Our How It Works page is structured to give you a clear outline on the fund, the benefits and how you can join:

Each member choose an amount to save every month

Members are encouraged to engage in long-term savings and a monthly savings amount is deducted from their salaries. These monthly savings act as capital for loans to other members and as security for the member’s own loan.

Monthly Savings

Members can withdraw 50% of their savings with  32 days notice.  A penalty is applicable for immediate withdrawals to discourage the use of savings.

Christmas Savings

A member can start saving towards an end-of-year bonus at any time of the year and the accumulated funds are paid out in December without any penalty.

School Savings

This is targeted savings that are paid out during January with no applicable penalties.

Members can apply for financial assistance from the fund

Loans are repaid along with fund fees and all members share in the profits of the fund.

Salary Advances

If a member has been employed for more than two weeks, they can apply for an advance of no more than 25% of their salary. This is repaid in full, along with fund fees, with the next salary.

Loans

Members who have been part of the fund for more than three months can apply for a loan equal to three times the amount which they have saved in the fund. Financial checks are conducted for the approval of loans and loans cannot exceed R10 000.  It should be paid back in less than 6 month and the installment can not be more than 25% of the member’s salary.

For more information Contact Us.

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