The Quick Cash Loan from United Nations Deposit Taking SACCO (UN DT SACCO) is designed to provide rapid, flexible financial relief for members facing urgent needs. Borrowers can access up to ETB 100,000 based on individual qualification. The interest structure consists of a 5% charge upon accessing the loan and another 5% every thirty days on the remaining balance. The standard repayment period is three months, offering sufficient time for borrowers to manage their finances without undue pressure.

To be eligible, you must have been a SACCO member for at least six months, making regular monthly contributions and registered for mobile banking (QC-WALLET). The loan is distributed directly to your FOSA account, ensuring a seamless process. This offering stands out for its simplicity and tailored approach for members who suddenly require cash.

How to Apply: Step-by-Step

1. Ensure you are an active SACCO member with at least six months’ regular contributions.
2. Register for mobile banking services (QC-WALLET).
3. Dial the USSD code *605*5# using your registered phone number.
4. Fill out the prompts with your loan details and confirm your application.
5. Receive the funds directly into your FOSA account if approved.

Advantages of the Quick Cash Loan

This loan is very convenient for members who prioritise immediate access to funds through their mobile phones. There is no lengthy paperwork, making emergencies less stressful. Flexibility in repayments is another notable aspect—borrowers can make comfortable payments over a 90-day period. Additionally, the eligibility requirements are straightforward for regular contributors.

The disbursement into the FOSA account is instant upon approval, saving applicants from multiple visits or delays. This efficiency is appreciated by members who value both their time and financial stability.

Disadvantages to Consider

The total cost of borrowing may be high due to the repeated 5% interest applied every 30 days. Those unable to repay within the 90-day term may incur additional pressure or risk loan default. Loan limits are also capped at ETB 100,000, which may not suit members seeking larger sums.

Eligibility requirements, including a minimum six-month membership and mobile registration, also mean the product is not accessible to new members or those not using mobile banking services.

Final Verdict

The Quick Cash Loan from UN DT SACCO is ideal for members needing fast, short-term cash flow solutions. Its user-friendly mobile application process, coupled with instant FOSA account deposit and flexible repayment window, make it an attractive choice for emergency needs. However, potential borrowers should assess the cumulative interest cost and ensure they can meet the 90-day repayment requirement before applying. Overall, for eligible SACCO members, it delivers quick relief during financial uncertainty.