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