Line of Credit

A Prudential Line of Credit can help you get the funds you need when you need it most

  • Pre-approved credit limit
  • Helps protect against checking overdrafts
  • Consolidate debts to avoid paying higher interest rates
  • No annual fees
  • Quick approval process

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.

Similar to a credit card, your funds become available again, up to your limit, as you pay down the balance.

Lines of Credit Offered

Back to School

  • Offered between June and September each year

Christmas

  • Offered between October and December each year

General Purpose

  • Collateral Protection
  • Home Equity
  • Savings-secured and Unsecured LOCs

Frequently Asked Questions

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
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
What are the benefits of 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 LOC
  • 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
What are the terms offered for Lines of Credit?
  • The minimum monthly payment is 4 % of your approved limit for an unsecured LOC
  • Payments above your minimum monthly installments can be made
  • You may secure your LOC with savings and with other collateral available to you
  • You may use your LOC for any of your financial needs (careful to avoid high Credit & Hire-purchase charges)
  • The minimum LOC available is $1000 BBD
  • A Member should have a minimum $150 BBD on his or her account to apply
  • Lines of Credit will be given on 3 times your gross monthly salary up to a maximum of $30,000 BBD

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