A member is eligible for a loan once they have met the requirement. Members may borrow up to 10 times their Shares depending on the loan types. Interest rates on loans are very competitive and vary according to the share ratio. All interest rates are calculated monthly on the reducing balance. Once you are borrowing more than you have saved, collateral (security) may be required for the loan.  
 
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Westmoreland CCU News

WOCCU Chairman Visits Jamaica
- January 4, 2008 -  

 
Mr. Melvin Edwards, Chairman of the World Council of Credit Unions, WOCCU, visited the island last week for a meeting of the Board of the Caribbean Confederation of Credit Unions (CCCU).

While here, Mr. Edwards took the opportunity to call on His Excellency the Governor General Professor Kenneth Hall, Minister of Finance Don Wehby and Prime Minister Bruce Golding.

During the hectic two days of activities, that also included a press conference, the Jamaica Co-operative Credit Union, JCCUL, honoured Mr. Edwards at a cocktail reception at the Terra Nova Hotel on Friday night.

Melvin Edwards made history last August when he became the first Caribbean national to head the WOCCU, the apex Credit Union body.He received his insignia at the 2007 World Credit Union Conference in Calgary, Canada having succeeded Mr. Gary Plank from the USA who had completed a 3-year term of office.

The new chairman is a national of St. Kitts & Nevis and has been an ardent credit unionist for more than 25 years.He was the youngest ever President of the CCCU.

The WOCCU Chairman said the main initiative of his tenure is putting greater emphasis on compliance with international standards, extending membership to countries such as Brazil, Russia, India and China and fostering a stronger presence in the international arena of micro finance. He also cited the expansion of rural outreach not only in developing countries but in developing nations as well.
 
 
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