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 of up to 2.5times his or her accumulated savings and shares subject to his or her repayment ability and credit worthiness or 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 account provided they follow their loan repayment schedules accordingly. Deposits into the savings account earns attractive interest. Members savings may be used as guarantee to their loans and may require other members to serve as guarantors if the borrower’s savings are not enough to guarantee the loan applied for.