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Q: Why is this CU discriminating against senior citizens like me? I applied for a loan a couple of years ago and was denied because, as I was told, of my age. I was told loans to people of my age must not be in excess of my shares.
A: CUNA Loan Protection is available to all Credit Union Members under age 70. Any loan facilities offered to Members over the age of 70 are assessed on a case by case basis.
Q: Are loans approved for land purchase even if the land has no town and country approvals, or awaiting approvals?
A: Loan facilities can be approved for land purchase with no town and country approvals once alternative loan collateral is offered. Approval is assessed on a case by case basis.
Q: What is the amount you can receive for a medical loan?
A: There is no ceiling for medical loans. All loan facilities are assessed on a case by case basis.
Q: I would like to know if I have money in my shares why can’t I take a loan within my shares in order to build credit. because it makes no sense to put money into my shares and I can’t borrow any money.
A: Once the shares are unencumbered and the debt service ratio is within the value set by our bye laws, a loan can be granted
Q: Why is it that a special loan cannot be refinanced?
A: A special loan can be refinanced. All loan facilities are assessed on a case by case basis.
Q: Why isn’t this (full) details of loans given to the Member.
A: The full details of the loan are given to the Member at the loan execution phase when the loan agreement is accepted by the Member. The full details can also be requested thereafter.
Q: What are we doing about the Members who lost their jobs because of COVID-19 and have loans, will they be able to put part of their Shares over to the loan until they can get a job again?A: VENTURE is continuously assisting Members who are experiencing financial difficulties within the parameters outlined in our policy framework. You are invited to visit and discuss your personal situation with one of our Collections Officers.
Q: How many years after can a Member be able to access loan facilities more than his/her shares once the Member had a bad debt? Keep in mind that the previous loan was paid off but not before it had reached to the debt collectors.
A: A Member who had a bad debt loan facility must rebuild his/her credit history before any new loan facilities can be discussed. You are invited to visit and discuss your personal situation with one of our Collections Officers.
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