We are hoping that with this loan product, we will be able to assist many of our members. The Consolidation of 2 or more loans can be done depending on the financial status of each member.
Debt Consolidation Loans
Purposes For This Loan
Consolidate 2 or more loans
Requirements To Qualify
Be a Belizean or Legal Resident.
Be between the ages of 18 and 55.
Borrower must be employed for 2 years or more (same employer).
Borrower must demonstrate repayment capacity.
Borrower must provide recent proof of Income & Employment.
Employed member must assign his/her full salary or assign 75% of their salary to LICU.
Borrower must provide proof of identity and proof of address.
Statements/Pay Out Letters must be provided for loans to be consolidated.
Borrower must obtain Life Insurance coverage in excess of the Loan Protection Coverage provided by LICU; assigned to LICU.
Borrower must obtain Home Insurance Coverage for fire, hurricane, and other perils; assigned to LICU on building securing the loan.
Borrower must obtain a Legal Mortgage/Charge on property securing the loan.
65% of collateral value will be used to secure loans along with minimum of 10% shares
Benefits Of This Loan
FREE Loan Coverage up to $40,000.00.
FREE Life Savings Coverage on your shares up to $8,000.00.
Member’s Life Coverage from Sunrise to Sunset (Burial Grant).
4.Discounted building insurance.
Lower loan processing fees.
Lower Cost for property appraisals.
Repayment Calculator
Note: This is an approximate estimation and is subject to change. You will know the actual monthly repayment amount when you meet with a Credit Advisor.
Start the loan process
Some Restrictions Apply