HOW IT RUNS .
GROUP LOAN:This is the process where loan is being disbursed to group of people. The minimum number of people in a group is 10 while maximum is to 40 for control. A leader and secretary are appointed in the group from proper control. A registration fee of N500 is paid by each member while 3.5% of the loan to be collected will be paid as administrative charges on the day of disbursement.
The minimum disbursement is N20, 000, while maximum is N50, 000 with Cost of services of 25% and 22.5 % respectively and a repayment period of 20 weeks (i.e. 5 Months). However, before disbursement a mandatory sum of N2, 000 is paid by each member of the group before disbursement.
A credit officer will be assign to 5 unions per day for collection purpose at agreed meeting day.
All loans is secure by all members of the group as each member sign as guarantor for each other while each members of the group also provide a guarantor to sign the company guarantor form provided.