COLLATERAL-BACKED LENDING
Loans from ₦1M to ₦50M
Funding for individuals, businesses, and contractors secured against collateral, with terms structured around your loan.
AT A GLANCE
HOW OUR LENDING WORKS
Loans are issued to members through Fancrest Thrift and Credit Cooperative Society Ltd (FTCCSL), our cooperative lending arm, from the same Utako office. Membership costs ₦5,000 per year and is the first step in any application.
Who we lend to
Individuals
Personal funding for members, secured against assets you already own.
Businesses & SMEs
Working capital and expansion funding for registered businesses.
Contractors
Financing to execute awarded government and private contracts.
TRANSPARENT PRICING
Rate and terms
10% per month, flat rate. Long-standing members may qualify for a reduced rate of 8%. Flat rate means interest is calculated on your original loan amount rather than a reducing balance, so your monthly repayment stays the same for the life of the loan. Facilities are short-term.
WORKED EXAMPLE
₦1,000,000 over 6 months at 10%
WORKED EXAMPLE
₦5,000,000 over 6 months at 8%
Examples are illustrative and show interest only. Cooperative membership is ₦5,000 per year (non-refundable). No processing or admin charges.
What we accept as collateral
Vehicles
Secured by a signed Vehicle Sales Agreement. On default, ownership of the pledged vehicle transfers to the cooperative.
Business assets
Stock, equipment, and other verifiable business assets.
A guarantor
Required alongside collateral. Your guarantor signs a Letter of Guarantee and provides an undated signed cheque covering the facility.
What you'll need to apply
Membership form
Completed, with the ₦5,000 annual fee.
Valid government ID
National ID card or equivalent, plus your ID number.
BVN
Your Bank Verification Number.
Passport photograph
One recent photograph.
Address details
Home address, and business address if applying as a business.
Guarantor documents
Letter of Guarantee, a copy of their ID, and an undated signed cheque.
SIMPLE PROCESS
How to apply
01
Join the cooperative
Membership is ₦5,000 per year, non-refundable. Complete the membership form at our Utako office.
02
Submit your application
Provide your details, a valid ID, your BVN, a passport photograph, and a guarantor.
03
Collateral assessment or valuation
We evaluate the assets provided as security and confirm your terms in a written agreement.
04
Receive your funds
On approval, your capital is disbursed and repayment begins on the agreed schedule.
Applications are handled by phone, WhatsApp, or in person at our Abuja office. An online application portal is in development.
Frequently asked questions
Do I need to be a member to borrow?
Yes. Loans are issued through Fancrest Thrift and Credit Cooperative Society Ltd to its members. Membership is ₦5,000 per year, non-refundable.
What can I use as collateral?
Vehicles, secured by a Vehicle Sales Agreement, and verifiable business assets. A guarantor is required alongside your collateral.
What documents do I need to apply?
A completed membership form, valid government ID, your BVN, a passport photograph, address details, and a guarantor who provides a Letter of Guarantee and an undated signed cheque.
What happens if I miss a payment?
For vehicle-secured loans, ownership of the pledged vehicle transfers to the cooperative on default, as set out in your signed agreement. Your guarantor is also liable for the outstanding balance.
How long does approval take?
As soon as everything, including your collateral, has been checked and approved.
Can I repay early, and does that reduce the interest?
No. Interest is calculated on your original loan amount for the agreed term, so repaying early does not reduce the total interest due.