Who doesn’t know the Savings and Loans Cooperative (KSP)? There are still many people who choose to save their money and also borrow money in this medium.
In simple terms, a cooperative is an economic organization run by members for the common interest. This cooperative carries out all savings and loan activities based on the principles of the people’s economic movement with the principle of kinship.
Due to the times, these cooperative activities were also developed. So, in its implementation, the cooperative also provides loan products specifically for members based on mutual agreements and agreements.
Don’t worry if you are not a member of a cooperative, but want to borrow funds for business capital. You can already manage loan funds to the cooperative even though your status is not a member.
However, when you make a loan at a cooperative, your status automatically changes to a prospective member of the cooperative.
Ways and Conditions for Submitting Loans at Cooperatives 2020
# 1 Reasons for Applying for Loans at Cooperatives
Recently, cooperatives have become one of the means to meet the financial needs of the community. In fact, it is often placed as the main solution.
The existence of a Savings and Loan Cooperative (KSP) is the community’s choice to meet their business capital. Because, this KSP plays an important role in channeling capital to the wider community, especially the middle to lower class.
Why borrow from a cooperative? Why not at the bank? Take a look at some of the advantages of borrowing funds from the following cooperatives.
- Requirements and loan application processes tend to be easier than for banks.
- Cooperatives are established with the aim of economic equality, have fair value with flat interest and even decline.
- By borrowing from cooperatives, it will reduce the practice of moneylenders with a profit sharing system.
- Being a member of a cooperative, that means you will get Remaining Business Results (SHU) which can reduce your loan interest.
- The tax imposed on cooperative borrowers / customers is lighter than that of banks, so that cooperatives do not need to reduce loan costs to make lenders bigger returns.
- Loan interest in the cooperative is lower than loan interest at the bank, for a loan ceiling of under $ 1000.
The average loan ceiling in the cooperative is not inferior to that of a Bank Unsecured Credit (KTA), which starts from $ 100 to $ million. However, there are also cooperatives that do not impose a loan ceiling limit or are adjusted to the value of the guarantee.
That is why many SME and MSME owners still rely on cooperative loans as an additional source of their business capital.
Well, as another alternative, you should try applying for Pay Day Loans