UNSECURED LOAN:

Unsecured loans may be offered to members who are in good standing with the Credit Union. Such loans include Education, Demand, X-Mas Brawta, Home Master and Easter Egg loan facility respectively.

EDUCATION LOAN:

An Education Loan facility is available to members in good standing. This facility will not exceed a maximum payout of $100,000.00, with a repayment term not exceeding 12 months. Members are required to submit their applications with proof of the educational expense. This loan is not renewable until the entire amount is repaid.

DEMAND LOAN:

1. Under this facility members will be allowed to apply for a maximum unsecured loan of $60,000.00, for a period not exceeding twelve (12) months at a rate of 28% per annum. This facility will be revolving; therefore disbursement will be dependent on the availability of funds in the pool and the status of the entire unsecured portfolio (Other conditions apply*).
2. This facility will cover the purchase of furniture and appliances, computers, firearm and domestic expenses.
3. In the second instance, a maximum unsecured loan of $250,000.00 can be made available. This facility will be prudently managed and can only be approved by the General Manager.

X-Mas Brawta:

1. A seasonal loan offered between November and December of each year. The maximum loan amount is $100,000.00 with a repayment period of twelve (12) months.
2. A minimum of $5,000.00 should be maintained in the share account (other conditions apply*).

HOME MASTER LOAN:

The Home Master -combined mortgage plan (JPCCUL and VMBS)
For full details Click here.