Loan Products

About This Loan

Designed for urgent, unplanned financial needs. The interest is calculated on a reducing balance basis — meaning as you repay, your outstanding balance falls, and so does the interest charged each month. This makes it one of the fairest interest structures available.

The interest rate is configured by the Admin and can be adjusted by Congress resolution at any time. Your loan agreement will state the rate applicable at the time of disbursement.

Requirements

• Confirmed TRCN staff member of the cooperative
• Two guarantors (confirmed coop members)
• Up to two witnesses
• Bank account details for disbursement
• No existing defaulted loan

About This Loan

Specifically designed to support members running small and medium businesses. Whether you need to restock inventory, purchase equipment, or fund operational costs, the Trade Loan provides accessible capital at a flat annual interest rate.

Requirements

• Brief description of business purpose
• Two guarantors (confirmed coop members)
• Two witnesses
• Salary Section eligibility clearance

The Normal Loan is TRCNCS flagship credit product. Your maximum loan amount is tied directly to your savings balance, ensuring sustainable borrowing. As you save more, your eligibility grows.

• Two guarantors (confirmed coop members)
• Two witnesses
• Salary Section debt profile clearance
• Loan Committee approval
• President final approval

For major financial goals that require a larger sum and longer repayment window. The Long Term Loan provides up to ₦5M over 60 months, giving members the financial room to invest in life-changing projects.

• Strong savings history with the cooperative
• Two guarantors (confirmed coop members)
• Salary Section clearance — rigorous debt profile review
• Full Loan Committee and President approval required

Designed to help members secure their family home. The member chooses their preferred repayment period up to a maximum of 5 years (60 months). Shorter periods are always permitted and encouraged.

• Property documentation required
• Two guarantors (confirmed coop members)
• Full 5-stage approval including President
• Member may choose shorter tenure to reduce total interest

For members and non-members who have a contract to execute and need finance. Rates are tiered: 10% for 1-month repayment, 12% for 2-month, 14% for 3-month. Requires post-dated cheque, collateral, and three guarantors.

• Application on company letterhead
• Evidence of Award Letter from awarding agency
• CAC certificate of company registration
• Post-dated cheque covering loan + interest
• Collateral and introduction letter from bank
• Three guarantors (1 related, 2 from cooperative)