Membership, Loan and Repayment Terms

1. Membership and registration fee

Membership requires accurate personal information and payment of a non-refundable registration fee of ₦2,000.00 to the official account displayed by CDQ Cooperative Credit and Loan Scheme. Submission and payment do not guarantee approval. The applicant becomes an active member only after identity, photograph and payment verification and administrator approval.

2. Identity, photograph and truthful information

The applicant must provide a valid NIN, BVN, date of birth, residential address, telephone number, employment or business information, next-of-kin information and a recent passport photograph showing one unobstructed face, two eyes and both ears. The information and documents must belong to the applicant. False identities, forged receipts, impersonation, third-party BVN or NIN details and deliberate concealment of material facts are prohibited.

Automated image checks are advisory. Final identity and photograph approval is performed by an authorised administrator. CDQ Cooperative Credit and Loan Scheme may lawfully verify supplied information with identity providers, financial institutions, employers, guarantors, credit-reference services or relevant authorities.

3. Electronic acceptance and evidence

By selecting the required acceptance boxes and submitting registration, the applicant agrees that the recorded date and time, username, verified contact details, IP address, device information, passport photograph, uploaded documents, OTP confirmation and electronic actions may be retained as evidence of acceptance, identity, loan applications, repayments and account activity.

The member agrees that an electronic record or printed copy generated from the system may be presented in a lawful complaint, mediation, audit, credit review or court proceeding, subject to applicable law.

4. Introducing member and guarantor

Where registration requires an introducing member, the application may remain pending until the introducing member confirms that the applicant is known to him or her. An introducer does not automatically become financially liable for the applicant's debt.

A guarantor becomes liable only after separately accepting a written or electronic guarantee that identifies the particular loan, the guaranteed amount, the maximum liability and the circumstances in which payment may be demanded.

5. Loan applications and approval

Every loan must be actively requested by the member. Applications are subject to active membership, affordability, available funds, repayment history, outstanding obligations, verified income, guarantor requirements and administrator approval. Membership approval does not guarantee loan approval.

Before accepting a loan, the member must be shown the principal, duration, interest, charges, total repayment, instalment schedule and due date. Acceptance of these general terms does not automatically accept a future loan; every approved loan requires separate electronic acceptance.

6. Interest and repayment schedule

The default simple interest rate is 15% per four weeks, prorated by the selected duration from one to twenty weeks. The system calculates interest as: Principal × 15% × Number of Weeks ÷ 4. The exact interest and total repayment must be displayed before the member accepts the loan.

The member must repay every approved and disbursed loan according to the displayed schedule and on or before the final due date. A payment receipt or transfer proof remains pending until the money is received and an administrator verifies it. Uploading proof alone does not discharge the debt.

7. Continuing obligation and duty to update information

The repayment obligation continues until the principal, agreed interest and any lawful disclosed charges have been fully paid. Changing a phone number, email, residential address, employment, business, bank account, device or username does not cancel or reduce the debt.

The member must notify CDQ Cooperative Credit and Loan Scheme promptly of any change to contact details, residence, employment, income source or bank account. Notices sent to the member's latest verified telephone number, email address, residential address or dashboard may be relied upon as evidence that notice was issued, subject to applicable law.

8. Bank direct debit and standing instructions

These general terms do not by themselves permit CDQ Cooperative Credit and Loan Scheme to debit a bank account. Where direct debit is selected, the member must complete a separate bank-recognised mandate or standing instruction identifying the account, maximum amount, payment frequency, commencement date and mandate reference.

Under a valid mandate, CDQ Cooperative Credit and Loan Scheme may request deductions only for amounts lawfully due under the accepted loan agreement. BVN or NIN alone is not authority to debit an account. Cancellation or failure of a mandate does not cancel the underlying loan; the member must immediately provide another repayment method.

9. Salary, bursary, pension and other income deductions

Where a member chooses repayment from salary, allowance, bursary, pension, commission or another income source, the member must complete a separate deduction authority accepted by the relevant employer or paying institution. That mandate must state the amount or method of calculation, frequency, start date, maximum total deduction and termination condition.

