- QPAY LOAN
QPay Loan is a special loan scheme that backs up the credit allowance in the QPay Wallet (aka QPay Allowance) that is used to shop on QPayCentre.
QPayCentre is a smart online mall for cooperatives which grants access to shop on credit from your favourite stores while others are paying
cash on the same store. QPay Loan is automatically created once a successful purchase has been made on the platform and the amount of the purchase
deducted from the QPay Allowance. This means that the loan amount is dependent on the purchase made (allowance used) and not the allowance given.
QPay Allowance is calculated and awarded to each member based on their financial position within the cooperative relative to other members as well as the
cooperative itself. It is an algorithm-based process which almost completely eliminates human intervention and this means that there is no prior approval
required before a member can shop. You can shop online, real-time, at any time of day or night, from any location in the world, on any fixed/portable/mobile
device of your choice, as long as you are connected to the internet.
The Allowance is renewed at the beginning of each month and may be higher or lower than the previous balance depending on the activities that have taken
place in the course of the previous month. A member can shop as many times as they want subject to not exceeding their QPay Allowance. The loan is
consolidated with each purchase to ensure that there is only one loan account at any given time
The following terms and conditions currently apply to the QPay Loan:
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- Loan tenor – 6 months
- Loan interest – 12% flat per annum (effective rate of 6%)
- Service charge – 1.25% flat on amount used
- Loan limit – revolving loan subject to QPay Allowance
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QPay Loan ensures that our members are always able to procure what they need even when they do not have the cash. Every day is payday!
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- EMERGENCY LOAN SCHEME:
Read Guidelines below:
- Applicants must be fully registered members of the Cooperative
- Applicants must have made at least one month’s contribution to the Cooperative as at the last remittance from Payroll
- Maximum loan amount is 1.5 times (150%) of the sum of total contribution made to date subject to a limit of N200,000 (two hundred thousand Naira only)
- Interest rate is 5% flat and will be deducted upfront from the loan amount
- Repayment period is maximum of 3 months and will be by direct deduction from applicant’s salary
- Deduction from salary on account of the loan must not exceed 1/3 (one third) of the applicant’s take home pay.
- The applicant’s monthly contribution during the currency of the loan must not be less than their amount of monthly contribution in the month preceding the month of the application
- Where an applicant applies for an amount greater than the cumulative amount contributed to date, One (1) guarantor meeting the following conditions must be provided:
- He/she must be a fully registered member of the Cooperative
- He/she must have cumulative contribution that is at least equal to the amount by which the applicant’s request exceed their cumulative contribution
- Loan applications shall be treated on a first-come-first-served basis, subject to a limit to be determined by the Management Committee on a monthly basis.
- Turnaround time for disbursement of approved loans under the ELS is 2 work days from date of approval.
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- STANDARD LOAN SCHEME - REGULAR/ACCELERATED:
Read Guidelines below:
- Only members who have contributed to the society consecutively for six (6) months shall qualify for this loan package.
- Loan applications shall be treated on a first-come-first-served basis subject to availability of funds.
- Maximum loan amount accessible by any member shall be limited to 200% of his/her total cumulative contribution as at the end of the month prior to the month in which application is made.
- There shall be two variants of the SLS with the following attributes: Name Interest Rate Tenor SLS Regular 10% per annum 12 months maximum SLS Accelerate 8% per annum 6 months maximum
- Interest shall accrue on the monthly unpaid balance of the loan.
- Loan repayment shall commence in the month following the month of application
- Loan repayment shall be by direct payroll deduction throughout the agreed repayment period of the loan. However, an indebted member shall be at liberty to liquidate the outstanding balance on his/her loan account in full at any time via direct payment/transfer into the Cooperative’s bank account.
- Monthly deductions from members’ salaries in respect of a loan repayment shall not exceed 33% of regular monthly take-home pay.
- Notwithstanding that the minimum monthly contribution required of each member is N5,000, any member who has taken a loan shall be required, in addition to the monthly repayment of the loan, to make a minimum monthly contribution of not less than 10% of the monthly repayment amount throughout the duration of the repayment. This amount shall be rounded up to the nearest N1,000.
- Application for the loan is strictly via secure log in to the cooperative portal.
- For effective and efficient cash flow management, loans will be disbursed only once in a month for the time being. Applications will be received from the 1st to the 10th of each month, or the last work day previous where the10th falls on a work free day.
- All applicants shall be notified of the success or otherwise of their applications within one week from (6) above.
- All loan disbursements shall be made via electronic bank transfer to the applicants’ nominated account on or before the 21st day of the month, or the last work day previous where the 21stfalls on a work free day.
- Members shall qualify to apply for a new loan provided that a minimum period of one month has lapsed since the liquidation of a previous loan.
- Any member applying for the second loan in one financial year shall always queue behind a member applying for the first loan in the same financial year irrespective of which loan application is received first.
- Loan applications shall be supported by a number of guarantors, who must be financial members of the Society, as stipulated below:
No guarantor if your loan amount is equal to or not more than your total contribution
3 guarantors shall be required for loans that are double a members contribution amount.
- Any member that is indebted to the Cooperative at the point of leaving the employment of ipNX either by resignation, dismissal or termination of appointment shall be required to settle the outstanding balance on his/her loan immediately. The accumulated contribution of such a member may also be appropriated towards the settlement of the loan.
- Where an indebted member leaves the employment of ipNX without settling his/her outstanding loan, and is not able to reach an acceptable settlement agreement with the Credit Committee, the obligation of immediate settlement shall fall on the loan guarantors jointly and severally.
- No member shall be allowed to guarantee more than 3members’ loans/applications for loan at any given time.
- No member shall be allowed to guarantee his/her own guarantor on an existing loan/application for loan.
- The financial year of the Cooperative runs from January 1 to December 31 of every year.
- All early repayment of loan (except top-up induced liquidation) shall attract a penalty of 3% flat on the outstanding principal
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- STANDARD LOAN SCHEME – PREMIUM ACCELERATED:
Read Guidelines below:
- Applicants must have contributed to the cooperative society for six (6) consecutive months to qualify for this loan
- Maximum loan amount accessible by any member shall be limited to 200% of his/her total cumulative contribution as at the end of the month prior to the month in which application is made or N4,500,000 whichever is less
- Interest rate shall be 13.5%
- Loan repayment shall be over a maximum period of 18 calendar months and shall commence in the month following the month of application.
- For loans equal to or less than total contribution, no guarantor shall be required etc
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