Member Personal Loan: This is a credit facility granted to all members who may have the need for funds. After becoming a member, all members are qualified to take their first loan after three months of membership. All loans are multiples of members’ savings plus shares, but a member can decide to borrow within his/her savings depending on his/her need for funds at a given period. The first loan is always not more than the loan applicant’s savings. If the first loan is paid without a missed payment, then the second loan is always not more than two times the applicant’s savings plus shares. If the second loan is paid according to schedule, then the third loan is three times the applicant’s savings plus shares, but not more than fifteen thousand Ghana cedis (GH¢15,000.00). Any loan request amount above GH¢15,000.00 is two times the applicant’s savings. For purposes of illustration, if a member needs a loan of Twenty Thousand cedis, ( GH¢20,000.00) then his/ her savings plus shares must not be less than 10,000.00. However, the GCPCUL does not exceed a risk exposure of more than one hundred thousand Ghana cedis on an individual borrower (GHC100,000.00). One needs to pay at least 75% of his/her personal loan before accessing another Personal loan.

Member Customer Loans: Loans may be granted to members to acquire consumer durables.  The duration of such loans shall not exceed five (5) months with one month moratorium.  A 20% deposit of the total cost of the item shall be required.  The loan shall attract the same interest rate as the ordinary loans. The consumer durable loan shall not exceed the Loan applicant’s savings at the time of borrowing.  The Manager shall administer these loans in consultation with the Loans Committee.

Member Import Support Loans: An ISL as defined by this policy is a loan granted to a premium member of the Credit Union to clear merchandise imported into the country at the ports. A premium member is a member in good standing with the Credit Union, i.e., a member who has never defaulted in his/her loan repayments and is an active saver (one who saves at least once in a quarter). The 5Cs of loan appraisal shall be applied to the ISL approval process before granting the loan. For a member to qualify for an ISL, he/she should have fully paid off any outstanding ISL and at least 75% of any other loan outstanding in his/her account at the time of the loan request. For a member to qualify for an ISL, he/she should have registered a business under the Companies Code of 1963, Act 179. An ISL to an individual shall not be more than Fifty Thousand Ghana Cedis (GH¢50,000).

Member Emergency Loan: The policy defines situations such as sudden hospitalization, funeral, accidents, and rent for Pharmacy business as emergency for which an emergency loan may be granted.  Only one emergency loan must be outstanding to a member within twelve months. Emergency loans should be within a member’s savings. A member applying for an emergency loan must have paid at least 50% of all outstanding loans with the Credit Union.  An emergency loan can be approved by the General Manager in consultation with the Loans Committee.