Thë characteristics of coperative is evidencëd in the promoting of members socio_economic well being.proud to be a coperator...,IMT ENUGU 2007 SET

babyfaceafrica:
easy for mouth

Las las eyes go turn some people.

Adeoba10:
The interest rate is killing... I belonged to one here in Abk, i had 1million and was expecting to cash out 2milla, but the chairman said bcus this is my first time, committee will only gimme 1.5milla.... Now the intetest is 75k per 500k, so i will have to refund 225k as interest nd 1.5milla

Lol more than 10%. This is rubbish, worse than banks

In the Nigeria of today I'll say don't join one.

The issue of people running away with other people's money is getting too rampant thanks to hunger caused by Buhari

Use a bank that is favorable for small loans. Run your account, show your turnover and you'll get a loan to expand your business.

Cooperative is a very good source for small loans amount from 100k to 1m in Nigeria, with your consistency in contribution and good balance you get loan and pay a token of 15naira for 1000naira installmentally , am talking for one am a secretary in Ibadan ..Donmo how they operate in other places and this has been existing over 5yrs now with a building they have as office ....
ALAJESEJUKU !!!!
A dara fun wa Oooo

Teejayphillip:
Thrift society has been helping lives since 1700BC....

Join a credible one today, and see your life transformed

producers cooperative would do x1000

clems88:
Seun when will you create your cooperative . u go hama o

Nairaland Cooperative Society. Good idea

Adeoba10:
The interest rate is killing... I belonged to one here in Abk, i had 1million and was expecting to cash out 2milla, but the chairman said bcus this is my first time, committee will only gimme 1.5milla.... Now the intetest is 75k per 500k, so i will have to refund 225k as interest nd 1.5milla

for how many months

lewis512:
Cooperative is a very good source for small loans amount from 100k to 1m in Nigeria, with your consistency in contribution and good balance you get loan and pay a token of 15naira for 1000naira installmentally , am talking for one am a secretary in Ibadan ..Donmo how they operate in other places and this has been existing over 5yrs now with a building they have as office ....
ALAJESEJUKU !!!!
A dara fun wa Oooo

can I get more info on this please??

As a cooperative student that I am.
Surely, I will join this cooperative.

Adeoba10:
The interest rate is killing... I belonged to one here in Abk, i had 1million and was expecting to cash out 2milla, but the chairman said bcus this is my first time, committee will only gimme 1.5milla.... Now the intetest is 75k per 500k, so i will have to refund 225k as interest nd 1.5milla

You are a lier....what type of cooperative is that?

A real and good cooperative will charge 15 naira on 1000 naira

And 1milion naira is 15,000 interest per month.....they are killing you members over there.

Can you recommend any one for a self-employed person?

Akinola234:


You are a lier....what type of cooperative is that?

A real and good cooperative will charge 15 naira on 1000 naira

And 1milion naira is 15,000 interest per month.....they are killing you members over there.

And what will be my gain If i should come online to lie. This is my first time, and someone introduced me to it. If am to payback the loan in 10 months, how much will be the interest rate? Pls kindly help

femi4:
for how many months

Planning to return it in 10months

babyfaceafrica:
easy for mouth

Yes, it is that easy if you join a good multi -purpose society .
I was introduced to a local cooperative society back home during my youth service in 2015/2016, reluctant at first because it's a society full of old folks who i couldn't trust with my hard earned money but they didn't fail me when i needed them.
A month after youth service, i got a job in Lagos with a building construction company as a Logistics officer earning 40k meagre salary ,a little fraction above my NYSC earnings (Allawee and local government stipends) but i never mind.
It was a very demanding and mind numbing job but the salary took care of my basic needs. (feeding, transportation and reaching out to my folks back home) .
Fast forward to January this year when building contracts were not forthcoming, backlogs of salaries owed to the tune of 4 months and i couldn't cope anymore because i had some pressing needs to cater for at home. I discussed with the Cooperative treasurer if i could get a loan, she related my request to their President and other Exco's during their monthly meeting, which i rarely attend since i joined in 2015 but i made sure the monthly remittance of #15k and meeting dues never failed. 2 months after due consultation , i was given double of my savings and shares to get an old fashioned car with a good interior for Uber taxi services which have been a life saver since i quit the job in January.
Need i tell you their repayment plan is so flexible that you wouldn't have to worry and what about their single digit interest rate? Sweet Jesus!
No Nigerian bank can match any Cooperative society ease of granting loans even as remote as they are.
I'm putting in the work and hoping before the first quarter of 2020, i would pay up the loan, sell this car, apply for another loan to the tune of #1.5m, get a strong Toyota Corolla Car, cultivate the 3 acres of land i got for 2700 plantain suckers and continue applying for jobs . So help me God.
Cooperative society has been saving lives.

