Rite Start Loan
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Rite Start Loans |
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LOAN OPTION (1) |
$10,000.00 |
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SHARE CONTRIBUTION |
$3,300.00 proceeds from the loan |
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SHARE DEDUCTION |
$100.00 -Minimum Share Subscription |
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BEACON MEDICAL PLAN |
Premium option to be determined by the member and first 2 payments deducted from proceeds of the loan. |
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FIP CONTRIBUTION |
Premium option to be determined by the member and first 2 payments deducted from proceeds of the loan. |
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INTEREST RATE |
1% on the reducing balance |
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TERM OF LOAN |
Maximum Loan term- 24 months |
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ADMIN FEE |
$50.00 |
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DSR |
Maximum 50% |
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LOAN REPAYMENT OPTIONS |
Salary deduction and Standing Orders Only |
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LOAN DISBURSEMENT PERIOD |
No later than 5 business days after the loan application had been completed and submitted. |
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LOAN CRITERIA |
(Documents Adopted from the New Membership Application Process, excluding the beneficiaries ID's) (2) two forms of ID's, Payslip and Job Letter and Severance Letter where possible (no older than (2) two months), Proof of Address e.g Bank Statement, Utility Bill and 52.00 for a credit check |
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PAYMENT OPTIONS |
ACH or Cheque |
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LOAN OPTION (2) |
$15,000.00 |
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SHARE CONTRIBUTION |
$5,000.00 proceeds from the loan |
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SHARE DEDUCTION |
$100.00 -Minimum Share Subscription |
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BEACON MEDICAL PLAN |
Premium option to be determined by the member and first 2 payments deducted from proceeds of the loan. |
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FIP CONTRIBUTION |
Premium option to be determined by the member and first 2 payments deducted from proceeds of the loan. |
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INTEREST RATE |
0.75% on the reducing balance |
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TERM OF LOAN |
Maximum Loan term- 24 months |
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ADMIN FEE |
$50.00 |
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DSR |
Maximum 50% |
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LOAN REPAYMENT OPTIONS |
Salary deduction and Standing Orders Only |
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LOAN DISBURSEMENT PERIOD |
No later than 5 business days after the loan application had been completed and submitted. |
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LOAN CRITERIA |
(Documents Adopted from the New Membership Application Process, excluding the beneficiary’s ID's) (2) two forms of ID's, Payslip and Job Letter and Severance Letter where possible (no older than (2) two months), Proof of Address e.g Bank Statement, Utility Bill and 52.00 for a credit check |
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PAYMENT OPTIONS |
ACH or Cheque |
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LOAN OPTION (3) |
$20,000.00 |
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SHARE CONTRIBUTION |
$6,700.00 proceeds from the loan |
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SHARE DEDUCTION |
$100.00 -Minimum Share Subscription |
|
BEACON MEDICAL PLAN |
Premium option to be determined by member and first 2 payments deducted from proceeds of loan. |
|
FIP CONTRIBUTION |
Premium option to be determined by the member and first 2 payments deducted from proceeds of the loan. |
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LOAN OPTION CODE |
L26 |
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INTEREST RATE |
0.50% on the reducing balance |
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TERM OF LOAN |
Maximum Loan term- 30 months |
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ADMIN FEE |
$50.00 |
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DSR |
Maximum 50% |
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LOAN REPAYMENT OPTIONS |
Salary deduction and Standing Orders Only |
|
LOAN DISBURSEMENT PERIOD |
No later than 5 business days after the loan application had been completed and submitted. |
|
LOAN CRITERIA |
(Documents Adopted from the New Membership Application Process, excluding the beneficiary’s ID's) (2) two forms of ID's, Payslip and Job Letter and Severance Letter where possible (no older than (2) two months), Proof of Address e.g Bank Statement, Utility Bill and 52.00 for a credit check |
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PAYMENT OPTIONS |
ACH or Cheque |