CDQ Cooperative Credit and Loan Scheme may present the member's accepted mandate and loan records to the named employer, payroll office, bursary, pension administrator or other paying institution. No such organisation is required to deduct money without a valid mandate, court order or other lawful authority.

10. Set-off against money held by the Cooperative

After an amount becomes overdue and notice is issued, the member authorises CDQ Cooperative Credit and Loan Scheme, where lawful, to apply withdrawable savings, dividends, refunds, wallet balances, bonuses or other matured amounts held by the Cooperative for that member against the outstanding debt. The member must receive a record of the amount applied and the remaining balance.

11. Extension requests

An extension is a request only. The existing due date remains valid unless an administrator approves a new date in writing or through the dashboard. Any additional interest or charge must be clearly disclosed and accepted before an extension becomes effective.

12. Events of default

A member is in default when an instalment or final balance is not paid on its due date, supplied information is materially false, a payment proof is fraudulent, a valid repayment mandate is deliberately obstructed, or the member attempts to conceal his or her identity or location to avoid repayment.

After default and any required notice, CDQ Cooperative Credit and Loan Scheme may suspend further borrowing, mark the loan as defaulted, demand the matured outstanding balance, contact an accepted guarantor, apply an authorised set-off, submit a valid direct-debit or payroll mandate, report accurate repayment information through a lawful credit-reporting channel, issue a formal demand and commence mediation or court recovery.

13. Recovery costs and lawful enforcement

The member may be responsible for reasonable and properly documented recovery expenses only to the extent permitted by law, disclosed where required, agreed by the member or awarded by a competent court.

CDQ Cooperative Credit and Loan Scheme may present relevant identity records, electronic acceptance, the loan agreement, repayment schedule, payment history, mandate, notices and correspondence to a bank, employer, bursary, guarantor, mediator, legal practitioner, regulator, law-enforcement authority or court where disclosure is lawful and necessary.

Ordinary inability or delay in repayment will be handled through civil and contractual recovery. Suspected identity theft, forged documents, fraudulent receipts or deliberate false representation may be reported to the appropriate authority. CDQ Cooperative Credit and Loan Scheme will not threaten violence, impersonate an authority, publicly shame a member or unlawfully contact unrelated persons.

14. Privacy and lawful use

NIN, BVN, photographs and financial information are sensitive personal data. They must be protected and used only for stated membership, identity, fraud-prevention, affordability, loan-administration, repayment, compliance, audit and lawful recovery purposes. Members must not submit false or third-party information.

Access is restricted to authorised persons and necessary service providers. The member's password is stored as a non-reversible hash. Administrators cannot retrieve the original password but may issue a temporary reset password.

15. Suspension and termination

The administrator may block, reject, suspend or terminate an account for fraud, duplicate identity, non-payment, abuse, false information, forged documents, unauthorised system use or breach of these terms, subject to applicable law and cooperative policy. Blocking or deleting an account does not cancel an outstanding loan or prevent lawful retention of records required for repayment, audit or legal claims.

16. Complaints, governing law and severability

Members may submit complaints through CDQ Cooperative Credit and Loan Scheme's published support channels. The parties should first attempt good-faith resolution, without preventing either party from approaching a regulator, mediator or court where permitted.

These terms and every loan agreement are governed by the laws of the Federal Republic of Nigeria and applicable cooperative, lending, consumer-protection and data-protection requirements. If one provision is held unenforceable, the remaining provisions continue to apply.

17. Member declaration

I confirm that I am at least 18 years old, that the information and documents supplied are mine and are accurate, and that I understand registration and every loan are subject to approval. I undertake to repay every loan I separately accept. I understand that my obligation remains valid after changes to my address, telephone number, employer, bank account or income source. I also understand that deductions from a bank account, salary, bursary, pension or other income require a separate valid mandate or other lawful authority.