3 Reasons Why Cooperative Loans Are Good for You

In this modern society, the prevalence of cooperatives has become more apparent. Cooperatives are small groups which contributed to the growth of society in the past years. These small organizations are filled with members from towns, rural areas, urban areas, municipalities, and districts. Aside from offering support to locals, cooperatives can help people by releasing low-interest loans. But are these loans good enough for your financial dilemma? Are they better than modern loans issued by banks?

Check out these reasons why cooperative loans can work for you:

Quick and Easy Loan Processing

Unlike banks and other financial institutions, cooperatives have an easy loan processing system. Once you’ve sent your application, the representative will review it and let you do the necessary paperwork. There might be a short interview to assess if you’re credible enough for the loan. To make sure that you can get approval in short time, prepare the requirements ahead. Common requirements are government IDs and proofs of income. If you have proofs of your assets, they can be used to boost your application.

Timely Cash Release

Many cooperatives can release your loan in just few days. While this is longer than personal loan processes, it’s definitely bearable than the waiting time for bank loans. Some cooperatives will give you the money personally while others will give you a check. Still, there’s no general benchmark that can determine the correct release time of cooperative loans. Some cooperatives may take longer because they don’t have budgets yet. Some strings must be pulled in order to allocate budget for these cooperatives. It also pays to know someone inside the cooperative so you’ll get your loan faster.

Confidentiality and Transparency

In the past, cooperatives were poorly regulated that many fraudsters leeched money frequently. Aside from that, shady people inside these cooperatives have stolen the financial information of borrowers. Now, things have changed. Cooperatives are regulated properly to ensure that there’s confidentiality and transparency in every process. Still, you must be responsible for your own application. If a cooperative seems too good to be true, it probably is. Do your research well and you can stay ahead of financial deceivers.


Since cooperatives have varying nature and policies, you need to do a better search. Hit up Google and find the best cooperatives within your area. Don’t just rely on one information point. Check out moneylender review so that you can get unbiased reports about cooperatives that can be trusted. At best, you must consider cooperatives as alternative loan providers.

3 Modern Ways to Save Money Per Month

The road to prosperity begins with one action: saving. If you can save enough money per month, you’ll have extra funds to spend on something. Over the years, financial experts have developed numerous saving strategies. Most of them were effective, while others have finally run their course.

In this modern life, using the right savings strategy is crucial. To get you started, here are some saving strategies you can try:

Open A New Savings Account

While considered an old strategy, opening a savings account gets a new treatment per year. Banks are the typical sources of savings accounts, but smaller credit firms are also great alternatives. Also, it’s important to know that savings accounts vary. Some accounts may have small interest gain (less than 1% per annum), while others can go higher in exchange of heavy conditions. The barrier of entry for a savings account has also been minimized by a large percentage.

Turn A Portion of Your Money to Digital Assets

If you want to save and minimize your financial risk at the same time, you can turn a portion of your money as ‘seeds’ for digital assets. What are the assets that you can try? Cryptocurrency is one example. There are lots of cryptocurrencies to choose from, particularly Bitcoin and Ethereum.

Study these virtual currencies and find ways to obtain a wallet. Other digital assets are websites, master resale rights, small online investments, incubation initiatives, peer to peer networks, and countless referral programs. Just be careful in choosing your digital medium.

Try a Savings Challenge

One common trend in social media is the proliferation of savings challenges. One challenge is to keep away a certain bill. As much as possible, you shouldn’t spend this bill. Put it in a savings account that you cannot touch. If you do this every week, your savings will definitely compound.

At the end of the year, you have a sizable financial stash that can be used anyway you want. Do a simple Google search about these savings challenges. You’d be fascinated with people’s financial creativity!


Saving is a matter of financial discipline. If you’re not financially disciplined, any saving strategy won’t be effective for you. Before trying any strategy, make sure that you’re ready for the responsibility. Do a bit of a vision check and imagine how the future would turn out if you save money now. It will be challenging at first, so don’t be too hard on yourself!