Swift Loan

LOAN SECURITY

As is obtainable for all other loan transactions, some form of collaterals are demanded by the Management Committee from a loan to protect the Society’s interests before any loan is approved and subsequently disbursed. The security demanded by the Society includes but not limited to the following options:

SURETY

A loan applicant would be required to produce either one or two financially, well-placed member/s, depending on the size of the loan sought and provided that the surety or sureties is/are not in any manner indebted to the Society. In any case, the value of the approved loan would not exceed the total sum held by the borrower and his/her sureties as their credit balances with the Society - both Shares and Thrift Savings.

PROPERTY MORTGAGE (BUILDING) - JOIN THE WORD

Under this category, a member submits to the Society all the Title Deeds pertaining to the landed property, which must be located within Calabar or its immediate environs. The relevant particulars include duly executed Building Plan, Site Plan, Land Agreement, Certificate of Occupancy or any other related document that the Society may deem fit.

CHEQUES

A member is required to lodge his/her current account cheque as collateral for the loan.

SELF SECURITY

In the case of a self-secured loan, 90% of the balances held by a member in the Thrift Savings Account and Shares - when put together - can also be granted as loan without any other form of security being required.

AFFIDAVIT OF FACTS

Affidavit of facts; loan security options available in the Society, all members seeking loan from the Society, except self-secured loans are expected.

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