Loans with no interest

Loans With No Interes PageInterest rates on loan facilities from the banks, savings and loans companies, microfinance institutions and other lenders are oftentimes high.

The rates sometimes measure up to 10% per month or 120% per annum. Accessing such facilities may heavily take a toll on you and your purse. It may also deprive you of the opportunity to attend to other important needs.

However, loans from Workers Fund to its members attract no interest. In other words, loans from the organization are interest free. This is expected to provide great relief for members as it will help them to significantly save on their loans. Savings made on loans from the organization can be used to cater for other vital needs of the members.

It is important for one to note that, the size of loans granted to members largely depend on the size of their dues (i.e. maximum loan size = dues paid x factor 3) or their membership in good standing with the organization.  

For example, a member who has contributed GH¢ 35 regularly to the organization for a period of 6 months will be entitled to a maximum loan facility of GH¢ 600. Similarly, a member who has contributed GH¢ 50 regularly to the organization for a period of 6 months will also be entitled to a maximum loan facility of GH¢ 1,000. Again, a member who has contributed GH¢ 100 regularly to the organization for a period of 6 months will also be entitled to a maximum loan facility of GH¢ 2,000.

Members can access loans with no interest for the acquisition of personal effects, rent, marriage, funeral, healthcare, housekeeping, land, education, business, travel and so on.

Home Benefits Loans with no interest

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