#AskPrecious: FAQs On Cloud Cooperative (I)


Cloud Cooperative is here to stay! Welcome to the first series of our FAQs. We understand there have been some questions bothering you. Therefore, we compiled some recently asked questions and their answers just for you.

The questions are written in bold letters

I’m interested in your referral program, how does it work?

Members can earn referral bonuses. That is, for every member that joins through your referral link, you get rewarded with 1,000 naira. Your referral link is on your dashboard, copy it and share it with your friends. If you are yet to register, please register here.

What is the difference between my contribution account and my saving account?

Your contribution account is a fixed amount that you are required to pay every month as a cooperative member and it also qualifies you for a loan. Your savings account, just like the name, is your savings. There is no fixed date for you to save, you can save as much as you want and as often as you can.

What is the benefit of my savings account?

There is no fixed amount with your savings account. You can also add it up to your monthly contribution to apply for a substantial loan.

Can I have access to my savings?

Yes, you can access your savings at anytime.

Can I save more than my monthly contribution or is it fixed?

While registering to become a Cloud Cooperative member, you can choose a monthly contribution package (plan) and this plan is fixed but you can upgrade after three months. However, if you intend to save more than your monthly contribution, there is a saving plan that allows you save as much as you want to.

How can I track the amount of contribution and savings I have made so far?

The member contribution statement on your dashboard contains your transaction history so that you can monitor all your activities.

How do I calculate repayment of my loan based on installment?

A loan calculator is available on your dashboard to calculate the amount you ought to repay monthly based on the repayment plan your choice.

Can I guarantee loan for an unknown person?

When you get selected by a member to guarantee a loan, you will be notified on your dashboard and on your email to either accept or decline the request.

How can I differentiate members with the same name on the guarantor request?

Members have membership ID peculiar to them. You can differentiate your guarantor from other members through their unique membership ID.

Can I reapply for loan immediately after completing repayment of my previous loan?

Yes, you can!

If you have anymore questions, feel free to drop them in the comment section below so that we can answer them in our next series. If you’re shy, not to worry, we have many platforms with which you can reach us. You can send a DM to us on Facebook, Instagram, Twitter or WhatsApp. You can also send a mail to info@cloudcooperative.com.ng, call or visit us physically for clarifications. Details of our contact information can be found on our contact page.

Register here to get started!

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