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Loan benefits

Convenience

Once your loan application is approved and documented, the loan proceeds is
credited directly to your bank account

Flexibility

You can renew or reapply for a new loan once 80% of your existing loan is paid.

Patronage refund

A member enjoys Patronage Refund on all Regular loans applied and paid for the
year.

Patronage Refund is paid on the first quarter of the following year. You can start building up your savings and share capital through the yearly Patronage Refund you earn.

Interest on share capital

The more share capital you have, the bigger the interest it will earn.
Historically, earning earns from 5% to 9% p.a. Interest earned is not subject to
withholding tax.

Livelihood programs

Free livelihood sponsored programs and certificate of programs attended.

Magcoop scholarship

MagCoop Scholarship for poor but deserving children in coordination with Homer Foundation.

Use of MAGCOOP lounge

Members can use our spacious fully air conditioned lounge area with cable TV for the latest local and international news, newspapers and magazines. Ice tea or coffee is also available and WIFI access (installation within the year).