Loan Application Process

How to apply for a loan at WESCU — how loan interviews are arranged, the documents every applicant and co-maker must provide, the extra documents required for each loan purpose (business, car, mortgage, education, medical, travel and more), and the security and assignment forms for each type of collateral.

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Loan Application Process

Western United Credit Union Co-operative Society Limited (WESCU) — #40 Fitt Street, Woodbrook 170209, Port of Spain, Trinidad. Tel: 1-868-622-3379 / 628-0926 / 628-5288.

System for arranging interviews

Loan appointments are arranged as follows:

Loan interviews are by appointment or “walk-in”.
The “walk-in” system is on a first-come, first-served basis.
Appointments may be made by phone, email, or in person.

Types of interview

Microsoft Teams virtual meeting.
Telephone.
Traditional face-to-face.

Required documentation (all applicants and co-makers)

Two forms of valid government-issued personal picture identification.
A job letter addressed to WESCU, no more than 3 months old, stating occupation, date and type of employment.
Proof of income — a recent salary slip (one for monthly paid, two consecutive for fortnightly paid, four consecutive for weekly paid).
Evidence of any additional income.
For self-employed persons: a Statement of Affairs and a Statement of Income & Expenditure.
For self-employed persons: twenty-four (24) consecutive months of bank statements.
A recent utility bill no more than three (3) months old (TSTT, T&TEC, WASA or Cable), preferably in your name, as proof of address. If it is not in your name, the account holder must complete a letter of authorization granting permission to use it, together with a copy of the owner’s ID and telephone number(s).
Two (2) references other than family members.
Invoices and estimates where applicable.

Additional documents by loan purpose

Depending on the purpose of the loan, applicants may also be required to provide:

Loan purpose	Required documents
Business loans	Statement of Affairs and Income & Expenditure for the director.
Existing business	Business registration documents (if applicable); management accounts / audited financial statements (last 2 years); 2 years of corresponding consecutive bank statements reflecting business income.
New business	Detailed business plan; opening balance sheet; 12-month cash-flow projection.
Car repairs	A detailed estimate or invoice from a mechanic or garage itemizing labour and parts.
Debt consolidation	Settlement letters from the financial institutions.
Education expenses	Academic acceptance letter from the school; booklists.
Home furnishings	Proforma invoice from a store or retailer.
House repairs / improvements	Detailed builder’s estimate (site visits may be required).
Insurance	Premium quote from the insurance company for 1 year of vehicle or fire coverage.
Legal fees	Letter from a qualified attorney, or a copy of the court order stating the imposed fine.
Medical expenses	Letter or invoice from the hospital or physician detailing the expenses.
Motor vehicle — new / roll-on-roll-off	Quotation or proforma invoice detailing the vehicle brand, model and cost inclusive of VAT.
Motor vehicle — used	Sale agreement (vendor’s name and address, vehicle brand, model, registration number and cost); certified copy of ownership; valuation report.
Mortgage	Deed of Conveyance or Certificate of Title; Agreement for Sale; valuation report; WASA clearance certificate and most recent WASA bill receipt; most recent Land and Building Tax receipt; most recent lease-rent receipt for leasehold properties; original share certificate for townhouses and condominiums.
Travel / vacation	Airline ticket or proforma invoice from a travel agency.

Security type and assignment forms

Security	Assignment form(s)
Credit Union shares	No assignment form required.
Co-maker	Co-Maker Share Assignment Form; Guarantee Form.
Fixed deposit — WESCU	No assignment form required.
Fixed deposit — bank	Fixed Deposit Certificate; Stop Letter; Assignment Form.
Publicly quoted shares	Share Certificate; share transfer form signed in blank; Pledge Form (triplicate); Assignment Form.
Mutual funds — UTC	Stop Letter; Assignment Form.
Mutual funds — bank	Stop Letter; Assignment Form.
Life insurance policy	Life policy with an up-to-date status report; Mortgagee Letter to the insurance company; Assignment Form; Independent Legal Advice Letter signed by the beneficiary if they are not a borrower. Policies with minor beneficiaries are not to be assigned.
Motor vehicle	Mortgagee Letter to the motor-vehicle insurance company; certified copy of ownership; Instrument of Charge.
Mortgage	Deed of Conveyance or Deed of Lease; Mortgage Deed.
Surety	Assignment Form; Independent Legal Advice Letter.
Guarantor	Guarantee Form; Independent Legal Advice Letter.

Need help?

For clarification, contact the Credit Officers: Mrs. Sonia Isaac-Malchan (ext. 2310, sisaac@wescutt.com) or Mr. Aaron D. Williams (ext. 2220, awilliams@wescutt.com) at 1-868-622-3379, 1-868-628-0926 or 1-868-628-5288.

Yours co-operatively,
Mark A. Ferrette, President.

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Loan Application Process