9mileon

9mileon is a mobile application for individuals and cooperative societies developed by Guarantor Capital. Guarantor Capital is a registered LLC in Michigan, USA. Any registered cooperative society can use the 9mileon app to record and track all member engagement and activities.

The 9Mileon app provides diverse range of features for cooperative societies regardless of membership size. other features include automatic member registrations, auto-recording of members financial activities including Savings contribution records, email messaging and notification services to all members and partners.

Who can use the 9mileon app?
Individuals and cooperative groups interested in keeping track of financial records, email messaging and reminders of all financial commitments can sign up with just name and phone number to use the app.
The cooperative services the app allows users to offer include.

Savings contribution – Users can use 9mileon to automatically record individual and member savings according to the cooperative bylaws

Cooperative loans – the 9mileon app has an automated loan recording and tracking template. The cooperative loan application template feature includes a fixed annual interest rate not exceeding 10%, up to 36 months tenure. For example, a 12-month loan payment terms in Nigeria would have annual interest rate of 10%. For a loan processed with a principal amount of NGN 250,000, the interest including processing and insurance fee would be NGN 31,250, the total amount due would-be NGN 281,250. The total amount due each month would be N23,437.5 and the monthly interest would be N2604.17

Consumer loans – the 9mileon app has an automated loan recording and tracking template. The cooperative loan application template feature includes a fixed annual interest rate not exceeding 17%, up to 36 months tenure. For example, a 12-month loan payment terms in Nigeria would have annual interest rate of 17%. For a loan processed with a principal amount of NGN 250,000, the interest including processing and insurance fee would be NGN 48,750, the total amount due would-be NGN 298,750. The total amount due in each month would be N24,895 and the monthly interest would be N4067.5

Credit line – the 9mileon app provides an automated credit line template. The credit line template feature includes offers up to a fixed annual limit. For example, a 12-month credit line payment terms in Nigeria would have an annual interest rate of 20%. The credit line feature allows for the beneficiary to access at most 30% of credit limit per use. For example, a 12-month credit line payment terms, the interest is 20%. For a credit line processed with a principal amount of NGN 1,000,000, the first 30% credit access is N300,000, the interest including processing fee would be NGN 67,500, the total amount due would-be NGN 367,500. The total amount due in the first month would be N30,625, the interest would be N5,625.

The calculation for this feature is the same for each 30% of the credit line limit an individual decides to access.

Investment – there are various investment portfolio recording and tracking features

Remittance tracking features (9pay) - Users of the 9mileon can use the app to record and track all remittance transactions with friends and family in different currencies. There is also a feature that users can use to record, track, and send reminders for online purchases with other users or members of a cooperative society.

There’s no service charge for using the investment and remittance tracking features in the 9mileon app.

Get in Touch

Phone Number: +12488355778
WhatsApp: +12488355778
Email: admin@9mileon.com
Office Address: 1230 Garden City Road, East Lansing, 48823, MI