LOAN SERVICE

Detailed Descriptions

At God of Love Multipurpose Cooperative Society Limited (GOLMCS), we offer a variety of loan options to meet the financial needs of our members and customers. Our loans come with competitive rates, flexible repayment terms, and an easy application process. Here are the loan services we provide:

1. LONG TERM LOAN

Our long-term loan is designed for members who need a significant amount of funding for a more extended period. The loan can be used to finance a variety of purposes, such as business expansion, education, or home renovation. Members can borrow up to N5,000,000 and repay over a maximum of 1 year.

The loan attract interest rate of 10% and last for the period of 6 – 12 months for the members. Whatever remains unpaid after the expiration of 12mnths will attract 10% interest rate monthly every meeting day (first Thursday of every month) for members till 3months with cumulative balance. Thereafter a legal action will be taken if loan not still cleared.

2. SHORT TERM LOAN
Our short-term loan is ideal for members and our customers who need to access funding quickly for immediate financial needs. The loan can be used to finance emergencies, pay bills, or cover unexpected expenses. Members can borrow up to N500,000 and repay over a maximum of 12 months while Non-Members(customers) can borrow up to N300,000 and repay over a maximum of 6 months.

The loan attract the interest rate of 20% and last for the period of 3 – 6 months for the non-members depend on the amount requested i.e

1. N10,000 – N99,999 = 3months
2. N100,000 – N300,000 = 6months

Whatever remains unpaid after the expiration of 3mnths, 6mnths will attract 20% interest rate monthly every meeting day (first Thursday of every month) for non-members till 3months with cumulative balance. Thereafter a legal action will be taken if loan not still cleared.

COMMODITIES/EMERGENCY LOAN
Our Commodities/Emergency loan shall be granted to members for emergency purposes and shall be paid at once with interest of 5%.

Loan Application Process
Applying for a loan with GOLMCS is easy and straightforward. Here's how the loan application process works:
Step 1
Become a Member to access our loan services, you must be a registered member of our cooperative society or purchase a loan form. Membership is open to anyone who shares our values and mission.
Step 2
Choose the Loan Type Choose the type of loan that best meets your financial needs. You can find detailed descriptions of each loan type on our website.
Step 3
Complete the Loan Application Form Fill out the loan application form, providing accurate information about your financial situation and the purpose of the loan.
Step 4
Provide Required Documentation We may request additional documentation to verify your income, employment status, or creditworthiness.
Step 5
Loan Approval and Disbursement Once we've reviewed your application and documentation, we'll notify you of the loan approval

HOW TO APPLY
CATERGORY A: (Business Owners)
Make a N1,000 payment at the designated bank account: (God of Love Multipurpose Cooperative Society Limited, 1400190918, Heritage Bank) and use the teller slip to purchase the loan form from our official.

Items to provide:

• National Identity Card Slip (NIN)
• Two recent passport photograph
• Two responsible guarantors with two recent passport photograph each and their NIN slip.
• Bank Verification Number Slip (BVN).

CATERGORY B: (Civil Servant & Workers)
Provide the 4 items above mentioned and include those below:

• Service ID Card from working place.
• IPPIS Enrollment slip
• Appointment letter
• Undertaking form from GOLCS.
• Open cheque duly signed by the applicant without amount and date.

If you have any enquiries please Contact Us for clarity.
You can also use our Loan calculators to help you estimate monthly payments and interest rates.

SAVINGS SERVICE

Description

At God of Love Multipurpose Cooperative Society Limited (GOLMCS), we understand the importance of saving for personal goals and special occasions. That's why we offer two types of saving plans to help our members achieve their financial goals. Here's a detailed description of our personal saving and Sallah/Xmas savings plans:

1. PERSONAL SAVINGS
Our personal saving plan is designed to help our members save for future expenses such as education, home renovation, or emergency needs. Members can save as little as N5,000 or more, depending on their financial capability. The plan offers a competitive interest rate and flexible contribution terms to make it easier for our members to save. Members can contribute to their personal saving account on a weekly and monthly basis.

2. SALLAH/CHRISTMAS SAVINGS
Our Sallah/Xmas savings plan is designed to help our members save for special occasions such as Eid-al-Fitr, Eid-al-Adha, and Christmas, Easter, etc. Members can save as little as N1,000 or more, depending on their financial capability. The plan offers a competitive interest rate and flexible contribution terms to make it easier for our members to save. Members can contribute to their Sallah/Xmas savings account on a weekly and monthly basis. Benefits of GOLMCS Personal Saving and Sallah/Xmas Savings plans:

• Competitive interest rates
• Flexible contribution terms
• Easy to save with regular contributions
• Ability to set financial goals and achieve them
• Easy access to your savings account
• Encourages financial discipline and planning
• No hidden fees or charges.

Opening a personal saving or Sallah/Xmas savings account at GOLMCS is easy. Here's how to get started:

Account Opening Process
Step 1: Become a Member
To open a personal saving or Sallah/Xmas savings account, you must be a registered member of our cooperative society. Membership is open to anyone who shares our values and mission.

Step 2: Choose the Saving Plan
Choose the saving plan that best meets your financial goals. You can find detailed descriptions of each saving plan on our website.

Step 3: Complete the Account Opening Form
Fill out the account opening form, providing accurate information about yourself and the type of savings plan you want to open.

Step 4: Make Your First Deposit
Make your first deposit into your savings account to activate it. You can make a deposit online or visit our office to make a deposit.

Step 5: Start Saving!
Once your account is activated, you can start saving towards your financial goals. You can contribute to your savings account on a weekly, monthly, or quarterly basis. Loan calculators to help visitors estimate their monthly payments and interest rates.

If you have any enquiries please Contact Us for clarity.

FAQs About Savings Accounts.

Qst - What is a savings account?
Ans - A savings account is a type of account that allows you to deposit money and earn interest on your balance.

Qst - What is the minimum amount required to open a savings account at GOLMCS?
Ans - The minimum amount required to open a savings account at GOLMCS is N5,000.

Qst - How often can I contribute to my savings account?
Ans - You can contribute to your savings account on a weekly and monthly basis.

Qst - What is the interest rate on GOLMCS savings accounts?
Ans - The interest rate on GOLMCS savings accounts varies depending on the type of account and the amount one is able to save per month. Please check our website or visit our office for the latest interest rates.

Qst - Can I withdraw money from my savings account at any time?
Ans - Yes, you can withdraw money from your savings account at any time. However, some accounts may have restrictions or penalties for early withdrawals. Please check the terms and conditions of your account.

Qst - Is there a penalty for not making regular contributions to my savings account?
Ans - Yes, there is penalty for not making regular contributions to your savings account. However, regular contributions help you achieve your savings goals faster and may entitle you to additional benefits.

Qst - Are there any fees or charges for opening and maintaining a savings account at GOLMCS?
Ans - Yes, there are fees or charges for opening and maintaining a savings account at GOLMCS. However, there may be fees for certain services or transactions. Please check the fees and charges schedule on our website or visit our office for more information.

Qst - How do I open a savings account at GOLMCS?
Ans - To open a savings account at GOLMCS, you need to become a member of our cooperative society and complete an account opening form. You can find more information about the account opening process on our website or visit our office for assistance.