How for set Loan rules - Community Savings and Lending Group - Krio

Wan important thing about Community Savings and Lending groups na that loans available for members from the group savings.

Den get plenty rules dem way the group dae set for loans, nd den kin do all that na MiKashBoks.

The basic rules dem dae for the loan amount, the grace period before loan repayment, the amount of installments nd even the fee.

For more information about how for set loan rules, follow den step dem ya:

You get three options for how much any member kin borrow:

Unrestricted amount: with group cash on hand as di only limit, this kin make wan member borrow the whole savings of the group.
Up to a fixed amount: All Loan na di same amount. For example, 100 Leones.
Up to a percentage of their savings in the group - way mean say any member way don save 100 Leones kin borrow up to 300 Leones.

Next, you go set how many installments den go take for repay the loan nd the grace period.

For example, wan member kin take 100 Leones loan, pay am back over five installments with two weeks grace period.

Lastly, you go set the fee for the loan:

No fee: the borrower go only pay back exactly wetin den borrow.
A flat fee: you dae set the fee nd the borrower dae pay back the loan plus the fee, regardless of the loan size.
A percentage of the loan amount: the borrower dae pay back the loan amount plus a percentage of the loan amount. Example 10% fee pan 100 Leones loan, the borrower go pay 110 Leones. The principle of 100 and the fee of 10.