Through affordable-interest loans, DISADECO exemplify collective strength, fostering financial inclusivity and stability. By pooling resources and leveraging community support, the DISADECO empower members to pursue their goals, driving economic growth and resilience while promoting cooperative values of mutual assistance and solidarity.
Loans offered:
ELIGIBILITY & REQUIREMENTS FOR A LOAN
Eligibility
- Only members in good standing with at least ONE THOUSAND (1,000) PESOS paid-up Capital are eligible to apply for loans the Cooperative offers or may offer in the future provided that the required paid-up share capital and a collateral is sufficient to secure the loan.
- Members in bad standing enjoy limited loan privileges. Members in Bad Standing will be allowed to avail of a loan equivalent to their share capital. If they were able to pay their loan with no mispayments they will regain their status as members in good standing.
Requirements
- The general requirements or criteria for availment of loans are :
- Member’s fixed deposit or share capital
- Length of membership
- Type of loan applied for
- Members Credit or Loan Status/standing
- Submission of required documents such as titles, latest tax receipt, latest tax declaration, sketch plan, PDC, photocopy of Appointment, latest payroll, authority to deduct.
- Co-makers with the pledge share capital
- Member’s capacity to pay
- Purpose of the Loan
- Barangay Clearance
- Petty Cash Loan and Emergency Loan. A member in good standing with at least ONE THOUSAND PESOS (P1, 000) paid up Share Capital.
- A collateral shall be required to all types of loan except for petty cash, emergency and salary loans. The only collateral accepted by the cooperative if the amount of loan applied for is more than the members paid-up share capital is Real Estate Mortgage. However, if the loan applied for is equal or less than his paid up capital, no collateral or co-maker is required. Approval of the loan is also ministerial and release of such loan shall be given the highest priority.
- The borrowing member automatically pledges his fixed deposit, present and future to secure his loan.
- As a general rule, Two (2) members in good standing are required as co-makers for every loan application in addition to his/her spouse. The co-makers shall pledge their unencumbered paid-up Capital, present and future to secure the loan of the principal debtor.
- When the borrower fails to pay, it is the duty of the co-maker to assist and ensure the payment of the loan, accrued interest, fines, and other incidental expenses. It shall therefore be the responsibility of the co-maker to remind the borrower and see to it that the loan is paid regularly. Management must furnish both the maker and co-maker collection notices.
- Chattel mortgage is no longer accepted.
- If certificate of title is not in the name of the member-borrower, a special power of attorney is required. Owner of the title will be required to sign the loan application as co-maker. Whether member or non-member, it is the responsibility of management to remind the member to update the SPA prior to renewal or to notify the owner of the title if the loan turns past due.
- Change of collateral for loans granted and partially paid may be allowed by the Board of Directors or the Management. However, the value of the new collateral offered as a substitute must be proper and sufficient to cover the remaining balance of the loan. Change of collateral is allowed if loan is current. A service fee of ONE HUNDRED PESOS (P100.00) shall be charged against
the member-borrower for change of collateral.
- It is required that the tax payment of the property must be paid up-to-date. If the loan is still in force at the start of the fiscal year, the borrower should be up-to-date in his payment and shall submit the new receipt to the cooperative not later than the last working day of January.
- Deed of Mortgage covering loans beyond paid-up Share Capital will be required by the BOD to be registered with the Register of Deeds at the expense of the borrower.
- Post-dated checks can be accepted as collateral to Small Business Enterprises up to FIFTY THOUSAND PESOS (P 50,000.00) equally divided to the number of monthly amortization applied by the members but should not exceed twelve months. This means that the loan has to be amortized monthly and the sum total of the issued checks is P50, 000.00. In case a check payment returns to the cooperative due to insufficiency of fund, the member has to pay the amortization due. Failure to pay within seven (7) days makes the entire loan balance due and demandable. If the check returned is due to the closure of the current account, the entire loan balance is due and demandable. Failure of member-borrower to settle the returned checks entitles the cooperative to file charges in court.
- All past due loans shall be paid before a member can avail of any loan. All penalties and surcharges shall be collected. Condoning of penalties and surcharges is strictly prohibited. Any officer who approved condoning shall pay amount condoned and will be dealt with accordingly.
- Salary Loan
- Only members in good standing who are regular employees of institutions and whose head of office/disbursing officer are willing to sign an agreement with the cooperative are eligible for Salary Loan.
- Member has a take home pay of 5,500 or more.
- Photocopy of latest payroll
- Photocopy of Appointment
- Memorandum of Agreement or Authorization to deduct. Without the MOA or Authority to deduct , the member is required to submit collateral or postdated checks which then follows the procedure for securing loans with collaterals
- Salary Loans are obliged to be monthly amortized.
- Rediscounting of Checks
Only members in good standing whose transactions utilize checks as medium of exchange with paid up capital more than ten thousand pesos.
- Business permit
- Postdated checks
- Real Estate Mortgage
- Self- Actualization Loan
Only members in good standing (MIGS) whose basic needs are in place as assessed by management are privileged to avail of self-actualization loans.
- Members in good standing (MIGS) whose children finished a degree.
- Members in good standing (MIGS) whose children are gainfully employed.
- Members in good standing (MIGS) who retired from service and are enjoying their retirement.
GINA F. JASMIN
Loans Officer
A Cooperative Loans Officer facilitates loans within cooperatives, assessing eligibility, processing applications, and ensuring regulatory compliance. They foster trust, empowering members through responsible lending.