Questions and Answers About A.Y.E Trust Fund Loan Application – See details here : A.Y.E Trust Fund is the platform under the Africa’s Young Entrepreneurs’ Umbrella that encourages the members to imbibe the savings culture. The Online platform which is user friendly, easily accessibility all kinds of people in the society & offers her members easy access to savings and funds in terms of credit to engage in their day business to day activities. Read more below.
To be a beneficiary of the A.Y.E Trust Fund
- All yo need to do is to login to the A.Y.E Trust website https://www.ayetrustfund.org/
- Register an account
- Choose a savings plan
- Be consistent to the time schedule given to you
- Build a blockchain with other members
- Get your Funds in 59 Seconds when you need them
See some of the questions you may likely want to ask:
What is A.Y.E Trust Fund?
It is a platform under the Africa’ Young Entrepreneur umbrella that gives you access to zero-interest loans without collateral, paper works in approximately 59 seconds.
Who can sign up unto the Trust Fund Platform?
Anybody with a Bank Account can operate a TRUST FUND Account.
How do I open a TRUST FUND account?
Opening a TRUST FUND account is free and easy. You can do it via the following steps:
On the Home Page, click on the sign-on button
Read the Terms and Conditions and check to agree
Enter your details and click on the sign – on button
Choose a Trust Fund category and register
How do I fund my TRUST FUND Account?
Your TRUST FUND Account is funded weekly by an automated direct debit to the Bank Account you provided when signing up unto the TRUST FUND platform or by direct bank transfer.
What is TFP?
TFP stands for TRUST FUND PIN. This is the unique identification number of each Trust Member. It can used for transactions and to offer Trust to other members.
Can I have multiple TRUST FUND Accounts?
Yes.But you must provide a bank Account details that is not been used by any other TRUST FUND Account.
Do I get interest on my savings?
TRUST FUND is a no-interest savings platform and you also do not pay interest when you collect a loan. It gives members other multiple benefits.
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What are the benefits for registering on the platform?
You will have the opportunity of accessing the following benefits:
Access to zero interest loans
Access to loan with no collateral and no paperwork
Loan approval in about 59 seconds
Qualify for the annual membership empowerment raffle draw of up to N10,000,000.00
Access to Purchase Order Power
Access to Free Business Advisory
Access to Free Legal Cover
Access to Medical cover
Access to online mentoring
Regular updates on A.Y.E events and program
Free access to A.Y.E annual convention
Are there penalties for not meeting up with my weekly deposits?
Yes.The system will automatically place your account in a dormant state if you fail to meet up with two consecutive weekly deposits and you will lose all the benefits accessible to Trusted Members.In addition, you will not have access to the cash balance on your account until the cash out date.However, you can reactivate your dormant account by re-registering on the platform.
When can I access Loan on the Platform?
You can access loans on the platform when you become a Trust Member.
When do I become a Trust Member?
You become a Trust Member the moment you complete the sign-up process on the platform.
How is the interest on loan calculated??
The loans given out on the TRUST FUND Platform are interest-free. No interest are calculated on the loans.
What do I need to access loan on the platform?
Upon your request for loan, the platform will automatically calculate the number of TFPs (Trust Fund Pins) a member will require when accessing a loan, which is dependent on the amount of loan you are requesting.
How many times can I take loans from the TRUST FUND Platform?
There are no restrictions to the number of times you can access loans on the platform within the Trust Fund Cycle.However, you can only access more loans when you have paid back all outstanding loans.
How much money can I borrow from the Platform?
You can borrow up to N10, 000,000.00 (Ten Million Naira) from the platform depending on the membership category.
What is the Payback Period for loans?
The payback period is determined by you and your trustees. However, all loans should be liquidated before 30 November of every year.
What is a Trust Fund Cycle?
The Trust Fund Cycle is the Trust Fund accounting year. This is the period between when you register and the cash-out date.
When is the cash-out date?
This is the day when all trust members’ total weekly deposits are paid (via wire transfer) directly to their registered bank account.The cash-out date signifies the end of a Trust Fund Cycle and it’s usually a day between the 1st and 14th of December.
What are the penalties for defaults in loan repayment?
Your account will be blacklisted and all the Trustees that trusted you will lose all the balances in their account at the end of the Trust Fund Cycle.You and all your Trustees will lose the opportunity of winning the Business Support Fund at the end of the Trust fund Cycle.
Who can win the Business Support Fund?
All members who have saved consistently throughout the Trust fund Cycle
All members who have fully liquidated their loans
All members whose TFPs are not in use
What does TFP –in-Use mean?
TRUST FUND PIN – in – Use means you either have taken a loan or trusted another member to take a loan on the platform. Until either you or the members fully repays the loan your TFP will be in use.
What is POP?
POP stands for Purchase Order Power. It is the sum of money given to members who have needs to urgently purchase equipment/goods for their business.
Who is a Trustee?
This a Trust Member that offers trust to another Trust Member seeking loan on the platform.
How much can I access from POP?
You can access POP of up to N200,000.00 or an amount equivalent to your deposits into your Trust Account of 5 months.
When can I Access POP?
You can access POP after 6 months of consistent savings on the platform.
Can I Cancel my TRUST FUND Account at any time?
Yes However, payments will only be made on the cash out date.