FAQ

Here are a list of Frequently Asked Questions that will help you understand more about who we are and what we do. If none of the questions are what you’re interested in finding out, please contact us and we will be more than happy to assist.

A credit union is a financial cooperative that is owned by you, the member. As part-owner, you get to elect the board of directors and share in the dividends earned. A credit union provides a safe, convenient place to save and borrow at reasonable rates.
Any salaried worker can be a member. In 2004, we opened our bond to include both teachers and members of the general public.
To join GUT Credit Union simply complete our Membership Application Form along with the following documents:
Proof of Employment: Job Letter / Pay Slip.
Purchase of 60 shares @ $5.00 per share.
Pay an Entrance Fee of $1.00.
Purchase a passbook @ $2.00.
National ID, NIS Card, Driver’s License, Passport
A completed Nomination Form to designate your Beneficiary.
Self Employed persons - Company registration documents are required (if applicable).
We put you first
You benefit from competitive interest rates on loans
You can enjoy same day loan approval
We provide exceptional customer service
You have access to free insurance on your savings and loans
We are a stable and growing company with one of the lowest delinquency rates island-wide
Credit unions are not-for-profit cooperatives. It means or primary aim is service to you, not profit for a few shareholders. Once you join a credit union you are not just an account number, but a member/owner.
If you’re having challenges meeting your payment, let us know as early as possible. Our friendly Loan Officers, help hundreds of customers every year, and are on hand to help you. We’ll listen to you and walk you through the options available to help.
No, we do not charge a late fee. But remember, that late payments may make your account delinquent and can affect your ability to access funding in the future.
With automatic payments, the transaction will be done on the last working day of the month.
Yes! A self-employed member will have to submit copy of their business registration, business bank statements and financial records. That member will have to prove that the business is profitable over a few years, no less than five years.
A member will have to be with the Credit Union for at least six (6) months, submit job letter and recent pay slip as proof of employment, documents supporting the purpose of the loan.
Yes! Once the policy has a cash value attached it can be used.
Yes! The person will have to the necessary funds on an account here in the Credit Union so that it can be pledged as additional securities. These monies remains pledged until the loan is repaid in full.
Yes! There is a ‘SELF LOAN’ available to persons interested pursuing their education while working. Options are also available for persons wishing to study full time.
Loans can be obtained from 18 up to age 60. Members 60 years and above can obtain loans under special consideration. Talk to us to learn more.
Yes! The application form is forwarded to you via email or any other preferable means. You are required to fill out the form sign and notarize the form and submit it with notarized copies of two (2) pieces of ID.

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