Frequently Asked Questions,
Q: Who is Eligible to join MTCS (Mesteemic Thrift & Cooperative Society)
For anyone over 18, membership is voluntary after completing the registration form and paying the annually non-refundable fee.
Q: Can I withdraw my membership just in case I change my mind not to be a member?
Yes, you are free to leave the cooperative and withdraw your savings as long as you do not have a pending loan or that you do not have a secured loan that has not yet been paid.
Q: What’s the minimum amount I can save?
You can save from a minimum of N100 per day with no upper limit
Q: Is there a limit to the amount saved?
There is no limit to the savings balance.
Q: When will I be eligible for a loan after joining?
Cooperative law requires you to save more than 180 days, however, we consider members to show sufficient commitment to save without default
Q: How much can I borrow?
You can borrow double what you saved, this is subject to you and guaranteed by another active savings member.
Q: What is the maximum term allowed for loans?
The maximum term or tenure for business improvement loans is 6 months, however special loan products; example such as Uber, Bus, etc. They are allowed for a maximum period of 24 months.
Q: Can I withdraw my membership just in case I change my mind not to be a member?
Yes, you are free to leave the cooperative and withdraw your savings as long as you do not have a pending loan or that you do not have a secured loan that has not yet been paid.
Q: How many guarantors do I need?
In Mesteemic Thrift & Cooperative Society, there is no set number of guarantors a member needs and therefore there is no limit to the number of eligible guarantors offered.
Q: Can I guarantee membership as a member?
A member can guarantee himself if the amount of the loan taken is less than or equal to the amount of the savings deposit maintained and he will have no other guarantor responsibility.
Q: How many loans am I entitled to at one time?
As a member, you can only borrow once at a time and you can only borrow after the full payment of any existing loan without any incident of default.