Faq
Prudent women
Frequently Asked Questions (Faqs)
How Do I Become A Member?
You Become A Lifetime Member Of The Cooperative By Paying The Membership Registration Fee Of N1,000. 2. Are There Any Other Requirements For Being A Member Of The Cooperative? Yes. All Members Must Maintain A Good Relationship With Other Members Of The Cooperative, And Ensure Mutual Respect At All Times. Our Whatsapp Platform Is Highly Restricted To Only Content Concerning The Cooperative, And No Member Is Allowed To Make Random Posts Online.
Are There Any Other Requirements For Being A Member Of The Cooperative?
Yes. All Members Must Maintain A Good Relationship With Other Members Of The Cooperative, And Ensure Mutual Respect At All Times. Our Whatsapp Platform Is Highly Restricted To Only Content Concerning The Cooperative, And No Member Is Allowed To Make Random Posts Online. Also, Every Year, All Members Pay Compulsory Welfare Dues Of N1,000 To Enable The Cooperative Cater For The Social Welfare Of Members During Times Of Celebration Or Distress. For Example, Each Member Is Entitled To A Visit From The Cooperative During/after Childbirth, Wedding Ceremonies Of Themselves Or Their Children, And During The Loss Of A Loved One.
Now That I Have Become A Member, How Do I Save?
Once You Become A Member And You Have Been Inducted Onto The Whatsapp Group, You Are Eligible To Start Saving. The Savings Is Very Flexible, With The Minimum Amount Of N2,000. There Is No Maximum Amount Because You Can Save In Thousand, Hundred Of Thousands Or Millions. Also, Savings Are Not Restricted To Any Particular Date. You Can Save Everyday, Or On Any Day. But All Members Must Save With The Cooperative At Least Once Every Month.
How Do I Know My Savings Are Safe?
Your Savings Are 100% Safe. All Our Savings Are Banked With Reliable Commercial Banks And Our Financial Transactions Are Highly Regulated By The Government. Prudent Women Cooperative Was First Established In February 2020. Since Inception, The Cooperative Has Successfully Operated, Faithfully, Providing Members With Important Loans, And Interests On Their Savings, Without Stories To It's Members. This Is Because We Are Founded On Godly Principles Of Divine Insight, Truth, Integrity & Accountability . We Also Have Well Experienced Individuals As Managers Of The Cooperative Who Have The Right Temperament And Composition To Administer All Funds Appropriately. Our Members Have Great Testimonies To Share, And All Members Of Prudent Women Cooperative Are Beneficiaries Of The Excellent Services We Offer.
How Do I Receive/access My Savings?
Savings Disbursements Are Done Within The First And Second Week Of December Every Year. During The Disbursement, Members Receive Their Savings Plus The Interest Acrued On Their Savings.
How Much Interest Is Accrued On My Savings At The End Of The Year
The Interests Accrued On Each Members Savings Depends On Two Factors, Namely: 1. Time And Duration Of Savings 2. Amount Of Savings Also, Members Who Have Higher Savings Automatically Get Higher Interets. The Cooperatives Main Source Of Income Is In The Interest It Charges On The Loans Given To Members, And This Interest Is Shared Amongst Members Who Have Savings With The Cooperative.
How Do I Obtain A Loan From The Cooperative.
The Prudent Women Loan Facility Is Very Easy. It Has Been Deliberately Made Easy, So As To Ensure That All Members Have Easy Access To Finance For Their Various Business And Personal Interests. The Basic Requirements Are As Follows: 1. An Applicant Must Have Been A Member Of The Cooperative For A Minimum Period Of 6 Months. 2. An Applicant Should Have Saved Up To 30% Of Any Amount They Intend To Access As Loan. 3. An Applicant Must Fill An Application Form And Provide A Guarantor For The Loan. Loan Application Fee Is N1,500 Only
What Is The Interest Rate On Prudent Women Loans
All Prudent Women Loans Are Given At 10% Interest Only.
What Are The Duration Of Prudent Women Loans
There Are Different Categories Of Prudent Women Loans. Each Category Has Its Timeline. 1. Emergency Loan (1-3 Months) = N10,000 - N100,000 2. Prudent Women Special Loan (3-6 Months) = N100,000 - N1,000,000 3. Prudent Women Maxi Loan (9 - 12 Months) = N1,000,000 & Above
What Are The Consequences Of Defaulting In Payment Of Loans
Members Are Advised To Ensure Prompt Payment Of Loans As At When Due. Any Defaulters Shall Be Faced With Serious Consequences, Including 1. Blacklisting Such A Member From Future Loans And Transactions With The Cooperative. 2. Legal Recovery Of Loan 3. Debt Recovery From The Guarantor Of Such Loans 4. Disciplinary Action And Expulsion From Cooperative 5. Any Other Legal Actions To Enable Full Recovery Of Loan And Avoid Future Reoccurrence.
Are There Any Benefits For Bringing Other Women Into The Cooperative?
Certainly Yes, There Are Incentives Given For Committed Members Who Invite Others To Join.
