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Here is why Your Union Loan Disbursement is Delayed.

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Questions coming in;

I have applied for a loan for some time now, but I have not received the money yet. ?

How long does it take now for the unions to pay loans. ?

Why can’t I apply for Loan from my Union?

How long does it take to get a loan approved?
With current happenings in the country, most Credit Unions and Banks are not giving loans.
This has placed a bit more pressure on the Teacher Unions to serve their members.
But messages seekersnewsgh have to frequently answer have to do with the delays in receiving the money after application.
Some unions have issued press statements to address the issue or alert members of the current happening.
The General Problem has to do with the following
1. More teachers apply for loans since most Loan firms are not giving them. The unions have to use more days than previous to approve the numerous loans.
2. People asking for more money, Since affordability has increased, more workers can now ask for more money than previously giving liquidity challenges.
3. Error in Loan Application Forms. The whole process goes through a queue for each stage and making mistakes in the loan application forms will delay you as you would have to start again. With Some, you have to wait about a week or a month before re-applying.

What to do.

Take your time when applying for loans in order not to make mistakes for rejection as this also delays the system.
Call your Fund management or the Loan Officers to enquire when it starts to delay thus after two weeks for CCT-GH Members and After a Month for GNAT and NAGRAT Members.
Here is a draft released from CCT-GH to members on the issue

Delays in loan disbursement and matters arising

Felicitations from the CCT Funds.

The management wishes to bring to the attention of contributors that, loan disbursement has been experiencing some delays for the past 2 weeks, of which many of you have had calls to complain

The unfortunate situation has come about as a result of the following

Delay in remittance from CAGD
House members may already be aware, CCT FUND has a contract with a third party, the CAGD to deduct contributions and loan repayments on its behalf and remit the same to the fund’s account. Unfortunately, there has been an increased delay in the remittance from CAGD, in recent times

Increased affordability

The recent increase in salary which took effect in January 2023 has resulted in improved affordability for many contributors. Contributors are therefore able to apply for a higher amount than previously.

The two issues of delays in remittance from CAGD and increased affordability for higher loan amounts have caused a lot of liquidity challenges for the fund.

Fidgeting with the loan application platform

Management has also noted with concern, attempts by some people to apply for loans on the portal, although they were not qualified to do so. This has also resulted in Long wetting and due diligence assessment of loan applications.

To address the issues,

management is taking the necessary steps in the interim to

Liquidate Investments near maturity to pay loans

Be in close consultation with the CAGD for the timely release of remittances.

The software is recalibrated to prevent qualified applicants from fidgeting with the loan application platform.

Respectfully, we are not normal times and prospective loan applicants should exercise restraint and take note of the following

The waiting period for loan disbursement could be a week three.

Members at 5 to apply for loans in good time to avoid undue delays.

Further information

Management intends to organize zoom meetings to educate members on the key issues affecting the fan under the current conditions.

Management is pleased to inform contributors that gains for the 2021 financial year have been shared. In all, games have been shared up to the 2021 financial year.

Respectfully, contributors have until march 31st 2023 to report all wrong questions for rectification.

From April 1st, 2023, the fund would consider the 2021 financial year closed.

Games for 2022 would be worked on after the 2022 annual general meeting.




Peter N. Djangmah is a multifaceted individual with a passion for education, entrepreneurship, and blogging. With a firm belief in the power of digital education and science, I am affectionately known as the Private Minister of Information. Connect with me
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