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Find the loan that is right for you!

Personal Loan

We also offer a variety of personal loans to fit your every need. Following are the different categories of loans and the required documentation that you need in order to apply:

  • Medical: letter/quotation from doctor/hospital.
  • Funeral: invoice from the funeral home.
  • Wedding: estimate of expenses.
  • Travel: travel itinerary/ticket.
  • Furniture/Appliance: quotation/pro forma invoice from store.

Regular Loan


Regular loans are secured firstly by share equity and then by any additional security from our list of approved securities. This loan can be treated as a secured personal loan facility.

A minimum deposit of 10% share equity, depending on the collateral, may be required. Loans are also available with no share equity. Interest is calculated on the reducing balance.

*Conditions Apply

Mortgage Loan

Our Mortgage Loan is granted specifically for the purpose of acquiring or improving real estate for residential purposes. We make it easy for you to own a home by offering you very attractive and competitive loan rates. A deposit of 5% share equity with interest rates as low as 6% and repayment periods of up to 30 years can have you on your way to achieving your dream of home ownership. Rates are variable and conditions apply.


  • One Passport Size Photograph.
  • Valid Identification ( Driver’s License, Passport, Barbados Identification Card)
  • Last three (3) Salary Slips.1
  • Job letter stating salary, position, and commencement date of employment.
  • Up-to-date utility bill for current address.
  • Letter from co-operative society or financial institution showing the status of existing mortgage for mortgage transfers.
  • Sales Agreement.
  • Deposit Receipt.
  • Valuation Report with photograph of property.
  • Fire & Peril Insurance.

*Conditions Apply

Christmas LOC


Our seasonal loans are designed for members requiring some extra cash for specific times of the year. Need to spruce up for Christmas? What about those back-to-school expenses? We offer Christmas and Back-to-School loans to help ensure that our members can access that extra cash flow during the year when personal expenses may increase.

Shares Loan

Members can borrow against shares and savings held in the Credit Union.

*Conditions apply



Summer LOC

Our Back-to-School loan is an attractive credit facility for members. It provides financing for educational purposes. The loan facility is usually available from June 1 to September 30 each year. The main features are:

  • Quick processing time.
  • Maximum amount $15,000.
  • Competitive interest rate on the reducing balance.
  • Repayment period granted is 24 months.
  • Unsecured facility.

*Conditions apply


Educational Loan

The Educational Loan provides financial assistance to members or their children who are pursuing a course of study at a tertiary or vocational institution. Members can use motor vehicle, real estate and cash as security. Our flexible educational loan facility will relieve you of your financial burden leaving you free to focus on your future.

Requirements for loan applicants are as follows:

  • Acceptance letter from the institution of choice.
  • Proof of income.
  • Documentation to confirm cost of study and payment plan.

Where the member makes payment directly to the institution, he/she is required to provide proof to the Credit Union, and in that event, the Credit Union will make payment to the member. *Conditions Apply


Vehicle Loan

We offer vehicle loans for new and used vehicles. Requirements are:

New Vehicles

An invoice from garage/letter from vendor confirming purchase price as well as details of the vehicle. Details at minimum shall include the following:-

  • Engine & chassis numbers and vehicle registration number
  • Year, colour and model of vehicle
  • Confirmation of comprehensive insurance coverage from an Insurance company.


Used Vehicles

  • A letter of certification of ownership from the vendor confirming that the vehicle is free from prior charges, loans, judgements; or where the vehicle is encumbered or subject to an existing loan, confirmation of balances should be provided.
  • Confirmation of payment of comprehensive insurance or coverage of third party insurance or quotation for insurance premium.
  • A valuation report not more than two (2) months old from an authorised dealer.
  • A valuation report not more than two (2) months old from an authorised dealer.
  • An up-to-date Road Worthy Certificate from an authorised dealer or Government Agency.
  • A current Insurance Cover Note in the name of the seller or current Insurance Certificate.
  • A letter from the seller confirming the intent to sell and the price.


Vehicle Repair & Insurance Loans

If you need a loan for vehicle repairs, an estimate of expenses to be incurred is required. For a loan to cover vehicle insurance, an invoice from the insurance company is required.

Acceptable Collateral

  • Fixed Deposit
  • Savings account
  • Registered mortgage over real estate
  • Insurance policy (70% of cash surrender value)
  • Bill of sale over motor vehicle
  • Membership shares
  • Government Savings Bond
  • Government Treasury Notes
  • Guarantee

If Self-employed

  • Financials prepared and stamped by a certified chartered Accountant
  • Income & expenditure statement
  • Balance sheet
  • Cash flow statement
  • Cash flow projections (for at least three years)
  • Taxpayer Identification Number Card (TIN)
  • Valid ID (Driver’s License, Barbados Identification Card, Passport)
  • Completed application form with contact information for 2 relatives & references
  • Up-to-date utility bill for current address (Proof of Address)
  • Supporting documents for stated purpose of loan
  • Statements of all liabilities and deposits

Debt Consolidation

The Light and Power Employees Co-operative Credit Union Ltd. will consolidate your credit card and all other loans into one loan with one affordable reduced monthly payment. With your reduced monthly payment you can watch your savings grow.

*Conditions Apply


Line of Credit

The Light and Power Employees Co-operative Credit Union Ltd. Line of Credit is a pre-approved facility, offered to members who have been with us for at least one year. If you anticipate that you may need access to funds in the future, this facility allows you to get a pre-approved loan that will be available to you when you need it.

*Conditions apply