KCCU offers new loan product for urgent financial relief

The Kingstown Cooperative Credit Union (KCCU) is offering members and prospective members who may have financial shortcomings an opportunity to get their financial situation under control.{{more}}

The opportunity for financial stability comes with the KCCU’s launch of a new product dubbed ‘Save-Ya Loans’.

Head of Credit Marcelle Alexander said that ‘Save-Ya- Loans’ are applicable where members have made decisions that are now causing financial difficulties.

“The idea is to assist members by consolidating debts which are widely spread across several organizations. In addition, current adverse economic conditions have forced many persons to borrow in order to fully cover all their recurrent monthly expenditure. This product is designed to give convenience and respite to members who need urgent financial relief.”

She added that members who have found themselves in financial difficulties because they have used easy credit from a number of companies and it has now become burdensome for them to satisfy your basic monthly needs should Get a Save- Ya loan”.

She stressed that the loan is designed with a low interest rate and can be processed within 48 hours. The loan has a maximum range of EC$25,000 and a free personal financial management class is offered along with the loan.

“This is not just about consolidating loans and then have the member repeat the vicious cycle of more debts and another round of consolidations, but through education we will provide the members with the tools required to carry out proper financial management actions,” Alexander further stated.

“The intention is for those persons to improve their standard of living by preventing further decline in their financial situation”.

The product is a “limited edition” facility and the offering is for a specified time.

Alexander stressed that ‘Save-Ya Loans’ are not only available to members, but also for prospective members who can join immediately and have their financial situation assessed.

The KCCU has served the nation for over 53 years and has a family of over 13,000 members. In 2011, they launched ‘Ready Ca$h’, a loan product that allows a member to access a micro loan of up to EC$2000.

They have also given numerous bursaries and have adopted 28 schools. KCCU is located on Granby Street.