Loan Application Terms & Conditions
1. Nature of this application
Submitting a loan application is a request for credit from Soyosoyo SACCO. It is not a guarantee of approval, disbursement, or any particular amount or repayment schedule.
Officials may approve, decline, reduce, stage, or defer the application in line with SACCO policies, qualification rules, liquidity, risk assessment, and by-laws.
2. Information you provide
You confirm that all information in the application (amount, purpose, collateral, guarantors, term, and notes) is true, complete, and not misleading.
You authorise the SACCO to verify your identity, membership, contributions, loan history, guarantor capacity, wallet and bank payout details, and any other information reasonably needed to assess the application, consistent with the Privacy Policy and Kenya’s Data Protection Act, 2019.
Providing false or incomplete information may lead to decline, cancellation, recovery action, and/or membership sanctions under SACCO rules.
3. Qualification, headroom, and SACCO funds
Displayed qualification (“available now”) is an estimate based on savings, behaviour, outstanding loans, pending applications, and product rules. It may change before approval or disbursement.
Where the SACCO funds loans from its e-wallet or bank float, applications may be limited by available payout balance (including transfer fees). A qualified amount does not oblige the SACCO to disburse if funds are insufficient.
Auto-disbursement, where offered, remains subject to policy gates, guarantor approvals (if required), KYC, and available funds.
4. Interest, fees, and repayment
Interest rate, interest type, processing fees, fines, and repayment frequency follow the selected loan product and SACCO settings in force at approval or as later lawfully varied under SACCO policy and applicable law.
You agree to repay principal, interest, fees, and lawful charges on the due dates in the approved schedule (or as otherwise agreed in writing by the SACCO).
Late or missed payments may attract fines, collection activity, reporting within the SACCO’s governance processes, and enforcement against collateral or guarantors where applicable.
5. Guarantors and security
Where a product requires guarantors, you understand that guarantors may be notified and asked to accept liability for the loan or part of it, subject to SACCO rules.
Any collateral or security you offer may be perfected and enforced in accordance with SACCO policy and applicable law if you default.
You will not dispose of pledged security without SACCO consent while the loan remains outstanding.
6. Disbursement and use of funds
Disbursement may be made to your registered M-Pesa, bank account, e-wallet, or other channel recorded on your membership profile, or as otherwise directed under SACCO procedures.
You undertake to use the loan for the stated lawful purpose and not for illegal activity.
The SACCO is not liable for delays or failures caused by mobile-money operators, banks, network outages, or incorrect payout details you supplied.
7. Set-off, collections, and default
If you default or become delinquent, the SACCO may apply your contributions, share capital (where rules allow), e-wallet balance, dividends, or other amounts due to you toward outstanding loan obligations, subject to SACCO by-laws and applicable law.
The SACCO may pursue recovery through internal processes, guarantors, security, and lawful external collection or legal proceedings.
You remain liable for costs of recovery that the SACCO is entitled to recover under its policies and the law.
8. Data protection and communications
You consent to the SACCO processing your personal and financial data for membership administration, credit assessment, disbursement, repayment, collections, audit, and regulatory purposes as described in the Privacy Policy.
You consent to receive notices about this application and any resulting loan by SMS, in-app notification, email, or other channels on file.
9. Electronic acceptance & indemnity
Ticking “I agree” and submitting this application constitutes your electronic signature and acceptance of these Terms for this application. The SACCO may retain records of your acceptance (version, date/time, member identity, application reference) for audit and dispute resolution.
You indemnify Soyosoyo SACCO and its officials and service providers against losses arising from false information, misuse of disbursed funds for unlawful purposes, or your breach of these Loan Terms, to the extent permitted by law.
If you do not agree, do not submit the application.
10. Governing rules
These terms sit alongside the SACCO’s constitution, by-laws, credit policy, and product-specific rules. On SACCO-specific credit and membership matters, those governing documents and lawful credit policy prevail. Disputes follow internal SACCO channels first, then the co-operative societies framework and Kenyan law.