Loans

Borrowing at BCU

When you qualify for a loan, you get a lump sum of money upfront and pay it back over time in monthly payments. At Bermuda Credit Union, our interest rate is fixed, which means you don’t need to worry about payments suddenly going up. Your regular payments stay the same over the life of the loan.

Loans with us are insured if you keep up with your agreed scheduled payments, which means if you become disabled or pass away, your family or beneficiary can live worry-free without carrying a debt.

What our members
love about our loans:

✓ Borrow money without losing your savings

✓ Fixed monthly payments

✓ Make extra payments with no fees

✓ Amounts are available from $1,000 to $100,000 and loan terms of up to 10 years.

Regular Loans

A regular or personal loan is perfect if you want to borrow for a specific purchase or expense and prefer to make a fixed payment every month to repay the loan over a set period.

Borrow up to 4x your savings

You can borrow up to four times your share savings to get the funds you need for education, medical expenses, debt consolidation, a new car, or other goals.

For example, if you have $25,000 in your share savings account, you can get up to $100,000. Your $25,000 is held as collateral until the loan is repaid.

Save while you borrow

When you get a loan at BCU, a portion of each loan repayment goes right back into your savings. By the time you pay off the loan, you’ll have more in savings than what you started with.

For example:

If you borrow $100,000 with monthly payments of $1,578 over a 10 year repayment term, you would need $25,000 in your initial savings to be held as collateral.
As you repay the loan, part of each monthly payment will be deposited on top of your collateral to help you save.
By the time you finish repaying the loan at the end of the 10 years, your initial $25,000 will have grown to $42,216.

How to Apply

Have all your documents ready and submit your application to a Loans Officer.

Loans Department Email: loans@bcu.bm

Note: You do not need to meet with a loans officer to apply for a loan.

If you have all your documents ready, simply submit your documents to us by email. A loans officer will review your application and contact you with next steps.

If you still need assistance, you can book an appointment to meet with a loans officer.

Before you meet with a loans officer for a regular loan, you will need:

Supporting Documentation for Purpose of the Loan
A valid form of Government-issued identification
Statement of Employment and Earnings, including:
- Employment Letter with Gross Pay & Length of Employment; and
- Proof of Income (3 recent Pay Slips)
Proof of Address (Recent Utility Bill)
Minimum 25% of Loan Amount in Share Savings (Collateral Requirement)
A Completed Loan Application Form

Reminder: You must be a Bermuda Credit Union member to be eligible for loans or any other BCU products and services. Individuals with membership in the BIU, BPSU or other unions are not automatically account holders at the Credit Union – membership must be obtained separately.

Share-Secured Loans

Already have the funds you need but don’t want to dip into your savings?

With a Share Loan, you can borrow up to the total amount in your ordinary share savings account.

This option is perfect for members who want to preserve their savings while meeting current financial needs.

Secure your loan against savings

Access our lowest interest rate, 5% lower than regular loans
Borrow against the value of your share savings
Preserve and grow your savings while repaying the loan
Fully flexible with no early repayment fees
Instant approval with no credit checks required

Keep your savings intact and your financial goals on track with a Share-Secured Loan at BCU.

No Credit Approval Needed

Getting a Share Loan is quick and easy, as long as you have the required share savings in your account.

Simply submit the application form below to a Loans Officer for a Share Loan.

Special Loans Programs (BEDC, BPSU & BUT)

For regular loans: We offer special loans options to members of partner organizations by agreement, providing exclusive access to better rates and fast approval.

BEDC Business Loan Guarantee Program

In partnership with the Bermuda Economic Development Corporation, these loans are designed to support members with small businesses who are looking to start or expand their business operations in Bermuda.

BEDC Guarantees up to 75% of the loan
Maximum repayment term of 5 years

Contact the BEDC for more information.

BPSU Loans Initiative

Through a partnership with the Bermuda Public Services Union, eligible BPSU members can obtain a loan of up to $5,000.00 with no collateral required.

Borrow up to $5,000 with no collateral requirement
Members must first obtain a recommendation from BPSU

Contact your BPSU representative for more information.

Bermuda Union of Teachers Loan Scheme

This partnership with the Bermuda Union of Teachers allows eligible members to obtain a loan of up to the maximum amount set by the Credit Union with a guarantee by the BUT.

Contact your BUT representative for more information.

"I find that at the Credit Union there is a great level of personal interaction between the members and staff. It is very family-like. I give special commendation to the Loans Officer who is very helpful and thorough."

Helen Turini

Member