Frequently asked questions
1.What is an Emergency Loan
An Emergency Loan is a short-term credit facility designed to assist members in meeting urgent and unforeseen financial needs.
5. Are there any fees, interest and charges associated with the Emergency Loan Product?
The Emergency Loan Product carries a once-off interest charge of 6% of the approved loan amount. Any additional fees or charges, if applicable, will be communicated to applicants.
2. Who qualifies for the Emergency Loan Product?
The Emergency Loan Product is available to eligible SACCO members who meet the prescribed application requirements and affordability criteria as well as their account being in good standing.
6. What is the minimum and maximum loan amount I can apply for?
The amount is fixed at the maximum loan amount of R5 000.
3. How Do I Apply for the Emergency Loan Product?
Eligible members will be required to complete and submit the prescribed loan application form together with any supporting documentation that may be requested by the SACCO.
7. What is the repayment period for the Emergency Loan Product?
The Emergency Loan must be repaid over a period of three (3) months.
4. What are the benefits of the Emergency Loan Product?
•Provides quick access to funds for emergency financial needs.
•Simple and straightforward application process.
•Affordable short-term repayment period of three months.
•Fixed once-off interest charge.
8. How do I repay the monies owed?
Loan repayments will be made in accordance with the repayment arrangements communicated by the SACCO upon loan approval.