Loan Accounts

At the ASCU we have a variety of loans accessible to our members at excellent rates.

Loans granted for provident and productive purposes to eligible members, are categorized as Share or Character Loans and are subject to normal lending criteria.


  • C- Character – How regularly you pay.
  • C- Capacity – Your ability to repay a loan.
  • C- Capital – What you can invest, the value of your share holding.
  • C- Collateral – Other property that can be offered as security for a loan.
  • C –Condition – Rate of interest and period of repayment.

How is interest calculated?

Our Loan interest is calculated using the following methods:

  • Reducing Balance Method – means as the loan principal decreases so does the interest as it is calculated as a percentage of the loan balance each month.
  • Add On Method – means the interest is calculated for the life of the loan and added to the loan principal before the installment is calculated. This interest is a fixed amount each month for the life of the loan.

Share-secured (Personal) Loans

These loans are secured by the member’s shareholding in the Credit Union.
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  • Interest Rate– 1% per month on the Reducing Balance.
  • Period – From 12 – 108 months & Over

Character (Regular) Loans

These are loans in excess of one’s shareholdings up to one and half times. Loans up to twice the amount of the member’s shareholding may be granted at the discretion of the Credit Committee.
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  • Interest Rate– 1.25% per month on the Reducing Balance.
  • Period – From 12-108 months & Over
  • All necessary supporting documents must be submitted.
  • Applicable Loan and TransUnion fees apply.

Home Improvement Loans


  • Interest Rate– 0.80% per month on the Reducing Balance.
  • All necessary supporting documents must be submitted.
  • Applicable Loan and TransUnion fees apply.
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Jump Start Loans

Allows new members to jump start their savings three months after becoming a member.
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  • Loan amount – $10,000.00
  • Interest Rate– 1.25% per month on the Reducing Balance.
  • Period – Maximum of 24 months
  • All necessary supporting documents must be submitted.
  • Applicable Loan and TransUnion fees apply.

Vehicle Loans

Loan Coverage

  • New Vehicles – 10% of the value of the vehicle on Shares
  • Foreign Used – 25% of the value of the vehicle on Shares
  • Locally Used –  25% of the value of the vehicle on Shares
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Required Documents

      • Pro-forma Invoice
      • Certified Copy of Ownership

Interest Rate varies according to the period of the loan:

      • 5 years – 0.90% per month on the Reducing Balance
      • 6 years – 1.00% per month on the Reducing Balance
      • 7 years – 1.20% per month on the Reducing Balance
      • Applicable Loan and Transunion fees apply

Life Saver Loans

Discounted loan that operates as a revolving loan and does not exceed $9,000.00.
Interest is paid on:

  • $1,000-$3,000 – 9.5% Add On with a Period of Repayment of 6 months
  • $3,001-$6,000 – 11.00% Add On with a Period of Repayment of 12 months
  • $6,001-$9,000 – 12.5% Add On with a Period of Repayment of 18 months
  • Applicable Loan and TransUnion fees apply.

Demand Loans

Fully secured loans which must be repaid within 6-12 months. Interest can be paid in advance, monthly or at the end of the period.
  • Interest Rate – 1.3% Add On
  • Applicable Loan and TransUnion fees apply.

Special Loans

Education Loans

Offered at specific times of the year.

  • Range – $2,500- $200,000
  • Interest Rate – 0.90% per month on the Reducing Balance
  • Period or Repayment – Maximum of 24 months
  • Applicable Loan and TransUnion fees apply.
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Phone Loans

Maximum amount varies and is approved by Board of Directors. Offered at specific times of the year.

  • Interest Rate – 0.80-0.95% per month on the Reducing Balance
  • Period or Repayment – From 12-36 months
  • Applicable Loan and TransUnion fees apply.
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Christmas to Carnival Loans

Maximum amount varies and is approved by Board of Directors.

  • Period of offer – From October-Ash Wednesday
  • Interest Rate – 1.25% on the Reducing Balance
  • Amount Creditable to Shares – 20%
  • Period or Repayment – From 12-36 months
  • Applicable Loan and TransUnion fees apply.
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