Loans

What is the purpose of a loan?

A loan is legally defined as a written agreement for the temporary transfer of goods and services (particular money) from one called the lender to the borrower (one who requests and receives the cash/ goods). A loan is given based on the premise it is to be returned or repaid according to the terms of the agreement, usually with interest for its use. Police Credit union loans are  further classified into specific categories such as consumer, commercial, and industrial loans, construction, mortgage loans, and secured and unsecured loans.

Loan FAQs
Am I eligible for a loan?
  • All members who have held Membership with the TTPCU for a minimum of six (6) months shall be able to utilize the loan facilities in excess of his/ her share savings.

**With the exception of Christmas/ Share Incentive Loans. No waiting period is necessary to access either of these loans.

  • New members will not be eligible for any loan exceeding his/her membership until 6 months
  • Members must be in good standing and not be arrears or have any delinquent payments after obtaining any other loans via TTPCU.
What are the requirements for accessing loan services?
  • Be a member not less than 6 months prior to seeking loan
  • 2 Valid forms of Photo Identification
  • Pay slip (not more than 1 month old)| persons who are self-employed proof of income
  • Proof of current mailing address
  • Completed and signed loan application form
What is the procedure?
  • Original documents must be submitted upon request in support of application
  • Attend an interview as requested by Credit Committee or Loans Officer (lasting approximately 30-45 minutes)

Loans that We Offer:

Soft Loan

In the event of emergencies the Police Credit Union may offer a soft loan up to a maximum of $5,000.00 on any one application per member.

Repayment Period: 6 months (loan amount for $3,000)

Repayment Period:  9 months (loan amount for $5,000)

Service Charge: 10% (onetime fee)

Credit Committee Loans

This is a loan granted twice the amount of the member’s share capital

Vehicle Loan Plan

This loan offers financing for new and used vehicles up to a maximum of $300,000.00. The loan is payable up to 7 consecutive years which is dependent on the age and value of the vehicle being purchased.

New Vehicles – 10% down payment

Used Vehicles – 20% down payment

Members also have the option to include the cost of Full Comprehensive insurance coverage.

Repayment Period: 84 months/ 7 years

Interest Rate: 9% on the reducing balance

Share Incentive Loans

Share Incentive Loan

The purpose of this loan is to assist our membership in enhancing their Wealth creation drive, while providing them with cash resources. With a maximum loan amount of $20,000.00, members will be able to grow their savings with 60%  of the loan being placed onto their Share Account and 40% paid in cash or onto your LinCu Debit Card Account.

Repayment Period: 24 months

Service Charge of 12% per annum is levied upon this loan plan.

Every member is eligible to access the loans on this plan once he/ she satisfies the following criteria:

  • Applicant’s account must not be in arrears
  • Must not have liquidated loan balances within the last 6 months due to inability to meet commitments)
  • Must show ability to repay the loan within a 24 month period.
Vacation Loan

This loan can assist members with his/her travel expenses. The maximum amount of the loan is $40,000.00. Members can access this loan whether their vacation is locally, regionally or internationally. Book your flight and submit your itinerary today!

Repayment Period: 30months

Interest Rate: 9% per annum

Budget Loan Organizer

This loan is designed to take care of all your recurring annual expenses. Once approved, your Credit Union will pay all your bills directly to the specific company/ Utility Corporation when the bill becomes due, such as Motor Vehicle Insurance, Water Rates and Tuition Fees. All your yearly bills can be paid for any value!

Repayment Period: 12 months

Interest Rate: 10% service charge

Christmas Loan

This loan is to assist our members during the Christmas season in meeting their miscellaneous expenses. Our Christmas Loan becomes available from the first week in November.

       – Maximum amount to be loaned to any one applicant is $20,000.00. No more than one application per member will be processed during this loan period.

       – Repayment of this loan is up to a maximum of 12 months, where the first payment begins 31 December.

       – Restrictions – members who obtained a Christmas Loan in the preceding year    and lapsed in payment will not be eligible.

Members would not be allowed to liquidate (from shares) this loan less than 6 months from the date of first payment.

Repayment period: 12 months

Interest Rate: 8% per annum

Consumer Loan

This Loan serves as a Credit Facility to all our members wishing to purchase Consumer durables at any of our branch locations.

The maximum amount to be granted is up to $30,000.00 and no security is required.

Eligibility for this loan

Be a member of the Police Credit Union for not less than 3 months. Loans that are in excess of $20,000.00, a member shall have a share savings value of no less than $5,000.00.

Repayment – Up to a maximum of 48 months

Rate of Interest is levied at 1% monthly on the reducing balance via instalments

Education Loan

The core function of this loan is to provide members with access to immediate cash for fees, book and school supplies to assist in funding their children’s and their own educational demands.

Eligibility – members must be in good standing and accounts must not in be arrears or have delinquent payments for re-payment of loans granted prior to 6 months.

Maximum amount to be loaned is $15,000.00 of which must be disbursed by LinCU card for easier access.

Repayment terms are up to 24 months if the value is over $5,000.00| 12 months if the value is less than $5,000.00

*No security is required to access this loan.

Repayment period: 24 months

Interest Rate: 12% on reducing balance

Back Pay Loan

Invest your hard earned Back Pay into your Share Account and earn great returns on dividends PLUS get an INSTANT loan up to TWICE your new share balance. This targets ALL members who have received back pay from negotiated wage agreements/ settlements.

Get up to a maximum of $100,000.00 with your Back pay

Requirements

Members must have at least 6 months membership

Minimum Share capital of $1,000

Proof of receipt of Back pay

**Members would not be allowed to liquidate (from shares) this loan less than 6 months from the date of first payment.

Repayment period: maximum period of 60 months

Interest Rate: 9% per annum/ 0.75% per month on the reducing balance

Build Your Wealth Investment Plan

Expand your wealth by buying and owning IPO (Initial Public Offering) shares of stock in companies and make great investments today! Expand your wealth by buying and owning IPO (Initial Public Offering) shares of stock in companies and make great investments today!

Maximum Loan amount $50,000.00

No collateral needed

Repayment period: maximum period of 36 months

Interest Rate:  0.75% per month on the reducing balance

How do I get started?

Step 1

Open an account with Bourse Securities Ltd. No fees attached!

Please walk with

2 valid forms of ID, one of which MUST be your Passport. If Passport is not available, submit a computerized Birth Certificate

Recent Utility Bill (in your name) as proof of Address

Bank Account No. and a recent bank Statement 

Step 2

Wait until the IPO has been issued

Step 3

Once the IPO has been issued, come into any one of our branches to process the Build Your Wealth Investment Plan loan application.  

Step 4

Return to Bourse Securities Limited for purchase of shares equivalent to your loan amount**

Step 5

Dividends will be issued by the company and disbursed to your bank account!

That’s it! Watch your wealth accumulates!

** Purchase of shares are based on availability on the market

** Bourse Securities is the only appointed Brokerage firm for the TTPC Investment plan.

**Unused loan disbursement is to be returned to TTPCU.

** For T&T citizens ONLY

Normal lending criteria applies

Speak to any of our loans officers for more info today!

Bourse Securities Limited Offices:

#6 Gallus Street Woodbrook | 628-9100/ 221-7100

2nd Floor, 23 Mulchan Seuchan Road, Chaguanas

27 Independence Avenue, San Fernando