Accra Academy Co-operative Credit Union provides loans to its members. The loans are granted to members for any worthwhile purpose, either productive or provident, such as building/housing projects, business, funeral, farming, medical, rent advance, and many others. A member may access a loan based on his or her accumulated savings and shares, subject to his or her repayment ability and credit rating. Members have the opportunity to refinance or top-up their loans, if need be, as their outstanding loan balances decrease.
Members who borrow from AACCU can still make deposits into their savings accounts. Deposits into the savings account earn competitive interests. Members’ savings accounts may be used as guarantee to loans and may require other members to serve as guarantors if the borrower’s savings are not enough to guarantee the loan applied for.