The St. Vincent and the Grenadines Police Cooperative Credit Union Limited (PCCU) has launched a new portfolio of loan products.
Addressing reporters at the launching ceremony this morning at the PCCU Headquarters on Bay Street, Ivan Vaughan, Loans Officer at the Police Cooperative Credit Union Limited said the five new loan products are: Bundle Loan-In-house consolidation, Gadget Ready Loan, Pre-approved Loan, Top-up loan, and Debt Consolidation.
He said all of these loan products will be available from today April 9, 2018.
According to Mr. Vaughan the Bundle Loan-In-house consolidation allows members with more than one loan to bundle all their loans as one to have one repayment over a longer period of time; Gadget Ready Loan allows members to obtain loans of up to $3,000 for to purchase gadgets of all type, and the Top-up loan for frequent borrowers functions the same way as phone credit, when reduced it topped up.
He said with Pre-approved Loan- target members will be sent letters with pre-approved amounts that they can borrow, while the Debt Consolidation allows for debt take-over.
Meanwhile, Manager of the PCCU, Ayanna Samuel said that with a membership of just over 2,600 and assets of 15 million, the PCCU is seeking to make its mark here in St. Vincent and the Grenadines, in line with its vision to create wealth for its members.
She said these new loan products were developed because of the constant demand of the PCCU membership.
Ms. Samuel explained that apart from loans, the PCCU offers a wide range of products and services including Share Accounts; Deposit Accounts; Scholarship and bursaries; Income and Embassy Statements and Death benefit Account.
Also speaking at today’s launching ceremony was Director and Public Relations Officer of the PCCU, Inspector Junior Simmons who is encouraging members of the public to join the credit union.