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.

Types of Accounts

Character (Regular) Loans

These are loans in excess of one’s shareholdings up to one and half times.

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Demand Loans

Fully secured loans which must be repaid within 6-12 months.

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Home Improvement Loans

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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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Life Saver Loans

Discounted loan that operates as a revolving loan and does not exceed $9,000.00.

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Share-secured (Personal) Loans

These loans are secured by the member’s shareholding in the Credit Union.

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Special Loans

Education, Phone and Christmas to Carnival Loans.

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Vehicle Loans

Acquire you new, foreign used or locally used vehicles.

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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.
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Use our Calculators

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