Table of contents
| Name of Organization | Paglaum Multi-Purpose Cooperative |
| Full Name of Organization | Paglaum Multi-Purpose Cooperative |
| Hotline | (088) 521-5270 |
Paglaum Multi-Purpose Cooperative - Product Features
| Min. financing amount | 1000 php |
|---|---|
| Max. financing amount | 1000000 php |
| Max. financing amount | 365 days |
| Loan tenure | 0.05% |
| Approval duration | Average time from 2 to 12 hours |
Fees & Charges
| Debt consolidation | Information on debt consolidation is not listed on the site. You need to contact representatives of the organization through any source and clarify |
|---|---|
| Processing fee | One-time fee is not charged when making a loan |
| Stamp duty | Stamp duty is not provided in the organization |
| Annual fee | Annual fee ranges from 180% to 365% depending on the percentage under which you borrowed |
| Other fees | Other fees are not listed on the site. However, when applying for a loan, you can include insurance or any other services. For more information, you need to consult with representatives of the organization. |
Penalties
| Early settlement | Early debt settlement does not charge you extra fees. For more information contact the credit organization. |
|---|---|
| Late payment charges | 6% of overdue amount |
| Other penalties | Not provided |
Additional Requirements
| Need to bind a bank account | No |
|---|---|
| Other details | Payment on the loan occurs through a bank card |
IS Paglaum Multi-Purpose Cooperative LEGIT?
Yes, Paglaum Multi-Purpose Cooperative is a legit cooperative. It has been in operation since 1984 and has a total membership of more than 9,000. Paglaum offers various services such as savings and loans, insurance, remittances, and other money services.
How to take a loan in Paglaum Multi-Purpose Cooperative?
To take a loan in Paglaum Multi-Purpose Cooperative, you will need to be a member of the cooperative. You can either open a savings account with Paglaum or take out a loan from Paglaum. The Paglaum website has more information on how to become a member and how to apply for a loan.
Best offers
Loan parameters in Paglaum Multi-Purpose Cooperative
The Paglaum website has a list of loan parameters that you can use to compare Paglaum’s loans with other lenders. Some of the loan parameters include:
- Loan amount
- Interest rate
- Loan term
- Repayment schedule
- Collateral requirements
Type of loans
Student loan
- Interest rates: 1,15% per month
- Minimum loan amount: 5 000 PHP
- Maximum loan amount: 100 000 PHP
- Payment terms: Up to 3 years
- Approval time: 5 – 10 days
Pension loan
- Interest rates: 2% per month
- Loan amount: Based on the amount of pension
- Payment terms: Up to 36 months
- Approval time: 1-5 days
Instant loan
- Interest rates: 2% per month
- Loan amount: 75% of his/her CBU or base on the capacity to pay
- Payment terms: Up to 3 months
- Approval time: 1 day
CBU Loan Program
- Interest rates: 10% per annum
- Loan amount: 10 000 – 100 000 PHP
- Payment terms: Up to 18 months
- Approval time: 1-5 days
Example of calculating interest and loan payments
To calculate the interest and loan payments on a Paglaum Multi-Purpose Cooperative loan, you will need to know the interest rate, the loan amount, and the repayment term. The Paglaum website has a list of interest rates and loan amounts for each type of loan. You can also use an online calculator to help you with the calculations.
For example, let’s say you borrow 50,000 PHP from Paglaum with an interest rate of 1.5% per month and a repayment term of 24 months. The total amount you will have to repay is 59,752 PHP. This includes the original loan amount plus the interest. Your monthly payment would be 2,489 PHP.
Additional conditions for granting loans
In addition to the basic requirements for taking a loan, Paglaum Multi-Purpose Cooperative also has certain additional conditions that you must meet in order to be approved for a loan. Some of these conditions include:
- You must be a member of Paglaum Multi-Purpose Cooperative
- You must have a good credit history
- You must have a steady income
- You must have a collateral or guarantor
Reasons for a loan denial
There are a variety of reasons that Paglaum Multi-Purpose Cooperative may deny a loan application. Some of the most common reasons include:
- You are not a member of Paglaum Multi-Purpose Cooperative
- You do not have a good credit history
- You do not have a steady income
- You do not have a collateral or guarantor
If I am approved for a loan, when will the money show up in my account?
If you are approved for a Paglaum Multi-Purpose Cooperative loan, the money will usually show up in your account within a few days.
How much does Paglaum Multi-Purpose Cooperative charge in interest and fees?
The Paglaum website has a list of interest rates and loan amounts for each type of loan. You can also use an online calculator to help you with the calculations.
How to take a loan in Paglaum Multi-Purpose Cooperative?
- Fill in the application for a loan.
- Confirm the offer. The offer is signed by an SMS code sent to your Get the solution instantly!
- Transfer money to a bank account or card in one day!
Additional conditions for granting loans:
- the whole process through the Internet, without leaving home;
- for Filipino citizens who have reached the age of 21 (majority);
- the presence of a permanent registration in the territory of the Philippines;
Reasons for a loan denial:
- Poor credit score
- You are blacklisted, on debt review or had a judgement against your name
- You don’t have enough income for the loan you requestedd
- Poor track record of credit card or loan repayments
Managing structure Paglaum Multi-Purpose Cooperative
I know everything about the Philippines financial market because I have been working in the financial sector for more than five years.