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Easy Line Of Credit

Get your pre-approved credit limit with COB! 

Line of credit facilities are pre-approved credit limits (sums of money) that allow individuals to easily and repeatedly withdraw funds up to the approved limit without having to go through the process of applying for another loan. They function in a similar fashion to credit cards without the physical card.

Currently we offer the following Line of Credit facilities:

  • Back to School (Offered between June and September each year)
  • Christmas (Offered between October and December each year)
  • Collateral Protection
  • Home Equity
  • Savings-secured and Unsecured LOCs

Easy Line of Credit FAQs

Q

What are the terms?

  • The minimum monthly payment is 4 % of your approved limit for an unsecured LOC. (For example - The monthly payment on a Line-of-Credit for $1000 is $40) 
  • Payments above your minimum monthly installments can be made, HOWEVER, the agreed monthly installment MUST be paid EACH month 
  • You may secure your Line-of-Credit with savings and with other collateral available to you. The minimum monthly payment for a secured LOC is 2% of your approved limit. 
  • You may use your Line-of-Credit for any of your financial needs (avoid high Credit & Hire-purchase charges) 
  • The minimum Line-Of-Credit available is $1000.00 
  • A Member should have a minimum $150.00 on his or her account to apply 
  • Line-of-Credit will be given on 3 times your gross monthly salary up to a maximum of $30,000.00 (money not used to secure any loan)
Q

What types of Securities are accepted?

  • Credit Union Savings
  • Savings at other financial institutions 
  • Life Insurance (policies with cash surrender value)
  • Bills of Sale (Vehicle)
  • Legal or Chattel Mortgage 
  • Shares (certificate or company-traded)
  • Stocks
  • Government Bonds
Q

What documents are required?

  • A job letter from your employer and two recent pay-slips
  • Proof of address dated within the last three months
  • Fill the appropriate LOC form and sign to activate your LOC account
Q

What are the benefits of obtaining a Line of Credit?

  • It saves you time and repeated trips to the Credit Union for loans of similar amounts 
  • It also allows you to borrow additional loans while having the LINE-OF-CREDIT 
  • It allows you, based on the limit that is approved for you, to purchase certain consumer durables at the cash price and therefore avoid the high Credit & Hire-purchase charges.