Akinola234:


You are a lier....what type of cooperative is that?

A real and good cooperative will charge 15 naira on 1000 naira

And 1milion naira is 15,000 interest per month.....they are killing you members over there.

I did my calculation just now, so i want to reconfirm, is it #15 interest on eac #100 or #15 interest on #1000

muyiwaadekunle1:



Yes, it is that easy if you join a good multi -purpose society .
I was introduced to a local cooperative society back home during my youth service in 2015/2016, reluctant at first because it's a society full of old folks who i couldn't trust with my hard earned money but they didn't fail me when i needed them.
A month after youth service, i got a job in Lagos with a building construction company as a Logistics officer earning 40k meagre salary ,a little fraction above my NYSC earnings (Allawee and local government stipends) but i never mind.
It was a very demanding and mind numbing job but the salary took care of my basic needs. (feeding, transportation and reaching out to my folks back home) .
Fast forward to January this year when building contracts were not forthcoming, backlogs of salaries owed to the tune of 4 months and i couldn't cope anymore because i had some pressing needs to cater for at home. I discussed with the Cooperative treasurer if i could get a loan, she related my request to their President and other Exco's during their monthly meeting, which i rarely attend since i joined in 2015 but i made sure the monthly remittance of #15k and meeting dues never failed. 2 months after due consultation , i was given double of my savings and shares to get an old fashioned car with a good interior for Uber taxi services which have been a life saver since i quit the job in January.
Need i tell you their repayment plan is so flexible that you wouldn't have to worry and what about their single digit interest rate? Sweet Jesus!
No Nigerian bank can match any Cooperative society ease of granting loans even as remote as they are.
I'm putting in the work and hoping before the first quarter of 2020, i would pay up the loan, sell this car, apply for another loan to the tune of #1.5m, get a strong Toyota Corolla Car, cultivate the 3 acres of land i got for 2700 plantain suckers and continue applying for jobs . So help me God.
Cooperative society has been saving lives.

How much be the interest on 1.5m?

Adeoba10:

And what will be my gain If i should come online to lie. This is my first time, and someone introduced me to it. If am to payback the loan in 10 months, how much will be the interest rate? Pls kindly help

Adeoba10:

And what will be my gain If i should come online to lie. This is my first time, and someone introduced me to it. If am to payback the loan in 10 months, how much will be the interest rate? Pls kindly help

It depends on your repayment plan, just like the poster you quoted said #15 naira on #1000 ,so let's assume you're repaying #100k monthly, your first month interest rate shouldn't be more than 15k . 15 naira multiplied by 1million naira and if you're consistent with that trend, your interest rate after the 10 months shouldn't be more than 135k or so.
The interest rate reduce with your left over. E:g the second month should be like 15 naira multiplied by 900k (13,500 naira) , 3rd month interest rate like 15 naira multiplied by 800k (12k) that is if you continue with the trend of repayment plan of 100k monthly.

muyiwaadekunle1:







It depends on your repayment plan, just like the poster you quoted said #15 naira on #1000 ,so let's assume you're repaying #100k monthly, your first month interest rate shouldn't be more than 15k . 15 naira multiplied by 1million naira and if you're consistent with that trend, your interest rate after the 10 months shouldn't be more than 135k or so.
The interest rate reduce with your left over. E:g the second month should be like 15 naira multiplied by 900k (13,500 naira) , 3rd month interest rate like 15 naira multiplied by 800k (12k) that is if you continue with the trend of repayment plan of 100k monthly.

Thanks for this. In my case now, i collected 1.5m, and i was told that the interest is 225000, now i have paid 100k during the last meeting, so they will deduct interest and loan repay from that 100k right?

Adeoba10:

Planning to return it in 10months

the interest is too much for that duration

Adeoba10:

Thanks for this. In my case now, i collected 1.5m, and i was told that the interest is 225000, now i have paid 100k during the last meeting, so they will deduct interest and loan repay from that 100k right?

