Cooperative Loans
- Purpose of loan: Bridge finance to cater for rent payment, school fees, salary advance or to solve personal challenges or emergencies.
- Tenor of loan: 12 months max
- Interest rate: 10% per annum
- Credit Score rating: Tied to Member’s accumulated savings balance with Aquaries
- Maximum Amount to Borrow – 200% of member’s accumulated savings
- Collateral –Members’ savings + Guarantor(s) if loan amount > Members’ Savings balance
- Management fees (i.e. processing & insurance) –2.5% charge on value of loan payable upfront.