Frequently Asked Questions

By payment of non refundable fee of #200, #1,000 or #1,500 only for either of our savings packages and subsequent re-activation of such account with #200, #1,000 or #2,000 going forward respectively.

No

Any progressive mind, regardless of age, religion, political and socio-cultural differences is eligible for membership.

No, you can also register through a staff, agent or our e-channels like website, mobile application etc.

1. Hard or soft copy (passport photograph)
2. Any valid means of identification (Nat. Drivers license, Int'l passport data page photocopy, PVC etc).

No, you are to pay a non refundable membership registration fees of #200 for Daily Savings Account (DSA), #1,000 for Special Purpose Account (SPA) and Social Link Account (SLA), and #1,500 for Business Link Account (BLA), and renewable after each Financial circle.

All active individual and corporate member organizations. DESAL-mcs is only held in trust by the BOT and admin staff that pilots the day to day activities of the organisation.

A person or group of persons who consciously or unconsciously introduces people that eventually registers into the system.

1. Earns incentive, commission and bonuses eg. 100% membership registration fees of such member or members that joins DESAL-mcs courtesy of you.
2. Earns 10% of supposed 100% ROI of such fresh investor as had been introduced to DESAL-mcs by you.

Yes, with state MINISTRY OF COMMERCE, INDUSTRY AND COOPERATIVE, and other relevant regulatory bodies.

Yes, after each financial circle.

Yes, to all subscribers and on a weekly basis.

All our savings packages issues premium interest of 10% except (SHORT-TERM) Daily Savings Account= DSA and are of enormous advantages, depending on a prospect given circumstance per time.

10% on all completed Savings circles except for (SHORT-TERM) Daily Savings Account= DSA.

The duration or period by which a package is subscribed and is to last until its maturity or disbursement date.

Due disbursement is the amount that returns to a subscriber after a Savings or Investment term elapses.

For the exact period of a designated or subscribed package lifespan, which are: Social Link 1yr, Business Link 2yrs, Special Purpose; 3 months and above, (SHORT-TERM) Daily Savings Account= DSA.

A fine (penalty) that a saver is mandated to pay for failing to save for a whole week.

#20 only.

Yes, Service charge.

An administrative cost placed on each account at every end of a financial circle.

# 500 withdrawal charge for Daily Savings Account (DSA), #1,000 for both Social Link and Special Purpose Accounts, #2,000 for Business Link Account and 10% of dividend on any investment portfolio.

Yes, 10% of total amount in such Account.

Yes, but only to Daily Savings Account (DSA)

No

7 working days

Yes, by direct authorization to debit my bank account through my bank card.

#100 for Daily Savings Account (DSA), #1,000 for Social Link Account (SLA) and Special Purpose Account (SPA) , and #2,000 for Business Link Account (BLA).

Until the habit of Saving becomes a culture, if not, you are no close to creating Financial independence.

No, you can operate as many Accounts as possible at all times.

No.

Yes, the better your credit rating the more likely you are to get the lowest interest rates on your loan. For those with a bad credit profile, the higher interest rates reflect the increased risk on the part of the creditors in lending you money.

Interest rates are generally higher on shorter term loans, as there are increased administration costs in setting up the loan.

Yes, you should still be able to borrow money if you have a bad credit rating, but will likelybe subjected to higher interest rates and scrutiny.

This will depend entirely upon the nature of your loan request and your credit history. There are loans out there for everyone though, and so it is unlikely that you will not be accepted for any loans at all.

Yes, we accept collaterals for loan.

• starting or expanding an existing business

If your financial circumstances improve, you will be able to pay your loan off early, or arrange to change your payment plan in some way. You will need to discuss details of this with your creditors.

No you must be a duly registered member of DESAL-mcs

1 month (i.e when satisfactorily approved)

Yes

Our loans are repaid on monthly basis

No

You must save 1/3 equity contribution

Yes, provided its value is suitable for the outstanding balance

People of verified means of income, good reputation with trace courage for debt servicing