Purpose:
To guide members on how to apply for loans through Monivest, including eligibility, documentation, and approval workflow.
Title: Applying for a Cooperative Loan
Category: Loans & Credits
Section: Cooperative Loans
Overview
Monivest loans are designed to help members grow businesses, fund projects, or meet personal financial needs.
Loans are structured, compliant, and integrated with the cooperative system to ensure quick access and repayment tracking.
Loans are only granted to active members with:
Existing savings plans,
Participation in cooperative projects, and
Engagement with impactful products.
BVN-verified members have higher loan access and faster approval
Private mode members have loans funded through the cooperative account, with restricted withdrawal to matched bank account
Go to [Loans → https://app.monivest.ng/user/loan/index]
View available loan plans, limits, and interest rates
Small Cooperative Loan: For personal or business needs
Project-Based Loan: Linked to cooperative projects you’re participating in
Collateralized Loan: Optional — backed by liquidated assets
Click Apply on your chosen loan plan
Enter amount, purpose, and repayment duration
Submit required documents (if applicable)
Most BVN-verified members get instant automated approval depending on their cooperative profile and wallet activity
Internal verification and risk checks are performed
For approved loans:
BVN mode: funds credited directly to your linked bank account or wallet
Private mode: funds disbursed through cooperative account only
All loans tracked on [Loan Portfolio → https://app.monivest.ng/user/portfolio/followed/loan]
Repay via wallet, bank transfer, or scheduled deductions
Track repayment status and interest via dashboard
Late payment notifications and reminders sent automatically
BVN verification unlocks larger loan amounts and faster approvals
Always check your wallet balance before applying
Loans for cooperative projects have priority repayment schedules