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Documents needed for loans

Loans are provided for purposes as outlined in the loans Policy. 

Loans secured by furniture

Used Furniture (1-4 years old)
Proof of purchase (Hire purchase agreement) Final Payment Receipt

New Furniture
Invoice from store showing cost of items.

A bill of sale on the items will be taken out and all cost paid by the member. Furniture security is not a preferred option but may be considered.

Loans secured by Life Insurance Policy

Statement of accounts from Insurance Company showing the cash surrender value. The insurance policy will be lodged with and assigned to the Credit Union.

Car Loans
   

New Cars

	Invoice from garage
	Quotation from Insurance Company (full compre­hensive insurance).

Used Cars

	Valuation on vehicle from a recognized dealer
	Quotation from Insurance Company (full compre­hensive Insurance)
	Letter of sale from owner

A bill of sale will be taken out on the vehicle and all cost paid by the member.

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Loans To Acquire Land

	An agreement of sale from the Vendor/Attorney at-Law.
	Copy of the plot of land
	Valuation on land by a licensed valuer.

A legal mortgage will be used as security and all related fees paid by the member.

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Home Purchases

	Valuation on property/house
	Agreement of sale from vendor
	Life Insurance Policy
	Insurance Coverage on house

Legal/chattel mortgage will be used as security and all related fees paid by member

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Home Construction

	Title documents for land
	Approved plans from Town and Country Planning Dept.
	Valuation on property by licensed valuer
	Builder's quotation
	Life insurance policy
	Insurance coverage on property

Legal mortgage on property. Fees paid by the member.

In the case of a chattel house, a letter from the land owner if other than the borrower, will be required giving permission to build and remain on the land for at least the duration of  the loan.

For Construction, funds will be disbursed at specified stages of the construction.

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Consolidated Debts

Letters/Statements from the Creditors should be pro­duced.

Cheques will be written to the Creditors.

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Business Loans

A complete business plan covering at least three (3) years should be submitted to the Credit Union. This should include an income and expenditure statement and balance sheet

Security must be provided

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Additional Information

Security will normally be required for all loans in excess of savings.  However, those members who have established regular and untarnished savings and/or repayment patterns may benefit from an unsecured loan.

Estimates will be required for home repairs, home improvement, funeral expenses, travel confirmation, wedding expenses (if available), medical expenses and educational expenses.

Loans in excess of $5,000 of savings will be submitted to the Credit Committee for consideration.

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