What documents do I need when applying for a loan?

The Barbados Public Workers’ Co-operative Credit Union offers affordable financing to our members so that they can best achieve their dreams and aspirations. In addition to the specific requirements outlined in each category on this page, members are asked to present the following documents when applying for any of our loans:

  1. Two (2) forms of valid photo I.D. (Barbados I.D. card, Passport, Drivers’ License)*
  2. Two (2) most recent pay slips (not older than two (2) monthly payment periods)*
    • Paid monthly – 2 payslips ,
    • Paid  Semi-monthly – 4 payslips,
    • Paid weekly – 8 payslips
  3. Job Letter*
  4. Proof of address - Utility bill (Barbados Water Authority, Barbados Light & Power, Natural Petroleum Corporation, Landline bills for Flow and Digicel, Courts, Massy and Cave Shepherd are acceptable) or Bank statement in your name.*
    Where the proof address is in someone else name, then proof of address certified by a Justice of the peace is also acceptable.
  1. *Pay slips, Job letter and Proof of address must be no older than three (3) months.

Do note that the Credit Union is unable to process applications that do not have these documents.

Vehicle Loans

We offer vehicle loans for new and used vehicles. Requirements 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.

 •  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.


Click here for additionally required documents

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. On application, you will need to submit a quote for insurance coverage.


Click here for additionally required documents

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 license, 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
  • Home Improvement: for loans in excess of $10,000 – signed estimate from recognized retailer, permission from property owner and Land Tax Bill (if applicant is not the owner) and/or evidence of ownership
  • Insurance and Land Taxes: invoice from insurance company or Land Tax Department


Click here for additionally required documents

Student Loan

Whether you are looking to study full-time or part-time, our flexible student loan facility will relieve you of your financial burden leaving you free to focus on your future.  All applicants must be members of the Credit Union.  Requirements for loan application are as follows:

  • Deposit of a minimum of 5% of the loan amount required
  • Acceptance letter from the institution of choice
  • Proof of income
  • Documentation to confirm cost of study and payment plan
  • Transcripts from the educational institution


Click here for additionally required documents

Home Equity Loans

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.


Click here for additionally required documents

Green Energy Loan

Our Green Energy loan facility can be used to fund any renewable energy, energy efficiency and sustainability projects such as but not limited to:

  • Solar Photovoltaic Systems
  • Water Tank and Pump System
  • Energy Saving Blubs

Some benefits when investing in some renewal energy products:

  • Receive tax allowances
  • Save in the future
  • Support a more sustainable future


Borrow the minimum amount of $500*

Maximum repayment period of 20 years.*

Special terms and conditions apply*


Click here for additionally required documents

Seasonal Lines of Credit

The Back-to-School and Christmas loan facilities are only available in specific months during the year. Stay tuned to our home page and social media for updates. 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.


Click here for additionally required documents

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

up to $2,500

$2,501 - $5,000

$5,001 - $7,500

$7,501 - $10,000

$10,001 - $12,500

$12,501 - $15,000

$15,001 - $17,500

$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


Click here for additionally required documents

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.


Click here for additionally required documents

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.


Click here for additionally required documents

When choosing The
Barbados Public Workers' Co-operative Credit Union Limited
for your mortgage we are pleased to inform you 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.  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.


Local applicants

All local mortgage applicants are subject to a minimum entry deposit of $3,500 for residential loans.  They must also 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 and all funds saved.


Overseas members

We also facilitate mortgages for members who reside overseas and are looking to purchase a property in Barbados. Overseas members are required to make the following deposits prior to processing of
the mortgage:


BBD$4,000 as qualifying shares*

10% of the total loan amount*

Six (6) months loan payments*


*These funds are held for the duration of the mortgage.


  • Online Banking

This is where you belong BPWCCUL

Call us: (246) 622-9000

Toll-free 1-866-800-6146

Fax: (246) 437-8745

E-mail: contact@bpwccul.bb

This is where you belong

© Barbados Public Workers’ Co-operative Credit Union Limited

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