Other important information Your weekly or monthly installment will be determined by the amount of the loan, the repayment

period and the applicable interest rate. You should discuss your options with the Office prior to applying for any loan.

1. Interest rate on all loans to members is one (1%) per month on the outstanding balance. This rate may be adjusted based on the type of loan, at the discretion of the Board. 2. Co-maker: members who wish to apply for a loan but are in excess of their borrowing limits may have another member act as co -maker to their loan. That member will be required to pledge his/her shares to the value of the excess until the unsecured portion of the loan has been paid off by the borrower. 3. Additional security may be requested by the Credit committee for a loan that is in excess of the borrowers shares. This may be in the form of collateral such as: Stocks, shares, Units or government bonds (up to a maximum of 75% of their value); Cash value on insurance policies; Fixed deposits; Instrument of Charge on vehicles; Mortgage Bill of Sale on property purchases
4.

So, you want to get a Loan...

A member is not allowed to have more than one unsecured loan at any point in time. Where Special or Seasonal loans are being offered, these will be treated separate and apart from any secured loan.

A simple guide on:

Who can apply for a loan How and when to apply for a loan What you need to support your loan application What types of loan products are available for you

5. Repayment of loans are made either via: Salary deduction or Standing order, if the member is a former employee, permanent employed with another organisation.

The information contained in this brochure is an excerpt of the A.G.E.C.U. Loan Policy and should be used as a guide only. The information should in no way be construed as a guarantee of approval for any loan. Other conditions may apply. Please contact the office for further details or advise at 623-1841 ext. 333/334, 625-2662

Who can apply for a loan?

What type of loan can I apply for?

What do I need to apply for a loan?

1. Any person who has been a member of the Credit Union for at least six (6) months and who has been saving on a regular basis can apply for a loan. 2. A permanent employee of Angostura Limited, who is a member of the Credit Union may apply for a loan up to three (3) times the value of his/her shares. 3. A former permanent employee of Angostura Limited who is still an active member of the Credit Union and is permanently employed elsewhere, may apply for a loan up to three (3) times the value of his/her shares. 4. A retired employee of Angostura Limited, who is still an active member of the Credit Union may apply for a loan up to three (3) times the value of his/her shares. Loans to retirees are at a rate of interest of .75%. 5. A casual or temporary employee of Angostura Limited, who is a member of the Credit Union may apply for a loan up to 1.25 times the value of his/her shares. Members may be asked to provide collateral or additional security for loans in excess of $50,000 over his/her borrowing share capital. 6. Members with less than six (6) months standing in the Credit Union may apply for a loan up to the value of his/her shares.

There are five (5) general categories of loans: 1. Share secured loans 2. Character loans 3. Collateral secured loans 4. Cash and Investment loans 5. Payday/single payment loans

1. Application forms must be completed, signed and returned to the Credit Union office at least two (2) days prior to the scheduled meeting date of the Credit Committee (committee meets weekly). 2. Applications can also be received over the telephone or via email to the Office (all conditions still applicable). 3. Supporting documents may be required for certain loans, including:
Purchases such as: furniture & appli-

TYPES OF LOANS

Property purchase Property improvements Medical treatment Debts consolidation e.g. utilities Small business e.g. agriculture Legal transactions Vehicles repair/new/used Vacation/travel Household amenities: - e.g. Furniture/ appliances Investment Insurance Mortgage /bridging finances Domestic expenses Education Back-to-school loans Special seasonal loans

ances, new vehicles - pro forma invoice;

Used vehicles - valuation & title search; Vehicle or home repairs: estimate; Education: letter of acceptance and any

information detailing cost for books, tuition, etc.;

Medical expenses:

letter from doctor/ hospital, estimate of costs; port and purchase agreement (other documents may be requested);

Purchase of land or house: valuation re-

Small Business: business plan

4. Members are required to correctly state on the loan application form the purpose for which the loan is intended. In the case of misapplication of funds, the member may be asked to repay the loan in full before the due date.