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Loans & Microcredit

Member Financing

Credit That Builds, Not Burdens

COR CMS provides members with access to affordable, responsibly structured financing. Our loan products are designed around different member needs - from short term requirements to long term empowerment opportunities.

Responsible access when you need it. Supporting the next stage of your growth.

Loan Requirements

General Loan Conditions

Condition Requirement
Membership tenure Minimum of 6 months of consistent savings, 3 months after 3 years.
Maximum entitlement Up to 2x your COR Legacy Savings account balance only. 3x for members over 3 years in membership with good records and saving discipline.
Interest rate Competitive rate per month on reducing balance. 5% for 6 months
Repayment tenure 6 - 18 months, product dependent
Guarantors Two/Three(2-3) financially eligible members
Collateral Loan is 100% cash backed by your savings and that of the guarantantors
Repayment method Monthly deduction, standing order or platform payment

Important: Interest is charged on the reducing balance, meaning you pay interest only on what you still owe. There are no hidden charges.

Choose the Right Loan

Our Loan Products

1. COR QuickFund

Short Term Financing

COR QuickFund provides eligible members with access to financing for approved short term needs.

  • Urgent personal needs
  • Small business requirements
  • Short term cash flow
  • Other approved member needs

Responsible access when you need it.

2. COR GrowthFund

Medium Term Financing

COR GrowthFund is designed to support eligible members with:

  • Business expansion
  • Equipment
  • Productive activities
  • Larger personal projects

Supporting the next stage of your growth.

3. COR EmpowerFund

Long Term Financing

COR EmpowerFund is designed for approved:

  • Substantial business needs
  • Asset acquisition
  • Productive investments
  • Major empowerment requirements

Creating capacity for bigger opportunities.

4. Regular Loan

General Purpose Financing

The primary credit facility for members with established savings.

  • Amount: Up to 3x savings balance
  • Tenure: Up to 12 months
  • Guarantors: Two (2) members
  • Purpose: Personal, family or general financial needs

5. Education Loan

School Fees Financing

Because a child's education should never be interrupted.

  • Amount: Up to actual fees payable
  • Tenure: Aligned to the academic term or session
  • Interest: Our lowest rate
  • Disbursement: May be paid directly to the institution

6. Rent & Housing Support

Housing Financing

Relief from the pressure of annual rent obligations.

  • Amount: Up to 2x savings, subject to affordability
  • Tenure: Up to 12 months
  • Requirement: Tenancy agreement or landlord's notice
  • Disbursement: May be paid directly to the landlord
Application Process

How to Apply

1
Confirm eligibility

Log in to the member portal and check your available loan limit.

2
Submit your application

Complete the online loan form, select your product, amount and tenure.

3
Nominate guarantors

Your guarantors receive an electronic request and confirm their consent on the platform.

4
Credit Committee review

Your application is assessed against the approved credit policy.

5
Approval and disbursement

Funds are credited to your nominated bank account, and your repayment schedule is generated automatically.

Apply for a Loan
We grow stronger by supporting one another

Responsible Peer Support

Cooperation is at the heart of COR CMS. Eligible members can support other members by providing guarantees for approved loans using qualifying savings.

We also believe that responsible support should be recognised. Members who provide responsible peer guarantees and whose guaranteed loans are successfully repaid may receive an applicable Loan Guarantor Give Back, in accordance with COR CMS policy.

Responsible Saving. Responsible Borrowing. Responsible Guarantee. Responsible Repayment.

When members support one another responsibly, the entire cooperative community becomes stronger.

Guarantor Responsibilities:
  • A guarantor must be a financial member in good standing with no default record.
  • A guarantor's own savings are held as partial security against the guaranteed sum.
  • If the borrower defaults, the guarantor becomes liable for the outstanding balance.
  • A member may not guarantee more than two (2) active loans at any time.

Guarantee only what you are genuinely willing and able to cover.

Your Payment Obligations

Repayment and Default

Repayment is due monthly, by salary deduction, standing order, or direct payment through the platform. Members receive automated reminders ahead of each due date.

Early repayment is permitted at any time with no penalty. Interest is recalculated on the reducing balance, so early settlement reduces your total cost.

Where a repayment is missed, the following applies:

  1. A default charge on the overdue instalment
  2. Formal notice to the member and to the guarantors
  3. Recovery from the member's savings and share capital
  4. Recovery from guarantors' savings
  5. Suspension of further borrowing rights
  6. Referral for recovery action in accordance with the Bye-Laws

If you anticipate difficulty in meeting a repayment, contact the Secretariat before the due date. Members who communicate early may be considered for restructuring. Silence removes options that honesty preserves.

Borrow Wisely

Responsible Borrowing

We encourage every member to borrow wisely:

  • Borrow for assets and opportunities, not for consumption you cannot sustain
  • Keep total monthly repayments within one-third of your net income
  • Never borrow to repay another loan
  • Complete one facility before taking another
  • Prefer target savings over credit where the need is not urgent
Quick Reference Guide

Product Summary

Product Purpose Withdrawal Own
Loan		 Guarantee Key Rule
COR CMS Shares Ownership No No No ₦1,000 monthly compulsory
COR Legacy Savings Long term savings and borrowing capacity No Yes Your primary guarantee product You choose your saving amount; Not less than #5000/month; 6 month discipline; up to 200% loan
COR TargetSave Goal based savings Yes No Yes Reward after successful guaranteed loan
COR SureSave Type 1 Fixed savings Yes No Yes 3 months
COR SureSave Type 2 Fixed savings Yes No Yes 6 months
COR SureSave Type 3 Fixed savings Yes No Yes 9 months
COR SureSave Type 4 Fixed savings Yes No Yes 12 months
COR Quick Fund Short term financing N/A Yes Yes 6 months, 5%
COR Growth Fund Medium term financing N/A Yes Yes 12 months, six-month performance review. Interest-TBA
COR Empower Fund Long term financing N/A Yes Yes 18 months, six-month performance reviews Interest-TBA