Debt Consolidation Loan
Terms
- Minimum contribution towards Shares – $250.00
- Direct salary Deduction
- Member must be permanently employed
- Standing Order (member should provide 6mths bank statement)
- Settlement of 1 Credit Card
- Settlement of existing loans with other Credit Unions or financial institutions
- Consolidation of two or more loans with TATECO (POS) Credit Union
- No other types of loans can be entertained within 12 mths
Maximum loan amount & repayment period
- Maximum amount $100,000.00
- Repayment as per amortization schedule
Debt service ratio
45%
Interest rate
11% per annum on straight line
Ratio
3:1