Our Mix & Match product is a Debt Consolidation tool offered to our members, whether or not they have loans with us, but have other outstanding debts they would like to pay off. We know how stressful it can be, being pulled in all directions making payments to multiple creditors and would like to provide an easier option.
Debt consolidation simply means taking a new loan to pay off others, so that you would only have one loan to pay, usually with a fixed lower interest rate.
Secured in the first instance by a mortgage, a Mix & Match loan will allow a member to combine amounts for example, home improvement, furniture, vehicle, education, personal and medical expenses. This type of loan can also be applied to existing members with separate loan balances, providing a mortgage forms part of the collateral offered.
Laborie Co-operative Credit Union Ltd. is a financial co-operative established with the mandate to improve the quality of life and standard of living of its members for the entirety of their lives.