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Lending FAQs

Below are some important facts you will need to know to make the loans process and easy and straight forward for you. Click on the question to view the answer.

Loans FAQs

Q

How Do I Apply for a loan?

Click on the 'request a loan' link on the top right side of the menu bar. Follow the instructions there. You will need to be a member and provide two most recent pay slips

Q

How long will it take for a loan to be processed?

Our turn around time for loan secured by your savings is the same day. For regular loans it should not exceed a week. Mortgages are more involved as there is the need to be processed by a legal entity and therefore will take longer.

Q

Can I include furniture in a house loan?

Yes we can accommodate you. 

Q

Are dependants children only?

No. A dependant is anyone who depends totally on you for financial support.

Q

Do I need security?

We lend on the strength of your security, but not in every case. The application will be assessed on an individual basis.

Q

Can I use my car as security?

Yes, but only if the car is comprehensively insured. 

Q

When are funds disbursed?

There is an assessment process. If lending is approved you may be called on the same day or at latest the following day.

Q

When will I need to start repaying?

For loans approved during the 1st and 10th of the month, repayment is the end of the current month. Repayment will commence at the end of the following month on all loans approved after this date.

Q

Can I pay more than my monthly re-payment?

Certainly. Interest is calculated on the balance as it reduces. It is therefore to your advantage to reduce the balance owed

Q

Can the disbursement cheque be made payable to me instead of the supplier?

It is our policy to have a record of the payee and is in keeping with what you requested.

Q

Can the funds be placed on my account, allowing me to withdraw it as needed?

Yes provided it is secured by the funds already on your account.

Q

What happens if I miss a payment?

We would expect you to rectify this as soon as possible by either paying the outstanding amount or by paying a little more each month.

Q

How many payments can I miss?

You should try not to miss any of your payments but should this happen you are advised to please communicate this to us at the earliest possible opportunity. 

Q

If I pay off a loan in a shorter time will I pay less interest?

Yes you will, as interest is calculated on the reducing balance.

Q

Why is so much information necessary?

We need the information in order to make an informed decision - one that will put you in a better financial position. 

Q

Why do I need 2 pay slips?

This is the policy across the board as many members are paid bi-weekly. The deductions may not be the same during these two periods.

Q

How many loans can I apply for in a calendar year?

There is no policy on this. Every member's situation is different. 

Q

Why am I not allowed to make my payments over the counter?

A salary deduction is safer. Members may forget to make the deposit, it also saves time standing in line to make the transaction with the cashier.