LOANS

Loan Eligibility

1. Cooperators are eligible for loan collection after one year of uninterrupted contributions to the pool.
2. Cooperator have been adjudged person of good character and have demonstrated capacity to repay.
3. Cooperators are accessible to Ordinary Loan, 200% worth of their total contributions at as date of loan request. (after one year of membership)
4. Cooperators are eligible for Emergency Loan collection upon 6months satisfactory relationship with the cooperative not more than 100% of contributed sum.
5. Cooperators are eligible to access (Partial Withdrawal) 40% of total contributions made after 4years of membership.
6. Cooperators are enjoined to make a commitment that they can be easily and sustainably accommodate monthly.

Loans Conditions

1. Cash Loans are approved on zero (0%) interest rate
2. Loans repayment is spanned over 3months to 18months tenor
3. Loan collectors are to provide 3 guarantors. (1Co-cooperator, 2 external guarantors living in Abuja and post-dated cheques covering the tenor of the loan)
4. Loan collectors are to pay for loan application form fee.
5. Loans are disbursed/disapproved upon satisfactory application of “Approved Loan Checklist”