Grenada Co-operative Bank review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Grenada Co-operative Bank suits salaried Grenadian borrowers who prefer to deal with the lending bank itself, with personal, secured, car, student and business lending, plus made to fit mortgages reaching a maximum loan to value of 100%. A borrower with residence status, a payslip and a salary assignment can begin at a local branch.

Key facts

Best for
Salaried Grenadian or permanent resident borrowers wanting personal, secured or made-to-fit mortgage lending from the lender itself.
Loan amount
from EC$1,000 (Source, checked September 26, 2026)
Arrangement fee
1% of the loan amount plus 15% V.A.T., minimum $431.25 (new retail loans) (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
No (Source, checked September 26, 2026)
Eligibility
Grenadian citizens, non-nationals with permanent residence status and Grenadians residing overseas; photo ID, NIS card or passport, employment letter, payslip, salary assignment, bank statement, proof of debts (Source, checked September 26, 2026)
Origination fee (%)
1% (Source, checked September 26, 2026)
Loan types
Personal, Secured, Car, Student, Business, Credit-line (Source, checked September 26, 2026)
Credit needed
Fair (Source, checked September 26, 2026)
Use cases
Home-improvement (Source, checked September 26, 2026)
Legal entity
Grenada Co-operative Bank Limited (Source, checked September 26, 2026)
Headquarters
Grenada (Source, checked September 26, 2026)
Founded
1932 (Source, checked September 26, 2026)
Support channels
Email, Chat, Phone, Help-centre (Source, checked September 26, 2026)
Features
Credit line
Official website
grenadaco-opbank.com

Mortgages

Maximum loan to value
100% (Source, checked September 26, 2026)
Product fee
EC$431.25 (Source, checked September 26, 2026)
Purpose
Purchase, Remortgage (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Legal entity
Grenada Co-operative Bank Limited (Source, checked September 26, 2026)
Headquarters
Grenada (Source, checked September 26, 2026)
Founded
1932 (Source, checked September 26, 2026)
Support channels
Email, Chat, Phone, Help-centre (Source, checked September 26, 2026)

Apps and profiles

Get the app
App Store
Elsewhere
LinkedInX

Pros and cons

Pros

  • The same relationship covers personal, secured and car, from personal and car loans to student and business borrowing.
  • Made-to-fit mortgages reach a maximum loan to value of 100%, covering purchase and remortgage.
  • Lending comes straight from the bank as a direct lender, with a credit line as a named feature: credit line.

Cons

  • New retail loans pay an arrangement fee of 1% of the loan amount plus VAT, minimum XCD 431.25.
  • Free early repayment is no, so clearing the balance early carries a cost.
  • Personal loans have a floor of from XCD 1,000 and checks are hard, so it skips small top-ups and thin files.
Grenada Co-operative Bank

Ready to try Grenada Co-operative Bank?

Scored 9.2 / 10 by BorrowCue.

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Who it suits

  • Salaried applicants with a salary assignment who are buying or remortgaging a home, up to a maximum loan to value of 100%.

Who should look elsewhere

  • Monzo Flex, with lending of £10,000 to £35,000, sits outside the Grenadian market this bank serves.
  • Cashspace ES, lending €100 to €5,000, works for small euro borrowing on a different market.

How your money is protected

Grenada Co-operative Bank lends as a direct lender, so the borrowing contract is with the bank and not a broker or a comparison site. It operates under a Banking Licence (Grenada) and a Credit Reporting Licence (Grenada), the permissions behind the credit file it reviews. Deposits and lending answer to different rules, so read the account terms alongside the loan terms.

The company behind it

The lending entity is Grenada Co-operative Bank Limited, based in Grenada and trading since 1932, so decisions are made inside the local market rather than by an overseas broker. Contact runs on email, chat and phone, which means phone, chat, email and a help centre, and the same channels handle a rate question and a complaint once the loan is live.

How Grenada Co-operative Bank compares

Where Grenada Co-operative Bank is available

Available
Grenada
Licence in Grenada
Banking Licence, 2016 (Grenada), checked September 26, 2026
Licence in Grenada
Credit Reporting Licence (Grenada), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What fees does the bank charge on a new loan?+

New retail loans pay an arrangement fee of 1% of the loan amount plus VAT, with a minimum of XCD 431.25. That charge sits on top of the interest, so on a short loan the fee can be a large share of what you repay. Get the fee and the rate in the same conversation before signing.

Who licenses the bank, and what does that cover?+

The bank is licensed in Grenada, holding a Banking Licence (Grenada) and a Credit Reporting Licence (Grenada), and it lends directly as a direct lender rather than through a broker. The credit reporting licence is what sits behind the file used in a credit check. Read the licence terms with the bank if you want the detail.

How much can I borrow?+

Personal borrowing has a floor of from XCD 1,000, and the made-to-fit mortgage range reaches a maximum loan to value of 100%. The ceiling on a personal loan is set by your salary assignment and your capacity to service the repayments, so ask for an illustration on your own figures before you commit.

What credit check do I need to pass?+

Applications run a hard credit check, and the bank looks for fair credit. A hard check is recorded on the file, so applying simply to see whether you qualify carries a cost. If your file is thin, tidying it before you apply is safer than testing the water.

Does the bank do mortgages and remortgages?+

The made-to-fit range covers home purchase and remortgage, and lending can run to a maximum loan to value of 100%. Home improvement is a listed use for the money, so a renovation can sit on the same relationship as the current account. Rates, term and deposit requirements are set on the individual file.

Can I repay the loan early?+

Free early repayment is no, so settling the balance before the end of the term carries a charge instead of saving all the remaining interest. If you expect a lump sum from a bonus or a property sale, put that charge into the calculation. Ask what the early settlement charge actually is.

Sources

Compiled from 12 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: APR, Term, Funding time, Representative example.

Grenada Co-operative Bank

Grenada Co-operative Bank

Salaried Grenadian or permanent resident borrowers wanting personal, secured or made-to-fit mortgage lending from the lender itself.

9.2/10See alternatives

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