- An applicant for a Loan must be a member for three to six (3-6) months to qualify for a loan.
- Applicant must be 18 years or older.
- Interest is calculated monthly at the rate of 1% on the unpaid monthly balance (Reducing balance method)
- Character Loans:$2000 above share capital - no other security is required.
- Applicant must have equity in the form of shares in the Society.
Points to Note
- Interest rate is 1 % monthly on the reducing balance on loans above shares and 0.83% monthly on share-covered loans and mortgage loans. The Board reserves the right to change these rates from time to time without notification.
- Members will not beallowed to withdraw from their shares if their share balance is below their loan balance.
- Shares used to co-make are not withdrawable.
- Members must continue to purchase shares whilst paying their loan - 10% of loan payment up to, $50.00 monthly.
- Loans in excess of $50,000 must be insured.
- Members needing waivers from the policy may write to the Board of Directors.
Applying for a loan
An appointment must be made in advance unless loan is fully secured by shares. At the interview, member should provide
- Picture ID
- For gov. workers: most recent pay slip; for non-gov. workers, a recent job letter.
- Supporting documents for purpose of loan, for example: Acceptance letters from school; Invoice for purchases; Letter of intent for land; Cost estimates for jobs.