Public Sector Credit Union Considering Salary and Home Loans to Reclaim Lost Ground | Business
The Public Sector Employees Credit Union (PSECCUL) aims to increase its loan portfolio by 20 percent this year, especially through its payday and home improvement products.
PSECCUL essentially intends to double its performance this year, having increased its loan portfolio by nearly 10% to $ 1.63 billion in 2017.
The credit union aims to double payday loans from 11% of its portfolio to 22%, said deputy general manager Tamara Maxwell Green. He increased the loan limit in the category from $ 30,000 per month to $ 50,000 per month.
To develop the home loan segment, PSECCUL reduced interest rates on loans from 15 percent per annum to 7.99 percent, and improved its products to attract more business in a market of 100,000 employees. the public sector and their families.
“We have also partnered with NHT to offer up to $ 1.5 million to our members at a minimum interest rate of 6% per annum for a deposit on home / land acquisition, renovation housing, buying solar panels and even for any small house project that members maybe should have done, ”said Maxwell-Green.
The limits on unsecured loans were also increased “to make it easier for unsecured members to access loans to help with production. [activity], like education, debt consolidation, home improvement and more “.
Along with growing its loan portfolio, PSECCUL increased its total assets by eleven percent to $ 2.1 billion last year. Credit union savings also rose 14 percent to $ 1.3 billion.
PSECCUL did not increase its membership during the year, ending the period at 8,620 members, but plans to do so in 2018 with the opening of its fifth branch in Portmore. The credit union is headquartered in Kingston but also has other branches in Manchester, St Mary and St James.
Another branch is slated to open by September at Portmore Park Pen, Caribbean Estate, St Catherine “with extended hours and weekend services,” said Maxwell Green.
The credit union expanded its bond in 2017, helping to expand the membership base. Its bottom line took a hit, however, falling by two-thirds to just under $ 8 million from over $ 24 million in 2016.
“We were just focusing on rebranding, restructuring and staffing,” said Maxwell Green, of reducing the surplus.
Credit is expected to rebound this year, she said, despite spending budgeted for PSECCUL’s 50th anniversary celebrations, held from May 14 to June 9 of this year.