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Community Credit Cooperative
#11
As far as I know Cooperative is legal in the Philippines as long as they're registered and have permits to operate. They established Cooperative to encourage people in a rural area to take loans from them with a small amount of interest. There are some people who can't take loans from a bank due to lack of papers and no collateral to show. Cooperative helps those small businessmen to have funds and start their business right away. Cooperative is a big help for ordinary people who afraid to go to the bank because they might be rejected. It helps people who don't have a knowledge on how to save money and make businesses by doing free seminars with their members. But not all Cooperative is legal, make sure it has a permit and registered to avoid wiping out your money.
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#12
(01-09-2018, 08:39 AM)leeyong88 Wrote: 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.

Yup that is how it usually works, this is why you still need money to get the privilege but as soon as you got all the requirements done, you can really use it to your advantage and can help you improve your life.

(01-09-2018, 11:27 AM)aecel Wrote: As far as I know Cooperative is legal in the Philippines as long as they're registered and have permits to operate. They established Cooperative to encourage people in a rural area to take loans from them with a small amount of interest. There are some people who can't take loans from a bank due to lack of papers and no collateral to show. Cooperative helps those small businessmen to have funds and start their business right away. Cooperative is a big help for ordinary people who afraid to go to the bank because they might be rejected. It helps people who don't have a knowledge on how to save money and make businesses by doing free seminars with their members. But not all Cooperative is legal, make sure it has a permit and registered to avoid wiping out your money.

That is why people should really look deeper into it, if they want to know the legitimacy of the Cooperative. Since there is a deposit involved Cooperatives are really a scam magnet. Some puts up an organization like this to fool people and showed them some fake permits then run after accumulating all the members money, so they should be very careful as well. If you want to be safe, go to a Cooperative that is recommended by the Local Government.
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#13
(01-09-2018, 08:25 AM)binggay03 Wrote: 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.

Well, if your loan is two or three times X the deposit, than I would say this is a really good deal. If these cooperative institutions prove themselves to be legit, I think they are one of best, actually probably the best alternative to predatory payday lenders. I wonder if they're gaining popularity in the United States, people in need of borrowing must be crazy to miss such an advantageous opportunity.
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#14
Community credit cooperative are the helper of the poor individuals. Some member of my family are working in this type of business and they explain to me some of their goals. They said to me that the main goal of cooperative is to help the starting individuals by lending them loans with low interest and less requirements. And they said that the type of people who benefit the most in cooperative are the Farmers. The farmers are business man that earns money at maximum of twice a year so they really need the help of these cooperative.
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#15
(01-08-2018, 03:55 PM)chikatilo Wrote:
(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.

Yeah I got your point. You can borrow way more than the amount you deposited in them. I am not sure on others Community rules but for example, you have at least 50$ on your account on them you can borrow at least 2000$ and it can be more if you are considered as a loyal member.
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#16
I'm an individual from a credit agreeable in my place. It is path superior to acquiring cash from banks. They have bring down intrigue since cooperatives are permitted by the administration to not to pay assess. So low intrigue makes it somewhat simple for individuals to pay those credits off..
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#17
In my country this form of borrowing is big. The interest is much lower than banks and lending institutions. They require you to be a member and pay a monthly fee, which goes towards you're savings. If you want to borrow, someone in the cooperative becomes your reference and you're good to go. When you repay the loaned amount you can take another loan. However in my country they are not regulated. The risk is to your savings.
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#18
(01-09-2018, 03:09 PM)Heart Wrote:
(01-09-2018, 11:27 AM)aecel Wrote: As far as I know Cooperative is legal in the Philippines as long as they're registered and have permits to operate. They established Cooperative to encourage people in a rural area to take loans from them with a small amount of interest. There are some people who can't take loans from a bank due to lack of papers and no collateral to show. Cooperative helps those small businessmen to have funds and start their business right away. Cooperative is a big help for ordinary people who afraid to go to the bank because they might be rejected. It helps people who don't have a knowledge on how to save money and make businesses by doing free seminars with their members. But not all Cooperative is legal, make sure it has a permit and registered to avoid wiping out your money.

That is why people should really look deeper into it, if they want to know the legitimacy of the Cooperative. Since there is a deposit involved Cooperatives are really a scam magnet. Some puts up an organization like this to fool people and showed them some fake permits then run after accumulating all the members money, so they should be very careful as well. If you want to be safe, go to a Cooperative that is recommended by the Local Government.

Yes, it's better to search first the legitimacy of the Cooperative because not all of them are capable to operate. Here, in our place, I've seen lots of Cooperative offering a financial need to those people who need one but I'm not sure if they are legit. There's also a headline before in the news that there were Cooperative that scams people too late for those members because their money has taken away. So it's really important to have a background check before joining a Cooperative.
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#19
(01-08-2018, 09:29 AM)kgord Wrote: 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.

You should consider grants as an alternative, partnering with a developer and/or investor, looking into housing cooperatives, or just get resourceful and scour the free classifieds sections for materials to offset your costs. Only justify loans, debt financing, when you're turning around and flipping, or else let the new buyer handle a portion. 

There are options rather than going into debt with that type of uncertainty -- it's not a good strategy.
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#20
(01-05-2018, 03:25 PM)Heart Wrote:
(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.

The ones we have here are always screening the new members in a strict way to ensure that they will comply once they become members and I feel that is a good way to ensure that lazy people don't join them. However, I agree with you on the need to have some easy access for serious members to get loans from such cooperative for it is going to make things better at the end of the day. 
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