That's way too much and if i am to calculate the interest rate, it's more or less like commercial banks 26% rates. Any cooperative society that charges more than 9% interest are rip off.
May be you should go back to the treasurer and ask him/her to explain how much they charge per 1000 naira.

muyiwaadekunle1:



That's way too much and if i am to calculate the interest rate, it's more or less like commercial banks 26% rates. Any cooperative society that charges more than 9% interest are rip off.
May be you should go back to the treasurer and ask him/her to explain how much they charge per 1000 naira.

Sorry, i made a mistake. They're charging you 15% on 1.5 million naira.
It is still high and this bullshit that you're a first timer doesn't sit too well with me. I was a first timer too and they used my money for loan which i saved for 4 years.
May be they're having difficulty in loan recollection and that happens everywhere. People are greedy, some collected loan for a business venture and do not have the returns to repay their loans.
Just go back and ask why they're charging 15% double digits.
If you compare this to 0.26 % for banks you will pay 390k interest on the 1.5m with your collateral self.

I don't think this is right by calling him a liar. Are you in his shoes?

Akinola234:


You are a lier....what type of cooperative is that?

A real and good cooperative will charge 15 naira on 1000 naira

And 1milion naira is 15,000 interest per month.....they are killing you members over there.

If a newbies like me have to join one . What kind question should i ask to know if it's the right cooperative or the wrong one?

lewis512:
Cooperative is a very good source for small loans amount from 100k to 1m in Nigeria, with your consistency in contribution and good balance you get loan and pay a token of 15naira for 1000naira installmentally , am talking for one am a secretary in Ibadan ..Donmo how they operate in other places and this has been existing over 5yrs now with a building they have as office ....
ALAJESEJUKU !!!!
A dara fun wa Oooo

Register at rcb.riby.ng or call 08092222109

pornmaniac22:
Pls wat are d requiremnet to join riby cooperative?
How do i become a member?

Lol. Your ambition is high but it is not impossible. Do you know that saving consistently with your cooperative can help you achieve all this and more.

Joining forces with other people provides access to larger pools of capital, the ability to invest larger sums to get larger returns, and access to loans at very low rates.

And when your cooperative uses the Riby CoBanking platform, you can keep better track of your savings, see contribution balance, interests and how much you have saved up at any time.

OMOTOWO:
Cooperative is the best. My first building at lekki was bought with the help of cooperative fund.

When I am through paying the money, I will buy another one in Awka south .I have been eyeing one building close to Amaenyi girls secondary school ,Aroma,Awka south of Anambra state when I served in 2014.

After getting that, I will buy my dream car .




























Cooperative ko,cordination ni

Haba, why? Have you had a bad experience with a cooperative before?

Larryfest:
God forbid....

Local man should definitely join a cooperative. It's like a financial family that's got your back any day any time.

Your future self and grand children will thank you

Worldbest281:
local man is tired of everything

Exactly! And Riby CoBanking aids cooperative societies, trade groups, associations and more to save money, invest it, get access to loans at very low rates and other financial services!

banio:
Nice. A cooperative is very good. Loans at very low interest. Lands can be bought with ease. School fees paid with ease. Everything easy easy

Hello! Thank you for your interest in Riby. Riby is a financial services company that seeks to improve the financial wellbeing of people.

Our core product, Riby CoBanking, is a platform that allows cooperative societies, trade groups, associations and more to save money, invest it, get access to loans and other financial services.

Individuals who do not belong to a cooperative can also use Riby's services to save and invest their wealth. Please visit https://riby.me for more information and to sign up

pornmaniac22:
Pls wat are d requiremnet to join riby cooperative?
How do i become a member?

Not all cooperatives have high-interest rate! Speak to your cooperative's treasurer to understand and agree on a loan repayment plan then find out the process of calculating the interest. It's best if your cooperative uses Riby CoBanking to manage all your activities for transparency and accountability.

Adeoba10:
The interest rate is killing... I belonged to one here in Abk, i had 1million and was expecting to cash out 2milla, but the chairman said bcus this is my first time, committee will only gimme 1.5milla.... Now the intetest is 75k per 500k, so i will have to refund 225k as interest nd 1.5milla