Loan Security and Guarantee

All loans shall be guaranteed by a minimum of three persons who are active members of the Sacco.
A member shall be allowed to guarantee six (6) loans at a time
The total savings of the borrower and those of guarantors must be equal to or more than the loan applied for.
Employees and committee members of the society shall not be guarantors of any member
The obligation of the previous guarantors shall cease upon change of guarantors but subject to new guarantors being accepted by the society.
The obligation shall also cease when loans guaranteed have been reduced to or less than the Member’s shares.
The society shall maintain a register of all guarantors to every loan in each member’s personal profile