Interest-Free Lending (Qard-al-Hasan)
Members can request interest-free loans supported by guarantors and committee review. The process is structured to protect both the borrower and the society.
Eligibility
Eligibility is based on contribution history, account standing, and guarantor support. Members must be active and compliant with cooperative rules.
Guarantor System
Guarantors provide shared responsibility. Commitments are recorded in the app to ensure transparency and accountability.
Committee Approval
The committee reviews loan requests, guarantor strength, and repayment plans before approving disbursement.
Repayment Tracking
Repayments are scheduled and tracked in the app with reminders and status updates.
Late Repayment Policy
After the due date, a late fee of NGN 300 is added daily to the outstanding balance until payment is made. Members are encouraged to contact the committee early if repayment challenges arise.