LOANS
At the ASCU we have a variety of loans accessible to our members at excellent rates.
Share-secured (Personal) Loans
These loans are secured by the member's shareholding in the credit union.
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Character (Regular) Loans
These loans would normally be repaid within periods ranging from six (6) months to forty-eight months (48) months. Generally, the Credit Committee may approve loans in excess of shares for up to one and one-half the amount of the member's shareholdings Loans up to twice the amount of the member's shareholdings may be granted at the discretion of the Credit Committee.
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Demand Loans
These loans must be fully secured for the amount of the loan and are repayable over periods ranging from six (6) months to twelve (12) months.
The member may elect to make regular repayments of principal and interest during the loan repayment period or alternatively, make payments of interest only during the period and a lump sum payment of the principal at the end of the period.
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Computer Loans
Loans for the purchase of Computers are subject to the conditions outlined below:
Invoices must accompany all applications for this type of loan A deposit in the amount of ten percent (10%) of the cost of new computers and twenty -five percent (25%) in the case of used computers must be added to shares The maximum period for the repayment of such loans shall not exceed thirty (30) months The member must provide full insurance coverage on the computer with assignment in favor of Aero Services Credit Union for the duration of the loan These loans may be approved based on the member's capacity to repay.
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Vehicle Loans
The maximum repayment period for vehicles is sixty (60) months. However, the value of the vehicle will also determine the length of the repayment period.
The maximum loan for Roll On-Roll Off vehicles (passenger sedan) is $75,000 and for commercial vehicles $120,000. The maximum period for the repayment of such loans shall not exceed sixty (60) months.
For new vehicles, pro-forma invoices must show-make, type and model of vehicle, colour of vehicle, registration number, chassis and engine numbers.
In the case of used vehicles, proof that the vehicle to be purchased is free from all encumbrances and a certified copy of ownership with a letter of intent to sell must be submitted with the loan application.
A certified copy of ownership showing the new owner (that is, the name of the member) obtained from the Licensing Authority must be submitted to the Credit Union within fourteen (14) calendar days after receipt of the cheque for the loan.
The member must provide Full Comprehensive Insurance policy coverage on the vehicle with an assignment in favour of Aero Services Credit Union.
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New Life Saver Loans
The New Life Saver Loan is a discounted loan (i.e., you are required to pay in advance the interest amount based on the loan value). This loan allows you the flexibility to select the amount and payment period that is most suited to your needs. The interest charge varies based on the amount you borrow. The Plan operates as a type of revolving loan. You may apply for a loan “top-up” within the same range or to a higher range prior to the initial loan being repaid. In such an instance you must pay the interest for the new loan amount in advance. Interest is paid on the “top-up” amount based on the Interest Charges band within which the total new loan falls. Requests for “top-ups” are granted in increments of $500.00. The amount of the New Life Saver Loan will be added to the existing Special Loan balance. The New Life Saver Loan will replace the existing Life Saver, Christmas Helper and Education Loans.
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The Aero Services Credit Union offers many services to its membership.
