Loans

Are you in for a large purchase? Do you need a large sum of money at your disposal? All ACU members can qualify for a loan.

ACU has various types of loans, such as the personal loan with a payback period of between 12 and 96 months, loans to facilitate the purchase of a new – or used car or loans for and academic degree. For a complete overview of the various loans, refer to the Credit Policy (Polítika di Fiansa in Papiamentu).

Loan Conditions

For an ACU member to qualify for a loan from ACU, you must meet at least one of the following requirements:

• If you are an existing member and have not met the monthly obligation to save shares, you are willing to save shares of all the missing months in order to qualify for a loan;
• If you are a new member, you are willing to commit to the monthly obligation to save shares to qualify for a loan.

The grant and credit policy

The Credit Committee, and in some cases the ‘Loan Officer,’ approve the loan applications. The decisions are based on the Credit Policy that the ACU Board and the Credit Committee have pre-determined. The conditions, under which members can get a loan, are defined in the Credit Policy. The office will notify you about their decision regarding your loan application.

Application Procedure and Application Form 

Your loan application can only be accepted with the application form. This form can be completed and signed with the assistance of the Loan Department. This is possible from Monday through Friday, between 8:00 am and 2:00 pm. You can also apply for your loan online at your convenience with ACU E-Loan.

We encourage you to use our online Loan Calculator to obtain an estimate of your monthly loan repayments for the various loan offerings.

The following documents are required:

• Valid identity document (Identity card, driver’s license or passport)
• Last 3 salary slips
• Last 3 bank statements
• Employment verification letter directed to ACU Credit Union and must not be older than (1) month of the date on which the loan request is handed in.
• An overview of your outstanding debts at other creditors. This is required when applying for debt consolidation.
• Car-order for a new car loan or a copy of the inspection certificate for a used car. (If it concerns a request for a car loan)

Depending on the type of loan and the amount, we can also ask for additional documents, such as a Balance Confirmation Letter

The size of an ACU loan

As an ACU member, A loan can be granted at the amount of either 16 and 20 times the balance of your shares. The amount of the loan is determined by:

• The amount of shares on your account
• A background check (such as your payment behavior), as defined in your file
• Your gross monthly income
• The remainder of rules of the Credit Policy
• The amount you are already repaying other loans.

Loan Repayment

When entering your loan, you will be requested to fill out an authorization form in order for ACU to deduce your repayment/redemption from your salary on a monthly basis.