Make the Barbados Public Workers' Co-operative Credit Union Limited your first choice for consumer loans, personal loans, and mortgages.


Vehicle Loans
We offer vehicle loans for new and used vehicles. Requirements are:

• an invoice from garage/letter from vendor confirming purchase price
• a valuation report/details from vendor including engine & chassis number or
• vehicle identification number (VIN), year, make and model of vehicle confirmation of comprehensive insurance coverage from an insurance company.

Vehicle Repair & Insurance Loans
If you need a loan for vehicle repairs, an estimate of expenses to be incurred is required. For a loan to cover vehicle insurance, an invoice from the insurance company is required.

Personal Loans
We also offer a variety of personal loans to fit your every need. Following are the different categories of loans and the required documentation that you need in order to apply.

• Education: letter of acceptance from the institution & estimate of expenses/cost
• Medical: letter/quotation from doctor/hospital
• Funeral: invoice from the funeral home
• Wedding: marriage certificate/letter from church/ estimate of expenses
• Travel: travel itinerary/ticket
• Furniture/Appliance: quotation/pro forma invoice from store
• Debt Consolidation: all current bills/statements showing balances to be paid

Equity Investment Loans
Loans are also granted to purchase shares, stocks or bonds. The certificates for these instruments will be used as security for the loan once granted. The application to purchase any one of these instruments is required with the submission of the loan application.

Business Loans
Requirements for business loans are as follows:

• Banker’s report
• Copies of Financial Statements for the last three years
• Cash flow and Profit & loss Projections for the next three years Business plan and/or feasibility study (where applicable)

Reports must be authenticated by an appropriately qualified professional.

Home Equity Loans and Lines of Credit
Use the equity in your home to secure a loan to improve/maintain your property, travel, pay for education or consolidate debt. A recent valuation of the property, a copy of the land plot, and documentation supporting the reason for the loan are required.

You also have the option of a loan for one time use or a line of credit which can be used again and again.

Seasonal Lines of Credit
The Back-to-School and Christmas loan facilities are available during specific seasons of the year. The Land Tax L.O.C, however, is available throughout the year based on the member’s specific land tax payment dates.

These are revolving lines of credit, which means that you only apply once and as long as your payments are up to date, the facility is re-opened as the season comes around without you having to re-apply.

Unsecured Lines of Credit
With a minimum of $120 in ‘free’ savings on your account, you may apply for a spending limit of three times your gross monthly salary or $20,000 whichever is less. This Line of Credit is quite popular because it works just like a credit card with a few exceptions. With our line of credit there is:

• a larger limit
• a lower interest rate than that paid on credit cards

Share Secured loans
Our share secured loans allow you to leave your savings in place and continue to earn dividends and interest on them while using them to fully secure your loan.

Real Estate Loans
When it comes to buying or building a home, refinancing your present home or using some of your home’s equity, choosing the right loan can make a big difference to your future. The Barbados Public Workers’ Co-operative Credit Union Limited has a variety of loans to suit your specific needs.

Self Employed/Retired Persons (special conditions apply) Applicants in this category are required to provide proof of income substantiated by bank statements.

Mortgages
When choosing The Barbados Public Workers' Co-operative Credit Union Limited for your mortgage there are:

• no negotiation fees
• no commitment fees
• no early payoff penalties
• no hidden costs

Payments are made on the reducing balance and you are allowed to build to a habitable stage, making our mortgage even more flexible.

All mortgage applicants are subject to a minimum entry deposit of $1,500 for residential loans and $3,000 for commercial loans and must have a minimum primary share balance of $500. Once your mortgage has been repaid in full, the entry deposit is returned to you—with interest.