Coop loans: features and how to get them
For some time now, large distribution chains have proposed themselves in a different area from their usual activity, namely that of providing credit, to provide an alternative proposal to the customer who sees himself refusing the request for a loan by of banks and financial companies.
The pressing economic crisis and the consequent tightening of credit by banking institutions has therefore contributed to the entry into the financial market of these companies.
Today we want to talk in particular about the Coop, the famous chain of supermarkets present throughout the Italian territory, and its proposals for access to credit. Let’s see what they are.
The Coop social loan
The Coop promotes a form of social loan that is realized through direct payments from its own members that will be used for the provision of subsidized loans to other members.
The Coop social loan provides for the opening of a personal savings account, on which to pay a sum up to a maximum amount of 33,583 USD, money that will be used for the purposes of facilitating members in less favorable economic conditions, through the offer of loans at favorable rates.
The booklet, free of opening, closing and operations costs, may be opened by Coop members over the age of 18 and associated with the cooperative for at least 3 months, who present themselves at the Coop points with
- a valid identity document
- your tax code
The shareholder may have more than one booklet but the sums deposited may not exceed the maximum amount of 33,583 USD in total. Deposits can be made by cash or check.
Some Coops also envisage the possibility of a tied loan, ie with the constraint of a sum for a given number of months at higher interest rates. In addition, lending customers will be given promotions such as points on the Expense Card, shopping vouchers, cash credits, bonuses on the Coop Voce phone card.
The economic conditions and the interest rates applied will be variable based on the regulations of the different territorial Coops, for each of which it will be possible to consult information sheets available at the Coop sales points.
Eventually it is possible to find all the useful information online, through the portal www.e-coop.it, by accessing the specific pages of the territorial Coop.
Coop Liguria, for example, proposes financial services not only in terms of personal loans but also in terms of mortgages : at the Punto Soci of Coop Liguria Supermarkets, it is possible to find advantageous financial services such as
- GiaCasa mortgages, which offer to Coop Members advantageous conditions with fixed, variable, mixed, variable ECB and constant rate with exclusive spreads
- fixed rate personal loans with an amount that can be financed between $ 2,000 and $ 30,000 and installment plans between 12 and 84 months
Advantages and disadvantages of Coop loans
The Coop loans certainly have a number of considerable advantages in terms of practicality, such as the possibility of making financial transactions at the supermarket checkout even on Saturdays and Sundays and of accessing various bonuses and promotional offers.
The advantages are also economic, with discrete returns and low interest deductions compared to those that would be paid through a loan agreement with a credit institution.
However, by choosing this type of investment, even if few will not miss the risks, mainly due to lending money to a single debtor and not being able to benefit from solid guarantees.