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KODUN KOPO KOPE

📜 Terms and Conditions

Last updated: April 12, 2025

Welcome to KKK Toluwalase Cooperative Multipurpose Society. These Terms and Conditions govern your membership, loan access, savings contributions, and use of our website and services. By becoming a member or interacting with any of our services, you agree to be bound by these terms. Please read carefully.

  1. Membership

    • Membership is open to individuals who have duly purchased and completed the official membership form.
    • Loan becomes active 90 days (3 months) after successful registration and confirmation of savings contributions.
    • All members must adhere to the society’s code of ethics and community conduct.

  2. Savings Policy

    • Members are required to contribute to their savings account regularly.
    • Savings directly impact a member's eligibility for loan applications and must be verifiable and tangible.

  3. Loan Types & Eligibility

    KKK Toluwalase offers two types of loans:

    1. Main Loan

      • Members may apply for a main loan after 6 months of active membership.
      • Loan amount is capped at three times (3x) the current balance in the member’s savings account.
      • Repayment is Spread Over 6 Month.

    2. Soft Loan

      • Members may apply for a soft loan after 6 months of active membership.
      • Members may apply for a soft loan of up to 70% of their current savings.
      • Repayment is Spread Over 3 Month.
    4. Note: All loan applications must be reviewed and approved by the Loan Committee.

  4. Guarantor Requirements

    To apply for any loan, a member must provide two (2) qualified guarantors.
    Guarantors must:
    • Be verified members of the cooperative.
    • Not be under any existing loan obligations.
    • Not be acting as a guarantor for another loan applicant.
    • Possess an active and reasonable savings balance.
    Failure to meet these requirements automatically disqualifies a guarantor from being accepted.

  5. Loan Default and Recovery

    • In the event of a loan default, the society reserves the right to deduct owed amounts from the member's savings.
    • Guarantors shall be held financially responsible in case of unremedied defaults.
    • Defaulting may lead to membership suspension and ineligibility for future loan requests.

  6. Code of Conduct

    • All members must act with integrity and mutual respect.
    • Fraudulent activities, falsified information, or abuse of the cooperative system will result in immediate disciplinary action, including potential termination of membership.

  7. Website Usage

    • The website is for member services, loan applications, savings tracking, and cooperative updates.
    • Unauthorized access or misuse of the site may result in legal action and banning from society privileges.

  8. Amendments

    KKK Toluwalase reserves the right to modify these Terms and Conditions at any time. Members will be notified of changes via official communication channels.