• Loan Requirements

    New Members:

    Membership application requirements

    • Two valid (not expired) forms of photo I.D. (National ID card, Driver's License or Passport), where there is only one valid ID, the ID should be presented along with your Birth Certificate. 
    • Proof of Address - most recent, Utility Bill (TTEC or WASA) or Cable Bill (Bmobile Amplia, Digicel+, Flow etc.) or Bank Statement, in your name.  If any of these bills are in another's name, you will be required to provide a letter from that person confirming that you currently reside at the stated address, along with a copy of their I.D.
    • Proof of Income - Job letter (no older than one month) or most recent play slip. 
    • $20.00 membership fee

     Loan Requirements

    If you are a new member and will also be applying for a loan at the same time, the following documents are required in addition to those listed above:

    • Pay slip(s) - Monthly paid - last monthly pay slip, Fortnightly paid - last 2 fortnightly pay slips or Weekly paid - last 4 weekly pay slips
    • Documents to support your loan request - estimates, invoices, quotes, bills, settlement or payoff letters from financial institution (in the case of debt consolidation) etc.
    • Credit Checks Fees - WAIVED
    Existing Members:

     Loan Requirements

    • Job Letter (no older than one month)
    • Pay slip(s) - Monthly paid - last monthly pay slip, Fortnightly paid - last 2 fortnightly pay slips or Weekly paid - last 4 weekly pay slips
    • Documents to support your loan request - estimates, invoices, quotes, bills, settlement or payoff letters from financial institution (in the case of debt consolidation) etc.
    • Savings (other than NMCU) as evidenced by a Bank or other Statement 
    • Credit Checks Fees - WAIVED for this promotion

    To ensure that there aren't any delays in the processing of your membership/loan application, please ensure that you walk with all of the above documents. 


    Please note: All documents requested above, should be submitted in originals, unless where "copy" is stated. If you wish to complete the membership application form prior to arriving, you may download a copy of our membership form, otherwise a representative would be happy to assist you at the time of application.

    For further assistance you may contact member services at 625-9455 or 624-6428 Ext. # 192, 193, 194, 195


    Frequently Asked Questions

    If I’m not a member, do I have to first apply for membership, before applying for a loan?

    Yes, membership is required to access the services of any Credit Union. However, we’ve made the process very simple for you. Here’s how easy it is, Step 1 apply for both your membership and your loan, in the same visit, that’s it, you’re done. It’s a one step process, no hassle. Click Membership / Loan Requirements for more information.

    How does this loan differ from other loans I have taken in the past?

    This loan is our response to the present economic challenges being faced by our members and made worse by the COVID 19 pandemic. We know that despite difficult circumstances, individuals don’t ever lose sight of their goals and their dreams for a better tomorrow, to improve their living standards and achieve their life goals. To fulfil our mandate to always lend for “provident and productive” purposes, we are promoting a Debt Consolidation Loan.

    What is a Debt consolidation?

    Debt consolidation is one way to make paying off your debts more manageable. Instead of paying several monthly instalments to several lending institutions (hire purchase, credit cards, bank loans etc.) a debt consolidation loan basically consolidates all your debts into one, therefore you take out one loan to repay all your other loans, leaving you with only one debt and one instalment. It’s that simple. 

    How can I benefit from a Debt Consolidation?

    Some of the benefits to taking out a debt consolidation loan is ease of mind and manageability, as you won’t have to worry about meeting multiple monthly obligations, now you can ensure that you meet all your obligations with just one monthly payment. But the greatest benefit a debt consolidation loan can bring, is the ability to increase your take home pay, as the instalment you will now pay is usually lower than, the sum of all the individual installments you were paying prior to your debt consolidation. 

    What payment options do I have?

    You can make your first payment as late as January 2022 or start immediately if you wish, the choice is yours. You can begin your first payment any time between October and January 2022.

    What if I have a “situation” and can’t make a month’s instalment?

