Find answers to common questions about Royalhands Cooperatives
Royalhands Cooperatives is a member-owned financial cooperative that provides savings and loan services to its members. We help members grow their wealth through daily contributions and provide access to loans based on their savings history.
To become a member, simply click on the "Register" button on our homepage. You'll need to provide your personal information, NIN, BVN, and choose a contribution plan. You'll also need to upload required documents for verification.
We offer three daily contribution plans: ₦500, ₦1,000, and ₦5,000. You can choose any plan during registration that best fits your financial capacity. Each plan requires daily contributions at the specified amount.
For every daily contribution, 1% of the principal amount goes to system maintenance. For example, if you contribute ₦500, ₦5 goes to maintenance and ₦495 is added to your savings. This helps us maintain and improve our platform.
You can borrow up to 3 times your total contributions. For example, if you have contributed ₦50,000, you can borrow up to ₦150,000. Loans come with a 5% interest rate and a 6-month repayment period.
After logging in, go to your dashboard and click on "Contribute". You can make contributions using your wallet balance. If your wallet balance is insufficient, you can fund it via Paystack or Flutterwave.
Missing a contribution does not incur penalties, but consistent contributions help build your savings faster and increase your loan eligibility. We encourage members to maintain regular contributions for maximum benefits.
Go to your dashboard and click on "Apply for Loan". Fill in the loan amount and purpose, then submit. Your application will be reviewed by our admin team. Once approved, the loan amount will be credited to your wallet.
To repay your loan, go to "My Loans" and click "Repay" on the loan you want to pay. You can make partial or full payments using your wallet balance. Regular repayments help maintain a good credit history.
Yes, we use industry-standard security measures to protect your data and funds. All transactions are encrypted, and we have strict verification processes to ensure the safety of your account.
Yes, you can withdraw your savings at any time. However, please note that withdrawing may affect your loan eligibility. Contact our support team for withdrawal requests.
You can reach our support team via the Contact Us page, email us at info@royalhandscoop.com, or call +234 123 456 7890. We're available Monday to Friday, 9 AM to 5 PM.