The Credit Union Act specifies that Credit Unions objectives are to promote savings and loans among members. Credit Unions are also allowed to invest in stocks and securities, borrow money and purchase or lease land.
Credit Unions have the authority to charge entrance fee of members, receive savings as payments of shares or as deposits, and make loans to members for productive purposes. In practice, they are focused on collecting shares from members through salary deductions.
Members are then allowed to modestly leverage their shares and borrow money, mostly for consumer purposes. Interest rates are capped at one percent per month, or twelve percent annually.
It is an organization of people, within a dedicated group, registered under Credit Union Act, self-managed with each member entitled to a single vote. And it’s main objects are to supply it’s members: With any easy and convient way of increasing their savings. A source of credit without usury. A training in the democratic management of their money. Finally, we can say a credit union is a way of teaching a group of people to have a concern for each other. In the Credit Union, members help each other.
In the case of the case of the Service Worker Credit Union any person eligible for membership of the Fiji Public Service Association, and who, in the opinion of the Board of Directors, is honest, industritous, of good habits and undertakes to the provisions of the Credit Union Act and By-Laws.
Yes, at any time provided you don’t owe to the Credit Union or are able to pay-off your debts.
As soon as you join the Fiji Public Service Association, you are eligible to join the SWCU. We understand the financial hardship faced at this time and wish to assist you in whatever way possible.
For our Members who need to apply for loan please fill in the loan application online. Also sign on the Member portal to track your loan application
