Character Loans

A character loan is a type of unsecured loan that is made on the basis of the borrower’s reputation and credit history.  Character loans are granted to members for productive and provident purposes and include personal, domestic, legal fees, debt consolidation, travel, agriculture, furniture, appliance, insurance and education.  A domestic loan can cover small miscellaneous expenses and pay for school, wedding and funeral expenses.

Terms and Conditions

• You must be a member for at least three (3) months.
• If you need to borrow $25,000 or less, you must have one third (1/3) of the amount in withdrawable (callable) shares. For amount from $25,001 to $40,000, you require callable shares equivalent to 40% of the total loan.
• You must have a good credit history.
• You must be gainfully employed and be able to show proof of employment such as job letter and latest salary slip.
• You must present proper supporting documents.
• Interest on loans is calculated monthly on the reducing balance at the rate of 0.9%.
• The repayment period is based on the amount granted and the member’s capacity to repay.