45 Hadfield Street, Georgetown, GY
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Open Hours: Mon - Thurs 8:00am - 2:30 pm | Fri 8:00am - 3:00pm

From small steps to big leaps

Choose from one of our flexible loan products. We can help you to transform your dreams to reality.

Guarantor

Guarantor loans offer flexible borrowing options, supported by someone you trust. Ideal for those with limited credit history.

Character

Character Loans are perfect when your savings has more funds than what you actually need.

Secured

Unlock financial possibilities with our Secured Loans. Enjoy low rates and borrow up to 5 million dollars.

Mortgages

Secure the home you always dreamt of, with a mortgage from us. Enjoy low rates, easy approval, and great support.

We’ve got you covered

Here is list of everything you need for each loan.

What is it?

A guarantor loan is a type of unsecured loan that requires a guarantor to co-sign the credit agreement. This type of loan is often used by individuals whose Ordinary Savings account does not have sufficient funds to qualify them for their desired amount on their own.

How does it work?

Let’s say you want to borrow a loan worth $300,000.00, however, your Ordinary Savings account only has $100,000.00. To obtain the loan you would need a guarantor(s), typically a friend or family member, to offset the remaining $200,000.00 needed. The payable interest is calculated at 1% on the reducing balance.

Important: A guarantor is someone who agrees to repay the borrower’s debt should the borrower default on their loan payments.

Requirements

  • Proof of Identification (Guyana Identification Card, Valid Driver’s License or Valid Passport).
  • Proof of Income (Job Letter and 3 recent pays lips and/or Income Statement and/or Contract.
  • A complete loan application form
  • Bank Statement, clearing stating name, Address and Bank Account Number

What is it?

A Character Loan is a type of unsecured loan that is given based on the strength of the member’s Ordinary Savings account. Unlike, guarantor loans and secured loans, these loans do not require any collateral, meaning the borrower does not have to pledge any assets to secure the loan, nor do they require any third-party intervention.

How does it work?

With Character Loans, a member can only borrow up to 75% of the total amount of money in their Ordinary Savings account. Let’s say your Ordinary Savings account only has $300,000.00, you would only be able to borrow a maximum of $225,000.00. The payable interest is calculated at 1% on the reducing balance.

Requirements

  • Proof of Identification (Guyana Identification Card, Valid Driver’s License or Valid Passport).
  • Proof of Income (Job Letter and 3 recent pays lips and/or Income Statement and/or Contract.
  • A complete loan application form
  • Bank Statement, clearing stating name, Address and Bank Account Number

What is it?

Secured loans are loans that are backed by collateral – or asset security. A Collateral is an asset, such as a house, car, or other valuable property, that the borrower offers to GPSCCU as security for the loan they wish to applied for. If the borrower fails to repay the loan according to the terms agreed upon, the GPSCCU has the right to seize the collateral in order to recover their funds.

How does it work?

With a Secured Loan, members have access to a maximum of $5,000,000.00at an interest of 1% on the reducing balance. The main risk for members is the potential loss of their collateral. If they cannot repay the loan, the lender can seize the asset used as security.

Requirements

  • Proof of Identification (Guyana Identification Card, Valid Driver’s License or Valid Passport).
  • Proof of Address (Tin, license, utility bill, bank statement etc. received within the last 6 months).
  • Proof of Income (Job Letter and 3 recent pays lips and/or Income Statement and/or Contract.
  • Copy of Security Document/ Collateral (Vehicle Registration, Land Title etc.)
  • Valuation of Collateral.
  • Other documents deemed necessary by the Loan Officer.

What is it?

A mortgage is a type of loan specifically used to purchase of real estate. In a mortgage agreement, the borrower agrees to pay back the loan over a set period, typically with interest. The distinctive feature of a mortgage is that the property being purchased serves as collateral for the loan.

How does it work?

With a Mortgage, members have access to a maximum of $15,000,000.00. the interest rate % is determined based on the size of the loan and can only be determined by seeing a loan officer. The main risk for members is the potential loss of their collateral. If they cannot repay the loan, the lender can seize the asset used as security. The most significant aspect of a mortgage loan is that it is secured by the property being purchased. This means that if the borrower defaults on the loan, the lender can take possession of the property through foreclosure.

Requirements

  • Proof of Identification (Guyana Identification Card, Valid Driver’s License or Valid Passport)
  • Proof of Address (Tin, license, utility bill, bank statement etc. received within the last 3 months)
  • A letter from the Ministry of Housing or a letter of intent or an Agreement of Sale
  • Copy of Title or Transport or Lease Deed
  • Evidence of 10% Equity/Down payment (optional)
  • Estimate for construction and Approved Plan or Valuation of Property (Government Valuation Office or Identified Valuator)
  • Copy of Utility Bills and rates and taxes receipts for the property you intend to purchase
  • Other documents deemed necessary by the mortgage officer

“The goal isn't more money. The goal is living life on your terms.” - Chris Brogan

FAQs

Let’s answer your burning questions and help you make the smartest financial choices.

?

After the creation of your membership and the issuance of your credit union account number, you become eligible for your first loan after making six (6) contributions, over six(6) months. Also, the maximum amount you can borrow for your first loan is $300,000.00.

A member can completely clear any loan only after three (3) consecutive months have passed, with consecutive deductions, since the loan has been disbursed to that member.

No, simply signing as a guarantor for someone does not make you ineligible to take a loan. However, the amount you are able to apply for is the person you signed for defaults making you obligated to pay on their behalf. That reduction in your funds will affect the size of the loan you can take.

Send an enquiry to loans.enquiry@mygpsccu.com and include a copy of your National ID card, 2 recent payslips, the type of you expected, the amount.

 

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