Yes. Before applying for a loan at FNDECCU, you must qualify for membership and open a share savings account with a first deposit of at least $10. There is a 3 month wait period before you can apply for any personal type loan.
Payments can be made through direct salary deduction authorized standing order from another financial institution, direct salary deposit to savings account and payment will be automatically transferred to the loan.
Yes. We can set up automatic transfer from your savings account. Payroll deduction can be made monthly or biweekly on the 1st and 15th of each month.
Yes. You can apply for a refinance with FNDECCU at any time. We will set up the loan on your FNDECCU account and send a check for the payoff amount directly to the financial institution that was financing your loan. You can also refinance a loan that you have with a dealership.
The usual response time is 3 to 5 working days. However, the application to approval process varies based on the type of loan and the amount the member hopes to borrow. The length of the process is also dependent on the member submitting relevant documents in a timely manner.
No. Members can complete the online application then make the appointment with the loan officer for processing.
Yes. Funds must be accessed within 60 days of approval. However all fees and repayment plan (salary deduction, fees, etc) must be in place prior to drawdown of funds.
30 days after first disbursement. The member can decide to pay first installment or any installment thereafter earlier.
Yes. Unsecured loans are called character loans. These are given mainly on the member’s willingness and ability to pay. However, a minimum input of 20% is required. For example: a loan request for $100,000.00. The member is required to have at least $20,000.00. The loan amount would then be $80,000.00.
Members are encouraged to use some their investments as securities. This allows the member to continue saving which using credit to improve their financial position. Certificates of Deposits, permanent share, property, life insurance and cash are all acceptable security. If members do not have any security then a co-signer or guarantor is required.
Cancellation of a loan application is allowed prior to disbursement of funds. There is no charge.
If I have a large saving balance will it affect the interest rate I receive on a loan? Will it impact my chances of being approved for the loan?
Yes. However, only fully cash-secured loans attract the lowest interest rate.
Yes. A lower interest rate can be offered based on the amount given as security deposit.
The account will be charged a flat rate of $20.00 plus 17% Government Tax (VAT), per month.
1 day after payment is due. The account will be in arrears until all outstanding payments, and resulting fees, are paid.
Does FNDECCU have affiliate relationships with any auto dealer for special discounts if finance is requested through them? Can I receive an application form from those dealers?
A loan can be repaid 1 day after funds are disbursed.
Technical Assistance is basically business advice provided to members receiving business loans. Assessment of a business to determine if assistance is warranted is done through regular visitations and discussions with a Loan/Project Officer. The assistance is designed support the development and success of a new or existing business by building capacity in that business in specialized areas. Focus of such assistance will be based on the FNDECCU’s appraisal of the borrower or the borrower’s expressed desires for assistance in specific areas.
The service is made available to all members. Members applying for business loans incur a Technical Assistance fee. We therefore recommend that members make use of the resources available to them.
A small fee applies based on the amount of the loan and the level of assistance anticipated as per an appraisal by the Loans officer. Fees range from $100.00 to $500.00