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Important Weather Announcement
We wish to advise our members that the credit union will be closed on Monday July 1st, due to Hurricane Beryl. We will advise on the reopening of the credit union after the all clear has been given and the assessment of the office has been completed.
Please monitor our social media pages such as Facebook, Instagram and our Website at www.lpecu.bb for updates.
We apologize for any inconvenience caused. Please stay safe during the passing of this hurricane.
Light and Power Employees Co-operative Credit Union Ltd- Committed to Total Member Satisfaction
SMART SWAP LOANS
Think smarter about your debt. Pay less for it.
Smart Swap is for members who are managing their debt but want to manage it better. If you are keeping up with your payments, this is your opportunity to step back, compare your interest rates, and make a smarter financial move by swapping higher-interest debt for a lower, more affordable option.
What is Smart Swap?
At LPECCUL, Smart Swap allows you to combine one or more higher-interest debts into a single loan with LPECCUL, giving you:
- One simple monthly payment
- A clearer repayment plan
- Potential savings on interest
- Better long-term value for your money
You can consolidate credit card balances, personal loans, bills, and debts across multiple creditors into one manageable structure.
Introducing Smart Swap Plus
Reduce debt and build savings at the same time
Smart Swap Plus helps you go one step further by turning your smarter repayment strategy into long-term progress. Instead of only benefiting from a lower monthly payment, Smart Swap Plus allows part of your payment to go into an interest-bearing savings plan while you repay your loan.
This means you can:
- Swap higher-interest debt for a lower-rate loan
- Maintain your normal repayment habit
- Automatically build savings as you clear your debt
Every payment works harder for you. You reduce what you owe and grow what you own at the same time.
STEP 1 – APPLY FOR YOUR MEMBERSHIP:
Let’s first start by becoming a member of the LPECCUL. Joining our credit union is as easy as “1 – 2 – 3“:
- COMPLETE APPLICATION FORM: Download and complete from our
website or visit our office for a copy. (Required: $10 Application fee + $100 Share Deposit) - ID AND PROOF OF ADDRESS: Provide (1) valid form of government-issued photo identification and (2) recent utility bills or rent receipts
- SOURCE OF FUNDS: Provide the source of funds being placed in your account Example: job letter, (2) recent play slips or bank statements
STEP 2 – SUBMIT YOUR LOAN APPLICATION:
After your membership has been approved, you can apply for the Smart Swap or Smart Swap Plus Loan.
- COMPLETE LOAN APPLICATION FORM:
Visit our digital loan application webpage to complete and submit your loan application. For new registrations, you may use the words “New Member” in the “Account No.” field if you have not been issued a number at the time of loan application. - 10% SHARE DEPOSIT:
Credit Unions usually have a loan policy that requires all members to have at least 10% of the desired loan amount, available in shares. This amount is kept for you for the lifetime of the loan. - SALARY/WAGE DEDUCTIONS:
Approved loans, will require a salary deduction form to be submitted before the loan is disbursed. You can also utilise SurePay to make additional monthly loan payments or to pay off your loan early.
OTHER INFORMATION:
- Please note that all member applications and loan approvals are at the discretion of the LPECCUL.
- * When any loan is issued with our credit union, it is our policy to ensure members not only contribute to the credit union but also develop healthy saving habits. For this, a savings pledge between $10 and $100 is required each month.
- If you are already a member of another credit union, additional processing time may be required to process your membership application.