Three times savings
You can borrow up to three times your ordinary savings balance.
Loans
Borrow from people who know you.
Six kinds of loan, all from the members’ pool, all at example rates voted at the AGM and charged on the reducing balance. No hidden fees, one processing fee of 1 percent.
- Borrow up to
- 3 times savings
- Decision
- Every Tuesday
- Paid in
- 5 working days
- Guarantors
- Two members
01
Regular loan
For anything that matters to you. Up to three times your savings, repaid over up to 24 months.
1.0 percent a monthUp to ₦5,000,000
02Emergency loan
For hospital bills, a burst pipe, a funeral. Decided within 48 hours.
0.75 percent a monthUp to ₦300,000
03School fees loan
Paid straight to the school, repaid over ten months.
0.5 percent a monthUp to ₦1,000,000
04Asset finance
Cars, solar systems, generators and appliances, bought by the society and paid off by you.
1.25 percent a monthUp to ₦12,000,000
05Business loan
Stock and equipment for traders and small businesses, with weekly or monthly repayment.
1.5 percent a month₦200,000 to ₦10,000,000
06Housing and land
Plots and homes in the society’s estate in Kuje, with a 24 month payment plan.
1.0 percent a monthPlots from ₦4,500,000
Example rates for this demo. Loan rates are set by members at the AGM. Any dividend is decided each year from the surplus and past dividends do not promise future ones. Savings are not a deposit with a bank.
Chapter 01
The rules that keep rates fair.
Every loan follows the same four rules. They are why 98 percent of loans are repaid on time (example figure).
Two guarantors
Two members guarantee your loan, and their savings stand behind it.
A third of your pay
Repayments should not be more than a third of your take-home pay.
One loan of each type
You can hold one loan of each type at a time.
Chapter 02
Rates and limits.
Example rates for 2026, voted at the AGM.
| Loan | Example rate | Most you can borrow | Longest term | Decision |
|---|---|---|---|---|
| Regular | 1.0 percent a month | ₦5,000,000 | 24 months | Tuesday committee |
| Emergency | 0.75 percent a month | ₦300,000 | 6 months | Within 48 hours |
| School fees | 0.5 percent a month | ₦1,000,000 | 10 months | Within a week |
| Asset finance | 1.25 percent a month | ₦12,000,000 | 36 months | Tuesday committee |
| Business | 1.5 percent a month | ₦10,000,000 | 18 months | Tuesday committee |
| Housing and land | 1.0 percent a month | Plot price less 30 percent | 24 months | Estate committee |
All rates are example rates on the reducing balance. A 1 percent processing fee is deducted when the loan is paid out.
Members only
Apply for a loan.
You need three months of savings and two guarantors. We will call to confirm before the committee meets.
Application received, thank you.
A member officer will call you and your guarantors before Tuesday’s committee.
Your request goes straight to the team’s COVORN dashboard, so a member officer picks it up within one working day. Reference noted.
Example details for this demo. Nothing has been sent anywhere.
Questions
About borrowing.
Can I repay early?
Yes, at any time, with no penalty. Interest stops on the day you repay.
What happens if I cannot pay?
Talk to us early. The committee can reschedule. Missed payments without contact are taken from guarantors’ savings, which is why we always talk first.
Can I borrow if I am self employed?
Yes, with monthly transfers and a bank statement for the last six months.
Is the rate fixed?
Yes, for the life of your loan, at the example rate on the day it was approved.
Know what you can afford first.
The calculator shows repayments and whether you qualify.