FND ENTERPRISE CO-OPERATIVE CREDIT UNION
December 11th, 2017

Do I have to be a member to get a loan from FNDECCU?

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.

What payment options do I have?

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.

Can FNDECCU deduct my monthly loan payment from my account automatically?

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.

Can I refinance my vehicle loan from another institution with FNDECCU?

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.

How long is the loan approval process?

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.

Do I have to make an appointment to apply for a loan?

No. Members can complete the online application then make the appointment with the loan officer for processing.

If I am approved for a loan is there a deadline in accepting the offer?

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.

How soon after approval will first payment due?

30 days after first disbursement. The member can decide to pay first installment or any installment thereafter earlier.

Does FNDECCU offer unsecured loans?

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.

What types of security are accepted for loans?

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.

What if I apply for a loan then decide I want to cancel the request?

Cancellation of a loan application is allowed prior to disbursement of funds. There is no charge.

Is the interest rate for new and used vehicles the same?

Yes. A lower interest rate can be offered based on the amount given as security deposit.

What would happen if my payments are late?

The account will be charged a flat rate of $20.00 plus 17% Government Tax (VAT), per month.

When does a loan become delinquent?

1 day after payment is due. The account will be in arrears until all outstanding payments, and resulting fees, are paid.

What is the shortest time period to repay a loan from FNDECCU?

A loan can be repaid 1 day after funds are disbursed.

How does the Technical Assistance work?

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.

Is it a must that I take it?

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.

Are there any charges associated with Technical Assistance?

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


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