Cloud Cooperative is an online cooperative society registered with the government that seeks to financially liberate aspiring, striving or thriving entrepreneur.
We provide our members with access to loans that they could use for the different aspect of their lives with no limitations.
We have simplified the means to access this through our online platform
Members of Cloud Cooperative have access to low interest loans and allocated dividend at the end of every financial year.
No, you need to pay a non-refundable fee of NGN 1,000 to become a member.
TheFastlane & Co. is the umbrella company for Cloud Cooperative. TheFastlane & Co. is a leading technology-driven and Brand consulting company in Nigeria which is currently operating across different sectors.
We understand that sometimes good things have to come to an end and as much as we would love to always have our members, we understand that we don’t have control over how long they choose to stay.
Our Customer Support team can permanently delete your Cloud Cooperative account upon request. To process this, you need to give a notice period of 3 to 6 months and must have paid all outstanding debt.
Please keep in mind that this process is permanent and cannot be reversed.
What makes us different is our flexibility and our availability to our customers. Since this cooperative society is online, it is easily accessible and the transparency is not flawed. Secondly, the easy access that our members have to our loans without asking for collateral. All these and more are what makes us standout
Our office is located at Office 67, Sky Field Apartments, 44 Commercial Avenue, Sabo, Yaba, Lagos.
Savings on Cloud Cooperative are invested in risk-free financial instruments and held securely by our Board of Trustees on behalf of our members.
Your security is our major priority, so all critical customer information is encrypted and stored.
Additionally, all transmission to our banking partner and on our site is via an encrypted 256-bit HTTPS SSL connection.
We do not store your card information as we work with a PCIDSS-compliant payment processor to handle all our members’ card details and ensure all delicate data are encrypted and rendered unreadable.
The PCIDSS is a standard guide, globally, that all reputable payment processors must adhere to.
Cloud Cooperative is not a bank. CBN regulates banks. Cloud Cooperative is an online cooperative society duly licensed and regulated by the Lagos State Government under the Cooperative Societies Act (2013) as amended.
All automated transactions are done using your debit card, as we take away the hassle that comes with banking halls. Payments for savings are made via your bank issued debit card, secure and seamless.
We have multiple security and safety layers embedded in the Cloud Cooperative experience: Here are few of them:
Please visit our Membership page.
When you login, you will be redirected to your dashboard where you can make contributions, save, earn through referrals and apply for a loan.
No, everything is done automatically once you have set up your Autosave, except you want to top up your savings using the Manual option.
To keep track, all transactions on your debit card will be visible on your dashboard. We will also send an email receipt to you every single time you save with your card, and your bank will send you an alert as well. It’s 100% secure.
Simple! We will not be able to debit you for that month. We will only be able to save for you when you have funds in your debit card.
However, you have the option to use the save manually once you have loaded your account.
No, you cannot withdraw your monthly contribution.
Absolutely. Our dashboard was designed with this objective in mind. You can monitor the progress of your contributions on a daily basis on our easy-to-understand dashboard.
Also, we also push instant notifications to your verified email address and phone numbers for key transactions on your Cloud Cooperative account, so nothing goes unnoticed or unapproved by you.
When you register to become a Cloud Cooperative member, you are to choose a monthly contribution plan and this is fixed.
However, if you intend to save more, there is a quick savings plan that allows you save as much as you want to.
Your contribution is a fixed amount that you are required to pay every month as a cooperative member that allows you to qualify for a loan.
Your Quick savings just like the name is your savings. There is no fixed date for you to save, you can save as much as you want as often as you can.
The most important requirement is to become a member.
After becoming a member, you must have used the Cloud Cooperative platform to save for at least 6 months, only then can you request for a loan.
You entitled to a maximum loan of up to 200% of your cumulative contributions.
There are different time frames for repayment of different loans. Each loan type comes with it’s own interest plan and time frame for repayment so there is no fixed interest rate on the loans.
Unfortunately, the answer is no, non-members can’t apply for loan at Cloud Cooperative. To be eligible for a loan with cloud cooperative, you have to be a member as that is the eligibility for a loan.
As a member of Cloud Cooperative,
Shares are a compulsory one off payment deducted from members savings after 3 to 6 months of membership. This is inline with the Bye-Laws of the Cooperative Society and a required payment from every Cooperator.