Loanlink Share Product

How it works

The LoanLink Share account is your gateway to affordable borrowing that rewards consistent savings and active participation.

At GIG Co-op Bank, we believe in supporting our members' journey from financial struggle to significance. That’s why our lending model is based on your savings behavior and involvement in the co-operative.

Tier 1: Struggle to Stability (S1–S2)

Loan limit: Up to R75,000
Apply after: 6 months of active savings
Loan amount: Up to 2 times your LoanLink Share savings
Starting interest rate: Prime minus 1% (currently 10%)

You can reduce your interest rate by 2.5% for each of the following metrics you meet:

Maintain an average balance of R5,000 in your LoanLink Share account
Hold at least R2,500 in a GIG interest-bearing deposit
Attend the AGM, volunteer, or serve on a committee
Refer three or more new active members

If you meet all four metrics, your interest rate drops to 0%. Even two metrics qualify you for a reduced rate of 5%.

Tier 2: Success to Significance (S3–S4)

Loan limit: R75,000 and above
Apply after: 12 months of active savings
Loan amount: Up to 2 times your LoanLink Share savings
Starting interest rate: Prime minus 1% (currently 10%)

Reduce your interest rate by 2.5% for each of these metrics:

Maintain an average balance of R25,000 in your LoanLink Share account
Hold at least R10,000 in a fixed or notice deposit
Serve on the board, a committee, or act as a legacy coach, or attend the AGM
Refer three or more new active members

Loan Application Guidelines

As GIG is a registered credit provider, we operate in full compliance with the National Credit Act.

All loan applications are assessed based on your ability to repay, as well as other important factors such as your credit record, financial behavior, and available collateral. If your credit record is impaired, you may still qualify under our alternative P2P product range.

Required Documents

To apply for a loan, please submit the following:

Your three most recent bank statements
Your three most recent salary slips

Additional Requirements for Foreign Nationals

If you are a foreign national, you will also need to provide:

A valid asylum permit or visa

Please note: Different criteria apply to foreign nationals, as we are unable to access South African credit records for non-citizens.

Costs

Each loan will attract a once off Initiation Fee.

Loans between R3000- R9999 the Initiation fee will be R365

Loans above R10 000 the Initiation fee will be R1050

Loans classified as developmental credit, the Initiation Fee will be a min of R275 plus 10% of the loan value over R1000, with this fee capped at R2600.

A monthly service fee of R60 will apply to each loan.

Term Limitation

Although the term limit is linked to how long a member has been actively saving (overall repayment limit of 7 years), the GIG Co Op Bank Ltd Board has instituted temporary rules in terms of maximum repaid periods linked to the size of Loans. This was done so that every member has a fair chance of being able to access the pool of available funds to finance loans.

+R300,000 loans 24 months max repayment term

R200 000 – R299 999 36 months max repayment term

R100 000 – R199 999 48 months max repayment term

R50 000 – R99 999 60 months max repayment term

Under R50,000 84 months max repayment term