A member is eligible for a loan once they have met the requirement. Members may borrow up to 10 times their Shares depending on the loan types. Interest rates on loans are very competitive and vary according to the share ratio. All interest rates are calculated monthly on the reducing balance. Once you are borrowing more than you have saved, collateral (security) may be required for the loan.  

Loan ceiling $15,000.00; repayment period one month;

  • Loans that are not repaid over a two-month period will be deducted from the borrowers’ shares
  • This will render the member ineligible for a similar loan for not less than three months. 

Member cannot access more than the maximum of one payday loan within the same month, however portions may be granted on more than one occasion.  This is an un-secured loan, but the members’ shares will be used to determine the amount granted.  Loan not repaid will attract an additional penalty of 10% monthly; loan must be fully repaid before another can be granted and service charge 10%. Last pay advice/certified proof of income and TRN are required. 

Other conditions may apply

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