FAQS


Can I join any credit union in Barbados?

Membership in a credit union is normally determined by workplace, geographical location , social or professional group.  Each credit union specifies who is entitled to join in its charter.

How large is the credit union family?

Worldwide there are in excess of 100 million credit union members.

What happens if I die before my loan is repaid?

Your loans up to an amount which is determined by your credit union, are insured, therefore if you die before you have repaid your loan it will be repaid by insurance.  (Conditions apply).

Can I withdraw my savings while I am repaying my loan?

Only savings that have not been used as security for a loan can be withdrawn.

Why must I give collateral when I want a loan?

Collateral is required only when you are borrowing more than you have in shares or savings in your credit union.  It is used as security against delinquency. Remember, when you borrow more than you have in your account, you are really using other members' savings.  The credit union has to secure their savings.

How much can I borrow from a credit union?

It depends on the lending policy of your credit union.

Can I borrow immediately after I become a member of a credit union?

This is determined by the lending policy of the credit union of which you are a member.

How old must I be to become a credit union member?

You must be at least 16 years of age.  Deposits can, however, be accepted from persons under the age of 16 years.


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Contact Us

Barbados Co-operative & Credit Union League Ltd.
1st Floor, Co-operators General Insurance Building
Upper Collymore Rock, St. Michael, Barbados

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Tel: 246-429-7075
Fax: 246-436-5848

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