Pay Day Loan

General Terms and conditions:

  • This loan is a special one, separate from the regular loan
  • The life of the loan is 30 days.
  • The maximum that will be granted is $25,000 or 35% of the members net take home pay, which ever is less.
  • These loans are character loan i.e. no collateral is needed.
  • A minimum equity of 10% of loan limit to be held on members shares.

How to Qualify

  • Be a member of the Portland Co-op Credit Union
  • Save regularly for at least 4-6 months
  • Be gainfully employed, earning enough to comfortably afford the loan repayment

Documents required for loans

  • Valid identification (passport, drivers license, national ID)
  • TRN
  • 2 passport size photograph certified by Justice of the Peace
  • Letter of employment
  • The last 3 pay slips