We accept several forms of collaterals for those loans that require security. Collateral accepted includes:
- dummyShares held at IECCU
- dummyLife Insurance Policies – Cash Surrender Value
- dummyStocks & Bonds
- dummyReal Estate
- dummyThird Party Guarantees
- dummyMotor Vehicles
- dummyCash deposits held at this Credit Union or any other licensed financial institution
In most instances, the maximum that you can borrow will depend on an assessment of your ability to repay the amount being requested, your credit history and where necessary, the type of security being offered. The more you repay and secure, the more you can borrow.
Loan Processing & Approval
Generally approval for loans within shares or loans within IECCU savings, is received on the spot. Most other loans (with the exception of those using real estate) are processed within 5 working days, once ALL THE NECESSARY DOCUMENTS HAS BEEN SUBMITTED.
All secured loans can be accessed immediately upon becoming a member.