Any individual above the age of 18 years, membership is voluntary after completing the enrolment form and payment of the non-refundable fee.
Frequently Asked Questions
Yes, you are free to leave the cooperative and withdraw your savings provided you have no outstanding loan or you have not guaranteed any loan that is yet to be repaid.
You can save from as low N100 daily with no upper limit
No limit to any savings balance
The cooperative law requires you to save over a period of 180days, we however consider members who show enough commitment to save without default
You can borrow three times of what you have saved, which is subject to you been guaranteed by another active saving member.
The maximum tenure or period for business improvement loans is 6 months, however special loan products like Uber, buses among others, are allowed for a maximum period of 24 months
At Golden Age Multipurpose Cooperative Society, there is no specified number of guarantors a member needs to have, hence there's no limit to the number of eligible guarantors provided.
A member can self guarantee, if the loan amount taken is less than or equal to the amount of savings deposit held and must not have any other guarantor liability.
As a member, you are ONLY allowed to borrow once at a time, and can only borrow after full repayment of any existing loan without any incident of default
Elite shareholding members of the Board of directors, who have the authority to invite new Shareholding members, are to allocate a shareholding members, in which an invitee is required to pay over a period of 12 months.
The enrolment fee is currently N1,000,this is subject to change from time to time due to new inventions and innovations, this fee once paid, is not refundable.
As a member you enjoy several benefit as enumerated below, but not limited to it;
- 1. Very low interest loans
- 2. Business advisory
- 3. Group collaborations
- 4. We also offer guarantees to members who intend to borrow
- 5. We offer opportunities for home ownership
We have TWO types of members
- 1. EQUITY SHAREHOLDING MEMBER
- 2. ORDINARY SAVINGS MEMBER
- 1. Valid ID - National ID/Driver's Licence/International Passport
- 2. Proof of Address- Water bill/Electricity Bill
- 3. Registration non-refundable fee N1,000 for now
- 4. Only registered members who have saved for a minimum period of 180days can qualify for a Loan.
- 5. All member loan applicants must save at least 1/3 of loan amount plus interest
- 6. All loans are for a period of 3 to 6 months maturity. However special loans for Uber/Taxi/Bus have maximum tenure of 24months (2yrs)
- 7. All loans must be guaranteed by another registered member who has been a consistent saver, we advise new member to enroll in pairs to and groups to simplify the guarantee process
- 8. All savings withdrawals are paid instantly and attract a small fee of between N100 to N250.
- 9. Members on Loan are also required to sustain their savings