Low Interest Co-Op Loans
May 23, 2007 – 3:24 amMy father’s friend recently was in a tight financial spot as his business was not doing well. To be frank, he had already borrowed from friends and family to the maximum. We tried to help him as much as we could but it was not enough.
He also took out a personal loan from the co-operative bank where he is required to repay at a fixed monthly rate.
According to him, he took out the loan to pay off other loans with high interest as a co-op loan has a lower interest rate and he could spread out the repayment for up to seven years and assured that the interest will never go up. This allows him room to budget his finances and manage his cash flow better.
While we think that one should not go into too much debt, we feel that a co-op loan, with a lower interest rate is way better than what financial lenders are offering, some with up to 20% per month. That is outrageous. That’s why a co-op loan is better, anytime!
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