Want to get loan in cooperative and do not know how?
We clarify for you how it works and what conditions this system can offer you. Financial cooperatives are financial institutions regulated by the Central Bank, and there is a difference between them. First, that banks are societies of capital, since cooperatives are societies of persons.
Cooperatives offer the same service and credit solutions cheaper than banks like, account openings, loans, transactions, applications, payments, receipts, investments.
But there are associates rather than clients. Different from the bank, in the cooperative, all the members participate in the decision about the cooperative, there are meetings to decide something and the members are called to participate, if they wish.
Why choose loan in cooperative?
Soon, cooperatives have been prominent in the financial market, in recent years precisely because of lower interest rates. But fool yourself if you are totally desperate with the debts up there and want the loan urgently. First, you need to be a member, and then the cooperative will analyze your situation and then release the loan.
Cooperatives get personal loans with cheaper interest because their purpose is “not profit.” The focus is on managing the financial resources of members in an advantageous way for all. And when you become a partner, you have the right to participate in all administrative decisions, because each member has one vote, so all votes have the same value.
How to join a credit union?
Remembering then that the focus of the credit union is not for profit, so much so that rates in cooperatives are up to 20% lower than in ordinary banks. When you join the cooperative you get the same benefits as all members, and one of the advantages is getting access to much lower rates (compared to ordinary banks) and can still receive annual leftovers.
Then anyone can join and you must present the following documents: an official document with photo (identity, CNH or work card), CPF, proof of recent residence (last two months), proof of income and if married, certificate (and documents of the spouse – CPF and RG). With these documents in hand, head to a cooperative to become an associate.
How does a cooperative loan work?
To access credit, you need to be a member. But beware: to become a member in fact it is necessary at least that you acquire a share (a minimum fee to associate). This amount may vary, so it is advisable to go personally to a cooperative to find out.
That is, if you do not have enough money and need it urgently, even if the interest is cheaper, you will need to invest in opening the account. But at the time of becoming a partner, you will be entitled to all services rendered.
Then there are several types of loan, but usually in the loan, for example, interest from cooperatives are from 1.5% per month, well more account than the incoming banks surpass 4%. So, if you are already a member it is worth making a loan in the cooperative! One example is the loanot payroll loan, which is offered at exclusive rates and lower than that offered in the market
Being a member of a cooperative – is it worth it?
Yes. It’s worth it! Even if joining is necessary to acquire a part quota is advantageous. Even because the positive income is distributed among all the associates, according to their respective participations. In the bank is the opposite, they divide themselves, and do not think about dividing profit with customers.
There is no telling what the value of this part is. It may also depend on cooperative for cooperative. But if you already need loans constantly and know how to organize, we believe that it is advantageous for you to become an associate, because you will have the right to different products, participation in decisions.
One of the disadvantages of being a co-op associate is that you will not always easily find an agency in every city, especially if you need to deal with something important.
So this may be a disadvantage, but it’s still little compared to the benefits of joining. But before joining any cooperative, do a search of your history, and how it was the results in the last years of the institution.
Now that you know how to make your loan in a cooperative, you have another alternative when you need it, but you need to have a time as a member to get larger amounts of credit, do not waste time.