MARIGOT CO-OPERATIVE CREDIT UNION

Loans

About Your Loan As A Member

Can you imagine what it would be like if there was no means of obtaining money to finance all the things that makes life comfortable? Imagine how long it would take you to save enough money to purchase a vehicle, pay for your education, pay medical bills, start a small business or build your dream house. Obtaining a loan is very helpful to start building your dreams; however you have to be careful in your decision.

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Choose the right lender, or better yet, choose the lender in which you are part owner of their business! Choose your Credit union; The Marigot Credit Union. To obtain a loan, you must be a member. Having only one share of fifty dollars ($50.00) makes you a member, part owner and eligible to obtain loans; this along with other requirements stipulated in the loan policy.

With a MCCU loan, the possibilities are endless! There is a loan for just about anything. With all the loans available, you will be able to purchase anything you need. Once you have obtained your loan, a relationship is created between you and your Credit Union. An agreement is made for you to repay the loan in installments every month or according to your pay period.

Please honor the trust that the Credit Union has established in you, by honoring your commitment to repay your loan. Every loan has its risks, and sometimes life presents unforeseen and or unavoidable situations which may prevent you from being able to repay your loans; nevertheless you should contact your Credit Union immediately if such a situation arises. This may cause your loan to become delinquent. Delinquency negatively affects your credit rating and creates a negative impact on the Credit Union. It is only when you repay that the Credit Union is able to lend to others; a true reflection of the credit Union's philosophy of "People helping People"

So become a member today and take advantage of all the loans that are available. You will be helping yourself as well as someone else and in the process you will be sustaining the Marigot Credit Union for your children, grand children and generations to come.

Mortgages

Are you thinking of building your dream home? Make that dream a reality! At the Marigot Credit Union, we offer attractive mortgage rates of 8.00% for up to 30 years repayment.
Benefits
  • Interest is charge on a reducing balance
  • Low Interest rate of 8.00%
  • No Penalties for early pay off
  • Easy Negotiations and very low negotiation fees
  • Up to $80,000 Cuna Insurance Coverage
Requirements
  • 5 % Deposit to Savings (overseas members 15%)
  • Proof of Income (overseas members, two years income tax statement)
  • Approved building plans
  • Cost and estimate from builder
  • Builders Contract
  • Certificate of Title of Property
  • Valuation of Property
  • Insurance coverage for excess after Cuna

Vehicle Purchase

photo When the need of vehicle arises, come to Marigot Co-operative Credit Union, to discuss the best plan for you.
Benefits
  • Easy negotiations
  • Resonable repayment period and Installment
Requirements
  • Must be a member
  • 20% deposit on savings
  • Vehicle should not be older than 10 years
  • Proof of income
  • Full comprehensive inisurance coverage

Repossessed Vehicle For Sale!

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Travel

After all, you need to enjoy yourself! Whether for business or pleasure, we are here to help you care for your travel expenses.
Benefits
  • Easy negotiations
  • Easy repayments up to 24 months
Requirements
  • Must be a member
  • Proof of income
  • Froof of travel arrangments
  • 10% deposit on savings
  • Collateral to cover request
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Business Funding

Start a small business and succeed with a Business Loan from the Marigot Credit Union. Small business is the seed that grows into a vibrant economy.
Benefits
  • Pride of owning your own business
  • Being your own boss
  • The assistance needed to succeed
Requirements
  • 5 % Deposit to Savings (overseas members 15%)
  • Proof of Income (overseas members, two years income tax statement)
  • Must be a member
  • 10% deposit to savings
  • Business Plan
  • Collateral to secure loan

Education & Professional Financing

Education is a vital aspect for development. Members can access education loan at the Marigot Credit Union on behalf of themselves or their children at resonable installments.
Benefits
  • Better education means better society
  • More opportunities for advancement
  • Easy negotiations
  • Extended repayment period
Requirements
  • Must be a member
  • 10% deposit to savings
  • Proof of income
  • Ability to service debt whiles persuing education
  • Certificate of Title or Guarantor
  • Proof of acceptance to school of learning
  • Costing

Medical Coverage

Treating an illness can be very distressing, especially if you dont have the money for it. Well dont worry, we are here to help you. Our medical loans makes it easier for you take care of the expected medical cost and emergencies.
Benefits
  • Less worried about settling medical expenses
  • Peace of mind that helps with recovery
  • Less burden on family members
  • Medical expenses are cared for in advance of an insurance settlement
Requirements
  • Must be a member
  • Must have a written costing from a Medical Professional
  • For insured members: copy of health policy
  • 10% of cost
  • Proof of income
  • Certificate of Title or Guarantor
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Debt Consolidation

Don't drown in debt. Let's help you manage it. We offer debt consolidation and refinancing.
Benefits
  • Peace of mind
  • Affordable repayments
  • Better credit record
  • Opportunity to advance
Requirements
  • Must be a member
  • Credit report from creditors
  • Proof of income
  • 10% security deposit
  • Collateral to secure consolidated figure

Domestic Loans

There is always something needed to make your home a bit more comfortable. Whatever that need is, have it satisfied with a Domestic Loan.
Benefits
  • Lower interest rates than higher purchase agencies
  • Affordable repayment periods and installments
  • Repeated borrowing is possible for additional domestic expenses
  • Loans can be granted base on members Character
Requirements
  • Must be a member
  • 10% deposit on savings
  • Performa invoices or bills
  • A good savings record
  • Proof of income
  • In some cases, a Guarantor maybe required

Agriculture Loans

One of the main contributors to Dominica's economy is the Agriculture sector. We love our farmers, and take care of their financial needs.
Benefits
  • Farmers can access facilities with resonable interest rates
  • Easy repayment terms
  • Grace and/or monitorium in the event of disaster or crop lost
Requirements
  • Must be a member
  • 10% deposit on savings
  • Title of property or lease agreement in the case of land rental
  • Farm plan
  • Proof of market of produce
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Pay Day Advance

At times we get jammed half the month, short of cash to care for basic needs, we will help you pull through. Take a Pay Day Loan. Maximum Cash given $500.00
Benefits
  • Easy to negotiate
  • Helps you through a Jam
  • Releases stress
  • Easy to repay
Requirements
  • Must be a member
  • Must have a savings
  • A good repayment record
  • Proof of income

Ezee Cash

This is a special loan product offered to facilitate members with no form of security. This loan is given at a rate of 20% for a maximum period of 18 months from EC$500.00 to EC$5000.00.
Benefits
  • No security needed
  • Get your Cash the same day
  • Hassle Free
Requirements
  • Needs to have an account
  • Needs to be a member
  • Needs to be permanently employed
  • Need Job Letter and Salary Slip
For more information, please contact our Loans Department.