P14 Multi-Purpose Development Cooperative provides services needed to help its members to finance a small business and to assist in emergency cases and financial constraints in a just and fair manner. This cooperative offers its members variety of loan products at very competitive rates.

1. Regular Loan

P14 MPD Coop provides this kind of loan to its members for provident and productive purposes. This loan shall be payable in 2 to 6 months with two percent (2%) monthly interest. 

a. Business Loan

Members with existing business that needs an additional working capital can avail this type of loan.

b. Salary Loan

Members who are permanent or regular employees of any government agencies or private entities are entitled for this loan, provided that their total earnings can accommodate the bi-monthly payment of their loan.

2. Appliance Loan
 
This is an option for regular loan. This loan is being offered to members to purchase appliances, furniture and fixtures, equipment, etc. A 2% interest per month shall be included in the item’s selling price.

3. Emergency Loan

This loan applies for immediate needs and address incidental expenses payable within 3 - 6 months. The following expenses are considered as emergencies:

a. Death of immediate family member/s supported by necessary documents.

b. Medical or hospitalization expenses of the member supported by pertinent documents like, doctor’s certificate, receipt, prescription, etc.

4. One-Time Membership Loan

P14 MPD Coop grants this loan to newly approved members as a sign of acceptance to the cooperative. A member is entitled to avail this loan once only, upon application for his/her first loan. This is a P1,000.00 loan, payable within one (1) month and a 1% interest shall be deducted upon release.

5. Petty Cash Loan

This loan applies to petty needs of members and can be availed upon full payment of the One-Time Membership Loan. This is a P1,000.00 loan, payable within one (1) month. This loan is renewable upon completion of the one-month term of payment.

6. Rice Loan

This loan can be availed also upon the application of second loan and succeeding loans. One (1) sack of rice will be granted as loan which is payable up to maximum of 2 months.

7. Grocery Loan

A member shall be given a Purchase Card with a credit limit of P3,000.00 to purchase his grocery needs in our affiliated Grocery Stores or Supermarkets. This loan can be availed in a one-time shop only.  A 2% interest per month will be charged to the total amount of purchases and payable up to 2 months only. 

8. Educational Loan

Applies only to educational or enrollment expenses of the member’s immediate family. The processing of this loan is one day only provided that the application will be supported with pertinent documents. This loan will be payable within three (3) months and a 2% interest will be charged upon release of the loan. 

9. Calamity Loan

This loan can be classified to emergency loan but P14 MPD Coop made a separate application for this as the coop adhere to its mission in helping its members during emergencies. This covers damages or injuries caused by calamities either providential or man-made such as storm, earthquake, volcanic eruptions, flood, fire accident, violence and the like, provided that there is a certification from the Credit Investigator or Loans Coordinator. Loan payment will be three (3) months maximum and a 2% interest shall be included in the monthly amortization.

10. Good Standing Bonus Loan

P14 MPD Coop recognizes prompt payment of loans. This loan is granted to those members who have shown satisfactory payment performance during the last 4 quarters. A member qualified to this loan shall be granted P2,000.00 loan without interest and payable within two (2) months.

Note:

In order to secure the investment of members of the Cooperative, the following Safety Measures will be implemented:

• In case a group decided to renew their loan but one of their members have not paid at least 75% of the loan granted, their application will be denied.
If the group/member failed to pay their loan within the agreed terms of payment, the outstanding loan balance will earn 5% interest per month. A grace period of 2 months will be given to any member who failed to pay on time before his/her collateral will be repossessed.

        » The P14 MPD Coop Loans Coordinator will send a Notice of Non-Payment to the delinquent borrower for the first month of the grace period.

       »  After a month without receiving any payment from the delinquent borrower, a Demand Letter will be carried out from our Legal Consultant.

• In case the member cannot pay his loan or his collateral and fixed deposit is not enough to accommodate his/her loan including the surcharges, the other 2 members of the group will be responsible in paying his loan. The delinquent borrower shall undergo the process of involuntary termination as stated in the P14 MPD Coop By-Laws.