Did you know that? If you are a member of some cooperative reality in Italy, a financing solution is available for you that you can request. In this guide we offer you more details and we also explain how to participate in the coop .
The opportunities are there, but very often they are not even taken into consideration . The credit market today as today offers many loan opportunities that have very varied conditions and purposes, all aimed at satisfying the needs of customers as much as possible.
Here we are going to deepen one of these types of loans, namely the “Coop Social Loan”. This is a solution offered to the members of Coop Alleanza 3.0 . Those who wish can choose to entrust their savings to the Cooperative in order to favor its growth.
Social loan: how it works
A social loan responds to very precise regulations that are put to guarantee and maximum transparency for savers, in order to give security of how money is managed.
Now we’re going to explain all the features of a social loan , but first we need to give a definition of what this particular form of credit is.
First of all, we need to clarify a point that allows us to make a large gap between those who can and cannot request this type of financial support.
The social loan is aimed at the associations that are called cooperatives , therefore a loan of this type cannot be requested by companies or individuals for purposes other than those of the consortium.
What can you do then ? The cooperative members – with reference to natural persons – can finance the cooperative societies and their consortia if they are resident in the Italian State and in addition they are registered in the register of members for more than 3 months.
The social loan is governed by the law which therefore also establishes the maximum scope of it at the figure of 72,180 euros per member, with reference to the cooperatives of the agricultural and construction sector.
All other types of co-op can get funding, but for up to half of that amount it offers € 36,090. But we must keep informed because the loan limits are updated every three years by the Ministry of Labor.
The Coop social loan: what is it?
Now let’s talk in particular about the Coop social loan. It allows members to give their savings to the Cooperative in order to contribute to its growth and development. Why should a partner do it?
- To have the advantage of receiving a return on capital
- To access a series of convenient and safe services
The loan is disbursed if you have the booklet of the Social Loan. With this booklet you can proceed with all the deposit and withdrawal operations without having to face particular expenses.
If you want to open a booklet you simply have to go to any Coop store. We need:
- Identity card
- Fiscal Code
- Coop Alleanza 3.0 partner card
- Make the first payment
With the first payment the booklet is active and you can close it at any time. This type of loan also includes penalties for violations. To use the product correctly, just follow the Social Loan Collection Regulations.
The Coop 3.0 Alliance guarantees that it is a low-risk loan as the money lent is invested in low-risk financial products and instruments.
On the other hand it must be said that the annual interest rates are rather low as they amount to 0.02% of the amount lent. The only guarantee of reliability is that relating to the solidity of the Coop brand which sees 2.7 million subscribers to the initiative for a total of 4.3 billion financed .