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.
Savings Requirement
New members must first save for 12 months before applying for a LoanLink Share loan. During this period, members must also complete:
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Three online financial-literacy courses, and
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The annual self-assessment.
Once a member has been with the co-operative for longer than one year, the 12-month saving requirement does not apply again. From that point onward, a member can qualify after only three months of active saving.
Loan Amount & Repayment Terms
When all requirements are met, a member may borrow up to three times the amount saved in their LoanLink Share account.
If the three online courses and the annual self-assessment have not been completed, the maximum loan is limited to two times the member’s LLS savings.
The maximum loan term is linked to the member’s history of consistent saving. The longer a member has been active and saving regularly, the longer the term available—up to a maximum of seven years.
The general rule assumes that a member saves a consistent monthly amount.
Where savings are irregular and made through large lump-sum deposits, an additional fairness rule applies:
A member may borrow the lesser of:
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3 × the closing LoanLink Share balance, or
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5.5 × the average LoanLink Share balance.
This ensures fairness and prevents situations where someone saves minimally, makes one large deposit, and immediately applies for a loan.
A LoanLink Share loan is a privilege, not a guarantee.
All loan applications must comply with the National Credit Act, and every application is assessed according to the GIG Loans Policy and full NCA affordability checks.
Members are strongly encouraged to use their interest-free loans for productive purposes, such as building assets, reducing high-interest debt, or improving long-term financial stability—rather than for consumption spending.
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:
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Your three most recent bank statements
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Your three most recent salary slips
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Additional Requirements for Foreign Nationals
If you are a foreign national, you will also need to provide:
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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