Committee appraisal
The credit committee records its appraisal and recommendation against the application.
Eligibility, guarantors, appraisal, approval, disbursement, repayment and recovery, with every decision made by the office your bye-laws give it to.
See how it worksBridge shows each member their borrowing limit and exactly how it was worked out: the deposits that count, your loan multiplier, loans they already have, and guarantees they've given to others. When the number is lower than they expected, the reason is right there.
Deposits that count ₦442,000.00 × multiplier 3 = ₦1,326,000.00 · less existing loan ₦260,000.00 · less guarantees given ₦180,000.00 → you could borrow ₦886,000.00
Applications move across one board (awaiting guarantors, appraisal, decision, ready to disburse), and each card shows who it's waiting on and for how long.
Guarantors agree for themselves, see how much of their savings is held, and hear from the society as the loan is repaid, or falls behind.
The credit committee records its appraisal and recommendation against the application.
Set how many approvals a loan needs; Bridge counts them and won't disburse until they're in.
An officer never approves their own loan, and loans to officers are disclosed.
Every repayment is split into principal and interest on the member's statement. Payroll check-off is matched to the right loan automatically.
Arrears are aged and provisioned. The board can restructure a loan or write it off, and every decision is recorded with who made it.
Every loan quote shows the full cost (interest, fees and insurance) and the instalment, before the member signs.
| Amount | ₦300,000.00 |
|---|---|
| Term | 12 months |
| Interest | 12.00% a year, reducing balance |
| Processing fee | ₦3,000.00 |
| Insurance | ₦1,500.00 |
| Monthly instalment | ₦26,654.64 |
| Total cost | ₦324,355.64 |
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