Loan Applications
Fund members can apply for loans from the fund balance. Non-members can also borrow through a member referral.
Member Loans
- Go to the Loans page.
- Click Apply for Loan.
- Enter the desired loan amount (subject to the fund's loan limit).
- Review the interest rate, term, and monthly payment.
- Submit the application.
The fund manager will review and approve or reject the application.
Non-Member (Referral) Loans
Members can refer non-members for loans:
- Go to Loans and click Apply for Loan.
- Select On behalf of someone else.
- Enter the referee's name, email, and phone number.
- Enter the loan amount.
- The referring member is responsible for ensuring repayment.
Loan Terms
- Term — Configurable per fund (default 3 months).
- Interest — Member rate (default 3%) or non-member rate (default 5%).
- Repayment — Monthly installments starting from the disbursement date.
Loan Limits
You can only borrow up to the available fund balance:
Available = Total Fund Balance - Outstanding Loans
After Approval
Once approved and disbursed:
- Repayment schedules are automatically generated.
- You will receive reminders before each repayment due date.
- Submit payment evidence for each repayment, similar to contributions.
Loan Agreements
If the fund requires loan agreements (configurable), you must sign a digital loan agreement before disbursement. Both an application form and a contract must be signed.