Personal
Education, medical costs, a family event, or consolidating a more expensive borrowing.
Member credit
Member credit
Members borrow from their own society, on terms the membership set. Every loan is assessed against the society's published lending policy and the member's standing in it.
What members can borrow for
The society lends where a member can show what the money does and how it comes back.
Business
Working capital and equipment for a member running a small business.
Against a deposit
Borrowing against a term deposit the member already holds with the society.
Asset backed
Against gold, property or another asset the society can verify and value.
Amounts, rates and tenors come from the lending policy the board publishes to the membership. The society states them before an application is made.
How a credit decision is made
Four stages, and the same policy applies to every member. A society that lends differently to different members stops being one.
01
Standing
How long you have been a member, and what your record with the society looks like.
02
Purpose
What the money does. A purpose that can be explained is a purpose that can be assessed.
03
Capacity
What the household or the business can actually repay, tested against a bad month.
04
Security
Where the policy requires it, against something the society can verify and value.
The board publishes the lending policy and the interest rate policy to the membership, and applies them the same way to every member.
If repayment becomes difficult
Tell the society early. A member who calls in month one gets a better outcome than a member who calls in month six, and the society would rather restructure than recover.
Talk to us first
Restructuring is a conversation the society is willing to have. It happens under the bye-laws and it is recorded, so every member is treated the same way.
Fair practice
Recovery follows the process the bye-laws set and the law allows. Every step is recorded, and the grievance route is open to a member at any point.
Grievance redressalAsk about member credit
Leave your name and number and someone from the society calls you back to talk through what is possible and on what terms.
Request a callback