POLICIES

Membership is by referral only as we want to make sure that a would-be member is recommendable.

A would-be member should be trustworthy as TRUST is one of the foundational pillars of this cooperative.

A would-be member should agree to the terms, conditions, policies, and principles set by the cooperative.

The BOD will review and approve the application of a would-be member.

A member should pay the annual membership fee of PHP200.

Monthly contributions are considered as the members’ savings and are held intact by the cooperative to which the cooperative is also held fully accountable.

Members should declare their desired and sustainable monthly contribution with the minimum of PHP500 at the beginning of the cooperative’s fiscal year (January).

Members are expected to faithfully pay their declared monthly contribution.

A penalty of PHP50 per succeeding month will be charged for late payment of monthly contributions. For instance, if a contribution has been late for 1 month, a penalty of PHP50 will be charged; if for 2 months, PHP100; if for 3 months, PHP150; and so on and so forth. This is to motivate everyone to be consistent and faithful in their contributions. This will also ensure that the money circulates, thereby, grow.

Bulk payments of contributions is allowed but it should be an advanced payment. For instance, if a member wants to make a one-time payment for 3 months, say January-March, the payment should be done in January not in March. Again, this is necessary to circulate and grow the money.

Members can make their payment either in person, via remittance, or via bank deposit/transfer.

Members will receive a monthly update of their accounts for them to constantly check if their records are accurate.

Members with disputes on their accounts should take the initiative to coordinate with the accounting officer or to the cooperative upon notice of irregularities in their records.

The main goal of lending is to help fellow workers and Christians. The interest offered is at a very low rate for we value helping over profiting.

New members are only allowed to loan after 6 months of consistent payment of their monthly contribution.

The maximum loanable amount for a new member upon their first loan is PHP6,000.

The maximum loanable amount per member may vary depending on their capacity to pay, their reputation to the cooperative, and the availability of funds.

Only members are allowed to loan. If non-member persons and parties want to loan, it should be registered under a member’s name who will stand as a guarantor as well as recipient of loan interest rebates.

The loanee should agree to the interest rates set by the cooperative which will be charged per month/payment.

The loanee should declare their desired number of months to pay. Loans are payable for up to 36 months.

Upon settlement or approval of loan, the contract will be considered as final. The loanee is bound to pay the full loaned amount plus the calculated interest regardless of advanced payment.

A processing fee is charged for loans: PHP300 for a loan with an amount BELOW PHP50,000 and PHP500 for a loan with an amount of PHP50,000 and ABOVE.

Transaction/transfer charges (e.g., bank charges) will be shouldered by the loanee.

Payment due dates would depend on the date the loan is availed. For instance, a loan availed on January 5 will have a payment due date of every 5th of the succeeding months until the loan is fully paid.

Penalties apply for late payments of loans with the amount of PHP100 per succeeding month. For instance, if a payment is late for 1 month, a penalty of PHP100 will be charged; if for 2 months, PHP200; if for 3 months, PHP300; and so on and so forth. A payment is considered late when it is made beyond the due date.

Loan plan reconstruction is possible although discouraged. A loanee should pay a loan plan reconstruction fee if they deem a reconstruction is necessary.

Members will have the opportunity to have a secure savings for themselves. 

Members will have the privilege to loan when they are in need.

Members will get a 5% interest per annum on their monthly contribution and will get a 20% interest rebate on every loan they avail of which will be given at the end of the year or upon withdrawal. The 20% interest rebate will only be given on the year the loan is fully paid.

Board Members will also get a 5% interest per annum on their monthly contribution and a 50% interest rebate on their loan. 

Board of Directors will not have an interest rebate from their loans and will have a different profit sharing formula which will be based on the percentage of their total financial contribution to the cooperative.

All financial records are considered confidential. A member should not share or show records given to them by the cooperative to others especially to non-members.

Records given by the cooperative to members are intended for the receiver only. A record of individual accounts will be given to every member so that sharing of records is unnecessary.

Members are encouraged to promote the cooperative but not to share private information to others.

Members are encouraged to inquire from the cooperative directly if there are issues to settle. We want to avoid the spread of rumors and gossips.

Members are expected to have maturity to handle private information and issues regarding the cooperative.

Members, as pastors and Christian workers, are expected to possess a high moral standard, to behave in a Christ-like manner, and to always prioritize the glory of God.

Members can withdraw from the cooperative anytime as long as their records are clean.

Withdrawal of contribution/savings is tantamount to withdrawal of membership. Re-membership is encouraged and always welcome.

A member who wish to withdraw their savings/investment should give at least one month notice.

A withdrawal of savings/investment with the amount of PHP50,000 and below takes one month to process and an amount above PHP50,000 will take two months.

Withdrawal of savings/investment comes with a processing fee of PHP200.

Members with questionable stewardship and behavior will be subject to expulsion from the cooperative.

The cooperative reserves the right to expel any member if deem appropriate.

If a member is expelled, the cooperative will return the member’s complete contribution/savings plus earned interests and rebates.