KCCU launches Ready Cash Loan system

Members of the Kingstown Cooperative Credit Union (KCCU) can now access small loans at affordable rates, as the union launched its Ready Cash loan system on Tuesday, April 12, 2011. The launch took place at the KCCU conference room.{{more}}

Giving an overview of the product, Head of Credit Marcelle Alexander stated that the loan can assist persons in one off expenses or even in every day life. She added that it will improve the value of life of the customer. Alexander stated that persons can borrow up to $2,000 which is repayable within 12 months.

She added that the interest rate of 12 % is low, considering that of the other competitors and that the rate is applied through a reducing balance per annum. Other requirements for the loan are: the person must be employed for over a year and must present a recent job letter and present a valid identification. There will also be a direct salary reduction and the cash will be delivered to the customer the same day of the transaction. Also as a separate loan, customers do not have to be members of the KCCU for six months before they can apply, as with other loan systems of the KCCU.

Also giving remarks at the ceremony, Michael John, President of the KCCU, stated that the union is passionate about its members and that it is dedicated to serving the members of St. Vincent and the Grenadines.

John also mentioned the several ways in which the union has contributions to the development of the nation through sports, education and culture.

General Manger of KCCU Clement Lynch stated that the union is constantly looking towards the future in terms of taking the company forward. He added that the union will adapt to meet changes in the economy and technology.

The launch of Ready Cash was done to commemorate the 53rd Anniversary of the KCCU. The union will also have free membership sign up for the next 30 days.