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


Vehicle Loans

NO Deposit Down Promotion

For our members in the market for a Vehicle Loan on a new, used or refinanced vehicle - we are offering a NO Deposit Down product for you with rates as low as 7.5%. Experience greater affordability with No Upfront Deposit! Special conditions apply. Applicants will be subject to the usual eligibility criteria.

Apply today at www.bpwccul.com\vehicleloan

Our usual requirements for new and used vehicles.are:

New Vehicles

  • an invoice from garage/letter from vendor confirming purchase price s well as details of the vehicle. Details at minimum shall include:
    • engine & chassis numbers or or Vehicle Identification Number (V.I.N)
    • year, colour and model of vehicle
    • confirmation of comprehensive insurance coverage from an Insurance company.

Used Vehicles

  • A letter of certification of ownership from the vendor confirming that the vehicle is free from prior charges, loans, judgements; or where the vehicle is encumbered or subject to an existing loan, confirmation of balances should be provided.
  • Confirmation in writing from the vendor of the purchase price of the vehicle
  • Confirmation of payment of comprehensive insurance or coverage of third party insurance or quotation for insurance premium if it is to be considered as part of the loan
  • A valuation report not more than three (3) months old from an authorised dealer
  • An up-to-date Road Worthy Certificate from an authorised dealer
  • A current Insurance Cover Note in the name of the seller or current Insurance Certificate
  • A letter from the seller confirming the intent to sell and the price.

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.


Alternatively, you can make a one-time application for a Motor Vehicle Line of Credit to cover insurance and road tax expenses year after year. As your insurance premium decreases, you can use the extra credit for other vehicle related expenses. The interest rate on this is 15% with an eleven month repayment term. On application, you will need to submit a quote for insurance coverage.

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 licence, copy of invitation, official letter from church, detailed 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

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 only available during July - August and November - December respectively. 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. The maximum repayment period for these facilities is 24 months.

Unsecured Lines of Credit
With a minimum of $250 in ‘free’ savings on your account, you may apply for an unsecured line of credit. The maximum shall be three times your gross monthly salary or $20,000 whichever is less. The table below shows savings requirements by limit:

Free Savings Required

 Credit Limit       
$250
up to $2,500
$500 $2,501 - $5,000
$750 $5,001 - $7,500
$1,000 $7,501 - $10,000
$1,500 $10,001 - $12,500
$1,750 $12,501 - $15,000
$2,000 $15,001 - $17,500
$2,500 $17,501 - $20,000

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 with a letter from the Administrator of their Pension Plan or a copy of the most recent pension cheque and 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 $3,500 for residential loans and $5,000 for commercial loans.  Mortgage applicants also must maintain a minimum primary share balance of $500 and save a minimum of $50 per month. Once your mortgage has been repaid in full, the entry deposit is returned to you—with interest.