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Community Credit Cooperative
#1
This was first established in the year 1960's. An organization here in the Philippines where in members can avail their loan for a starting annual interest of just 2%-4% depending on the amount you are planning to loan.

The payment terms is also flexible, since it is a Community Cooperative they will mostly bend the rule for their members. I experienced those times when my Father was still a member, where members can't pay the loan and its nearing the due date, what the Cooperative did was they adjust the payment contract. They said was the view of the Cooperative is to help improve the life of people (members). The only requirements are you need to have a back up or a guarantor probably a trusted member. You will also need to invest or deposit some cash to them at first, lets say 300$ or roughly (15000php) the more money you deposit the more illegible you are for larger loans. The money you will deposit to them will be use to more productive way, in short they will invest it. That is how the cycle goes on how they can produce money to people (members) that wanted to avail some loans.

This is not illegal and legally registered. This type of Credit Cooperative is now all over the Country.
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#2
That sounds pretty good. There are some peer to peer lending type places here in the US and some government loan programs that are extremely low interest, but you have to apply and be accepted by them.
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#3
We have such plans in Nigeria as well and the good thing I like about such corporative setup is the low interest rate on loans given to members that makes it easier that those people to pay it on time as well as use the money for the purpose upon which it was borrowed. I wish they can lend to the public as well, but it seems the benefits is restricted to only members of the organization.
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#4
(01-05-2018, 01:45 PM)kgord Wrote: That sounds pretty good. There are some peer to peer lending type places here in the US and some government loan programs that are extremely low interest, but you have to apply and be accepted by them.

Anyway thats normal right? In every loan you want to avail you really need to apply first and get accepted. So no biggie! Smile as much as you want to know if they are reliable and trustworthy, they will also want that from you.

(01-05-2018, 01:51 PM)Henrywrites Wrote: We have such plans in Nigeria as well and the good thing I like about such corporative setup is the low interest rate on loans given to members that makes it easier that those people to pay it on time as well as use the money for the purpose upon which it was borrowed. I wish they can lend to the public as well, but it seems the benefits is restricted to only members of the organization.

You can always apply for it they are sure open for new members. This type of Organizations aren't that strict in requirements to become a member compared those bank loans that you will pull every straw you have just to get approved for a loan.
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#5
Community Credit Cooperative is a very good idea established in the Philippines. They help their members to have money right away, no collateral. Just be a member. Good thing being a Cooperative member is that your money grows as the times goes by. If you lend the cooperative cash, it will multiply since they are using the fund for a good use. They also lend the fund the members who are in needs which they give an interest of 2%-4%. If you are a borrower, you just need to pay your loan every payday.
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#6
I'm a member of a credit cooperative in my place. It is way better than borrowing money from banks. They have lower interest because cooperatives are allowed by the government to not to pay tax. So low interest makes it a bit easy for members to pay those credits off.
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#7
I don't have a regular job so it is hard for me to be approved for loans. I do need some cash to fix up my home which I plan to sell, but my credit isn't great nor is my salary dependable so it is hard for me to be approved by any formal lending institution. I wish we had a low interest flexible lender here. That would help.
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#8
(01-05-2018, 01:31 PM)Heart Wrote:  You will also need to invest or deposit some cash to them at first, lets say 300$ or roughly (15000php) the more money you deposit the more illegible you are for larger loans. The money you will deposit to them will be use to more productive way, in short they will invest it. That is how the cycle goes on how they can produce money to people (members) that wanted to avail some loans.

So what is the maximum amount you can borrow from this institution? You're saying you first need to invest some money in it. Are you going to be able to get a loan worth more than the amount you've invested? Because if you cannot, I don't see the point in the loan itself.
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#9
They are going to require you to be a member first. Some proof of identity like I.D's are needed. A little interview sometimes are required to get your personal information. At first you need to put on a deposit of for example a $100. Your First loan will be multiplied by 2 or 3. Payment depends on the term that you will choose. so after you pay off your first loan and your a payment records are good your next loan will increase. So as long as you pay on time.
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#10
Yes, that's true. These type of cooperatives are abundant in our country and many professionals, workers or laborers has this own cooperative which can help their members in times of a need. There are also commercialized cooperatives, such as PCCC or Pantukan Chess Club Cooperative which now became a credit based one. They offer loan to their members who must first pay registration and savings to them. They also ATM card loan, which I think is a very helpful one.
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