50 percent of the total assets of credit unions in Trinidad and Tobago are from the 6 largest credit unions in the country. They have a total asset of $200 million to $750 million TT dollars. While the largest 17 credit unions account for three fourths of the total asset of the credit union industry in the country.
Credit unions in Trinidad and Tobago are similar with the banks. Eastern Credit Union for example offers loans for businesses, such as for working capital and for purchase of assets and facilities. The difference is that Trinidad loan interest rates are lower from the credit unions than from the banks. In fact, credit unions are the direct competitor of the Trinidad banking sector. Their services for example include savings and investments, Trinidad loans and Trinidad mortgage solutions. All these are also offered by banks. And just like banks Easter Credit Union has ATM network although it is the only credit union in the country with this service. At present, it has 12 ATMs across the country. It also offers debit card. It even has its own call center.
For your Trinidad mortgage, you might want to consider credit unions. Credit unions offer lower interest rates on Trinidad mortgage compared with banks. This is because credit unions operate for the benefits of the members. Banks on the other hand operate for profit. In credit unions members are part owner so it is in their best interest to use the credit union in helping each other. This is in fact the main objective of a credit union so any loan is offered at lower rates.