Membership Policy

For one to be an active member and benefit from the offers of loulak-DHDP investment, he/she must register with N5,000 (non-refundable) and the membership with savings(minimum of N1,000) either weekly or monthly.

Savings Policy

a. Members are encouraged to do thier savings monthly or weekly

b. Any member that do not make his/her savings after six months will be suspended.

c. savings have a maximum locking period three months after which a member can apply for withdrawal.

d. Interest on savings is due for member that saved for 12 months without withdrawal and only when loulak-DHDP coop made profit in business with the saved money.

e. Interests are added to fixed deposits and its been determined by the market rate.

Loan Policy

a. Members are qualified for loan consideration after one month of full membership.

b. A member applying for loan without tangible collateral would have saved at least 50% of the requested amount with his guarantor(s) saving a cumulative of 50% of the requested amount.  

c. A member with less than 50% of the amount requested and with good collateral could be considered for such loan provided that the following conditions are fulfilled;

    • The society has at least 200% of the amount of the loan in her account

    • The collateral(s) is/are found to be sufficient to cover the loan by a licensed evaluator.

    • That the applicant shall pay all fees for the evaluation of the collateral(s) and shall also pay all the fees associated with all required legal and commercial agreements.

d. The Society shall use her reach to approach our bankers on behalf of a member who does not qualify for the 50% rule of the society. In this case, the member shall provide collaterals that would be demanded by the bank and shall pay all the fees demanded by the bank. While the society will charge a 2% of the amount of the loan as fees for her services.

e. Failure to payback loan after 3 months, the guarantor will be made to offset the loan.

f. Interest on loan is always lower than market rate.