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Credit Co-operatives

Thrift and loan societies are co-operatives that encourage thrift by accepting deposits from members and assisting members with loans on reasonable terms. A thrift and loan society is an association of persons who are grappling with the same economic challenges and who join together on a basis of equal rights and obligations through a democratically controlled enterprise.

Majority of the credit co-operatives are work-based where employees of the organisation are recruited as members of the co-operative. As a form of staff benefits, organizations offer check-off system, which enable deductions of staff monthly salaries for contributions towards their subscription accounts and loan repayments with their co-operatives.

Today, credit co-operatives play an important role in upgrading the economic and social status of their members.

Objectives of the Credit Co-operatives

  • Prevent permanent indebtedness of its members by enabling them to obtain loans on reasonable terms. Different types of loans are offered to members: personal loan, education loan, housing loan and travel loan;
  • Encourage thrift, they offer savings and fixed deposit schemes to members at competitive interest rates
  • Assist members to reduce the cost of living and improve their economic needs.

News Highlight

World Credit Union Conference (WCUC)
World Credit Union Conference (WCUC)

  Singapore, 15 – 18 July  Credit Co-ops can apply for CCF grant to attend WCUC. The first two registrants enjoy 90% subsidy and 3rd [ ... ]

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That's a Co-op Contest
That's a Co-op Contest

Join our "That's a Co-op" contest and win SGD100 worth of vouchers!

HOW TO PARTICIPATE?  Follow our @sncfsg instagram account

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