FAQs
Q: How to become a member?
A: Persons applying for membership are required to:
Completely fill a membership application form Pay the minimum amount required Provide a valid id and trn Provide a proof of address ( utility bills, credit card statements)
Q: After becoming a member how soon can I apply for a loan?
A: You can apply for a loan after your first month’s deduction.
Q: Can I conduct my loan transactions at the rural branches?
A: Yes, you can process your transactions at any one of our three rural branches.
Q: Does a guarantor need to be present for my loan interview process?
A: Your guarantor is not required to come with you to your loan interview, they can come in after your interview to stand as surety for your loan.
Q: What documents do I need to take when applying for a loan within shares?
A: At minimum, you will need a valid id and your two last pay slips.
Q: Does JSCCCU offer joint accounts?
A: No, members are not allowed to have joint accounts.
Q: What are dividends?
A: Dividends are paid based on the surplus the company makes in each financial year. The surplus is distributed after approval of payments at the Annual General Meeting ( AGM).
Q: Can I use my ATM card to access funds from my shares?
A: No, your shares is not accessible from the ATM.
Q: Are my savings insured?
A: Yes, your shares and loans are insured through Cuna Mutual Insurance Company at no additional cost to you.
Q: What can I use as security for my loan above shares?
A: Any of the following may be used :
- Motor vehicle
- Insurance policy (cash value)
- Cash (investments)
- Co maker
- Real estate property
Q: Can I use someone else’s collateral to secure a loan?
A: Yes, however the owner of the collateral must give written authorization.
Q: What is a debt service ratio?
A: A debt service ratio checks your ability to repay a loan, and have at minimum 20% on your pay advice as take home pay.
Q: How long does it take to process an unsecured loan?
A: Once you meet all the requirements, your loan application may be approved within an hour
Q: How long does it take to process secured loans?
A: Once all the required documents are presented, your loan application may take two weeks to be processed and approved.
Q: Who is a co maker?
A: A co maker is a member who pledges to use their savings as security in order for you to get a loan.
Q: How long does it takes to process a FIP Claim?
A: FIP claims are processed within 48 hrs providing that you submit all required documents.
Q: What documents do I need to submit to make a claim?
A: the required documents are; birth certificate, proof of death and claim form that is completed by the doctor that last attended to the person before death.
