₦airaland Forum

Yankee101:
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.

omobaba1759:
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?

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.

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

FinLifeTech:
The thing about cooperatives is that you are joining forces with other people which 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.

Riby CoBanking, is a platform for cooperatives to manage all their financial, business and administrative activities from anywhere, allowing for efficiency and transparency.

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. Your cooperative and member data is 100% safe and secure

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

PureGoldh:
Nice One

FinLifeTech:
Join Riby Cooperative! Our aim is to secure a better life for our members, deepen our streams of income and improve our collective socio-economic & financial wellbeing. Products and memberships are designed to give you maximum benefits with minimum efforts. For more information, please send an email to info@riby.me

FinLifeTech:
Join Riby Cooperative! Our aim is to secure a better life for our members, deepen our streams of income and improve our collective socio-economic & financial wellbeing. Products and memberships are designed to give you maximum benefits with minimum efforts. For more information, please send an email to info@riby.me

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

luluosas:
I have tried to register for the Classic option, but not successful. What should I do?
Thank you.

FinLifeTech:
Hello. Thank you for joining Riby Cooperative. Please send an email to info@riby.me with your full name and phone number so that we can resolve this for you.

bassette:
can I get more info on this please??

omobaba1759:
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?

tomdon:
Lol, you call that killing? No it's not.
That's an interest of 0.15 per mille. Could've best been 0.1 per mille but that's OK
I borrowed 1m from Ren Money last year for 6 months repayment period. I realized the total I was supposed to pay back is 1.5m! What! After I paid 1.4, I applied to close the fuckingg account. Idiots!

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

domwas2:
What's the duration

Adeoba10:
10 to 12months....

domwas2:
Thanks for the reply...
But the interest seems to be on the high side

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

steadymichael:
Who knows Ogunpa metro cooperative investment and credit society.
Is it legit ?