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Q. What is the Wealth Builder Loan? A. The WealthBuilder Loan is a product that recognizes Members’ need to plan for the future using various types of financial instruments.
Q. How Does the Loan Work? A. Seventy-five percent (75%) of the proceeds of your WealthBuilder Loan must be invested in one or more of the following:
For example, on a loan of five thousand dollars ($5,000) one thousand dollars ($1,000) may be placed on a BECU Fixed Deposit, one thousand two hundred and fifty dollars ($1,250) on Shares with the Society, and fifteen hundred dollars ($1,500) may be used to purchase Mutual Funds. A cheque for the balance of one thousand two hundred and fifty dollars ($1,250.00) is then paid to you, the Member. Bank Employees Credit Union Cooperative Society Limited holds these investments as partial security until the loan is fully repaid. Interest is charged at the rate of 1.5% per month on the reducing balance. NB :Investments in instruments other than those indicated must be approved by the Management of the Society.
Q. How Do I Qualify? A. The main criterion to qualify for the WealthBuilder Loan is your *ability to repay. * NB : Membership and Loan qualification criteria will apply
Q. How Much Can I Borrow? A. The maximum loan amount will be $10,000.00 and the minimum loan amount will be $5,000.00 . NB : Regardless of the amount chosen 75% of the funds applied for must be invested in the instruments indicated, which will be held as partial security for the loan .
Q. What is the Repayment Period? A. The minimum Loan Repayment period is eighteen (18) months and the maximum term is thirty (30) months.
Q. What are the Benefits of the WealthBuilder Loan? A. The Benefits of the WealthBuilder Loan include:
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