Frequently Asked Questions (FAQs)

Question: How much is the membership fee?

Answer: N2, 000 Flat and will be charged only once on your 1st savings.

Question: What is the lowest amount of money I can save?

Answer: N5, 000.

Question: How long do I have to save to be entitled to the loan facility?

Answer: 6 months

Question: How much can I access as a loan?

Answer: One is entitled to 150% of their contribution after 6 months of savings

Questions: How much interest is accrued on the loan?

Answer: Once you are within 150% your contribution, the loan will be at an interest rate of 2% per month on reducing balance.

Question: Can I access more than 150% my contribution?

Answer: Yes you can. Any loan which is more than 150% of your contribution will attract an interest rate of 5% per month on a reducing balance. The 5% interest will be charged on the excess of your 150% contribution status i.e. your total contribution for 6 months is N120, 000 and you need N400, 000 on loan. N180, 000 will be calculated with a 2% interest reducing balance while N220, 000 will be calculated with a 5% interest reducing balance.

Question: Can I still have access to another loan if I have an existing loan?

Answer: One is NOT entitled to another loan while servicing a present loan.

Question: What is the length of the repayment period?

Answer: The longest repayment period is one and a half years or 18 months.

Question: What is the criteria for having access to more than double your contribution?

Answer: A repayment plan has to be shown to the individual which must be signed thereby not exceeding half of one’s salary.

Question: Can I withdraw my money while I’m still saving?

Answer: No. The cooperative is a savings strategy designed to make you have a compulsory savings where you cannot access the funds unless there is a withdrawal of membership.

Question: How do I then access my money?

Answer: One can access their savings with a loan facility which helps you still save while servicing a loan.

Question: Can I just dump a large sum of money into the cooperative account and request for a loan which is double my contribution?

Answer: No. There has to be evidence that your savings plan was done consistently over a period of time.

CUSTOMER CARE LINE:

08053000652 (OLATUNJI)

CHIEF OPERATIONS OFFICER:

08158393397 (OLUFEMI)

LKA Multipurpose Cooperative Society © 2017 - 2019