Most credit unions expect members to save
regularly for 6 months before granting a loan
and the loan will be twice the savings mobilized
within the period and for a duration of two years.
However, for a member who intends to borrow
three times his/her savings or for a maximum of
three years will have the obligation to prove to
the loan committee their ability to repay the
loan.
WHO IS A GUARANTOR?
A guarantor is a member who shall indicate the
amount of his/her savings to pledge as security for a
loan for another member. When a loan is being paid,
the security pledged by the guarantor is released
before the security of the borrower.