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…hundreds of members tapping into new financial services
Members of the Guyana Public Service Co-operative Credit Union (GPSCCU) can now access financial loans to purchase vehicles.
The new loan product was launched last Friday at GPSCCU Hadfield Street Officer under the theme ‘Wait is over,’ and forms part of a range of financial services offered by the credit union.
In a statement issued by GSCCU on Monday, the Chairman of the Management Committee, Trevor Benn said the launching of the new loan product marks an important milestone in the history of the credit union.
He noted that since the announcement that the credit union will be offering new loans, more than 200 applications have been received for car loans and mortgages amounting to over $800 million.
The Chairman said the credit union recognizes that it is difficult for some of its members to access car loans at commercial banks and therefore made a decision to offer the service right at the credit union.
“Although our terms are much simpler and easier than the commercial banks, it is also more demanding on us in order to meet the large demand. So, it is important that our members meet their end of the bargain in repaying the loans when they borrow. Because if you don’t repay, other members cannot benefit,” the Chairman explained.
He said the new loan product is intended to meet the needs of its loyal members, who have been with the credit union throughout the years, through thick and thin.
Members of the credit union can access the new loan product at a 1 percent interest rate at the reducing balance and zero percent equity.
Chairperson of the Credit Committee, Saskia Eastman encouraged members of the credit union to utilize the new services being offered. She pointed out that while everyone’s application may not be approved at the same time, the credit union will be working along with members to ensure that their needs are met.