LOAN

LOAN AND REPAYMENT

COOPERATIVE LOANS

Members can secure 2 to 3 times the amount of savings they have as loan. interest rate on loan is 10% of whole sum at flat rate. repayment period is 1 to 2yrs. loan takes a minimum of 30days to get approval: if you request for loan on 5 th January, approval is given on 5 th of February. there is 1% increase on remaining balance when you miss any month of repayment you must visit any of Lovecity offices or an agent for capturing with one passport photograph and a valid means of identification.

TYPES OF LOANS

  • Trial loan which is N50,000
  • Class A which is N200,000 to N300,000
  • Class B which is N400,000 to N600,000
  • Class C which is N700,000 to N1,000,000

CONDITIONS OF LOANS

To get Trial loan
  • 1. You must have minimum savings of N10,000
  • 2. You must have minimum shares of 100 units
  • 3. To have downlines is not compulsory
  • 4. You must not withdraw your commissions in the last 1 month
  • 5. Repayment is between N3,000 to N30,000 per month
To get Class A loan of N300,000
  • 1. You must have minimum savings of N100,000 to N200,000
  • 2. You must have minimum shares of 500 units
  • 3. You must have minimum of 5 direct downlines
  • 4. You must not withdraw your commissions in the last 2 months
  • 5. Repayment is between N13,750 to N100,000 per month
To get Class B loan of N600,000
  • 1. You must have minimum savings of N200,000 to N300,000
  • 2. You must have minimum shares of 1,000 units
  • 3. You must have minimum of 5 direct downlines
  • 4. You must not withdraw your commissions in the last 3 months
  • 5. Repayment is between N27,500 to N100,000 per month
To get Class B loan of N1,000,000
  • 1. You must have minimum savings of N350,000 to N500,000
  • 2. You must have minimum shares of 1,500 units
  • 3. You must have minimum of 5 direct downlines
  • 4. You must not withdraw your commissions in the last 4 months
  • 5. Repayment is a minimum of N46,500 per month to any amount
Loan Default Penalty
If you miss one month, you will need 3 guarantors to access any loan again. If you miss two months consecutively, you will be handed over to EFCC and we shall print your identity on our yearly magazine and social media as a debtor and probably a fraudster.