Here is why Your Union Loan Disbursement is Delayed.
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?
What to do.
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.
