In the Glory Sacco context, emergency loans are provided in form of overdrafts to cater for any unforeseen circumstances beyond a member’s control
(affecting a member directly, his business, or his/her immediate family members).
The following policies are the basis for the repayment and handling of emergency loans:
a. A member can take an emergency loan at any time as long as it doesn’t exceed his/her share capital/ fixed deposit amount.
b. The maximum repayment period of this loan is three (3) months.
c. Any amount exceeding UGX 500,000 shall require collateral/ security unless such a loan is fully covered by the member’s share capital/fixed
deposits and such member has not guaranteed anybody.
d. Interest rate is 10% per month on reducing balance.