    Well, we know life happens. We always suggest that when this happens, the first thing you do is contact us and advise us of the potential situation, there are ways we can help e.g., you can apply for up to two monthly waivers of your instalment in any 12-month period, 6 months apart, beginning in the 2nd year of your loan. This would put some extra cash in your hands and provide you with some temporary relief to assist you in addressing your “situation”. This is just another way your Credit Union is responding to the current needs of our membership.

    Is a debt consolidation loan for everyone?

    A debt consolidation loan tends to benefit, those persons who have 2 or more outstanding loans, as well as persons who are currently repaying high interest debts, such as personal lines of credit, such as overdrafts and credit cards, as well as hire purchase loans and loans advertised as no down payment/no collateral loans, these debts tend to carry the highest interest rates. A debt consolidation loan can reduce the annual interest you pay. Also, persons with what is called a high DSR or Debt Service Ratio of above 40% could also benefit from a debt consolidation. 

    Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you. Consolidating multiple debts means you will have a single payment monthly, but it may not reduce or pay your debt off sooner. The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both. By extending the loan term, you may pay more in interest over the life of the loan. By understanding how consolidating your debt benefits you, you will be in a better position to decide if it is the right option for you.


    What does “subject to normal lending criteria” mean?

    There is an established set of lending criteria (rules and guidelines) which every lending institution adopts when considering a loan application, such as does the applicant have the means (income) and ability to repay the loan, how long have they been employed (job stability), are they over indebted and therefore unable to take on further debt or should they lose their job, is there sufficient savings available to repay the loan. All loan applications must meet a certain minimum criterion to be considered. These are just a few of the lending criteria used by all lending institutions to evaluate a loan application. Every loan considered by the Credit Union will always be subject to these normal lending criteria, they are there to save guard those persons whom we lend to, as well as those persons whose funds we are lending - our members, you.


    Is this only a debt consolidation loan or can I still access this loan for other purposes?

    No, this is not a debt consolidation loan only. You can apply for any loan purpose prescribed within the organizations lending policy.

    What if after taking this loan, I have a subsequent need for more funding? Would I have to go to another institution?

    That’s the last thing we would advise, as it would defeat the whole purpose of taking a loan to consolidate all your debts. We know that members may have emergencies or unexpected events, that may require them to access funding sometime in the future while they are paying off their current debt. So, the Credit union’s policy allows members to maintain a maximum of 2 loans at any time. Although there may be some conditions related to the term of the second loan and the maximum amount that can be borrowed, but this would be reviewed by one of our loans officers who will advise you at that time. 

    Does it mean that I must apply for a $50,000.00 loan in order to qualify? But what if I don’t need so much?

    No need to worry, the answer to your question is, no. This is not a $50,000.00 loan; you can apply for a loan “up to” $50,000.00 without any additional collateral. So, if all you require at this time is a loan for $10,000.00, then you can apply for only what you need. The Credit Union will never force you to take on unnecessary debt, it’s simply not the way we do business.

    I’m concerned about contracting COVID 19?

    Our new office building offers a spacious waiting area that allows for proper physical distancing. Additionally, we’ve implemented a loan appointment system which ensures that the minimum number of members are being served at any one time, in accordance with existing health protocols. Safety of our staff and members during this time is our #1 priority.

    I think this loan is for me, what should I do next?

    That’s easy, you have the following options available to you to book an appointment:

    • Call 625-9455 /624-6428 extension 111 /193 0r 339-6628
    • If you are a DIY-er (do-it-yourselfer) just click on the following link: Book My Appointment Now, you will be directed to a page where you can see all the options available for booking your appointment.

    What documents would I need to bring on the day of my appointment?

    Just click on Loan Requirements and you will be directed to the required information.

    Are there any giveaways attached to this promotion?

    I'm glad you asked. Yes there is, after all what is a Credit Union month celebration without a giveaway. All successful loan applicants will qualify to participate in our Christmas Hamper Draw. But it gets better, if that applicant gets a co-worker to join the credit union during Credit Union month, that member would have the opportunity to enter a second or third time, the more you bring the more entries you get.