New Member Form

General Information and Conditions

1. All questions in the application form must be fully answered. Failure to do so will cause unnecessary delay. Please do not apply if you do not meet the condition of the loan.
2. Application for loan may be provident purposes only by members who have been contributors for more than 3 months and if lodged at the Credit Union by 11AM DAILY. Process for approval will be considered firstly for those members with credit balances and to be collected after 2.30pm on the following day. However, for those members with overdrawn balances, loan process will take about 3 days for consideration and cheques can be collected thereafter.
3. No loan will be considered on ad-hoc basis during the week except in properly substantiated cases of an emergency such as accident, sickness, death and disconnection.
4. When a member is repaying the present loan, but applies for another loan, such application will be considered if the shares are more than the loan outstanding at the time of the application and in such cases the loan would normally be not more than twice the difference between the member's share and the outstanding loan.
5. A loan in excess of $500.00 above a members share will be required to be covered by Bill of Sale or mortgage for total loan on any "fixed" item e.g. furniture, refrigerator, car, etc. and valued by any registered valuer subject to verification by the Credit Committee or Management. Insurance cover will also be required. The valuer fees and insurance premium and the cost of preparing, registering and discharging the Bill of Sale or mortgage will be payable by the applicant. Securities (Bill of Sale and mortgage) will be reviewed at the end of the first three years.
6. All members must strictly adhere to the terms and conditions of the bills of sale or mortgages wherever applicable, failure to do so would result in the FPSCU exercising its powers of mortgagee sale under the mortgage and/or repossession under Bill of sale Pursuant to Demand and/or suing the member for recovery of the balance outstanding, costs of which are to be borne by the member.
7. The Credit Committee may reduce the amount of loan you apply for or decide the rate and the period within which the loan should be repaid, and the FPSCU reserves the right to review your account and demand a higher rate of repayment, as necessary.
8. The interest rate is 1% per month, calculated on the reducing balance for that month, and is subject to change in accordance with the laws.
9. The FPSCU has a first lien of your "Savings" for the unpaid balance of loan.
10. The unpaid balance of loan shall become immediately due and payable if you cease to be a member of the FPSCU or the employer for some good reason stops regular deductions from salary or under the covenants of the mortgage or Bill of Sale.
11. All approved loan applications will attract a loan establishment fee as per following scale which will not be refundable (Supplementary By-Laws 75.2(d)(i) ):
    • $0 - $499 = $5.00
    • $500 - $999 = $10.00
    • $1000 - $2999 = $15.00
    • $3000 - $4999 = $20.00
    • More than $5000 = $30.00
12. All loans shall be repayable on demand but unless and until demanded shall be repayable in accordance with the repayment term agreed or reviewed.
13. Statements of accounts will be made available to the member ever 6 months, or on reasonable request.
14. If there are any changes to interest rates, charges, fee, repayment schedule, FPSCU will inform you by letter or internal publication 30 days before the change occurs. If any of the information you provided to FPSCU has changed, please let the Credit Union know so that we can amend our records accordingly.
15. All members are advised to seek independent legal advice as to the meaning and effect of this document and sign of their own free will.