For prospective entrepreneurs who want to open their own business, the problem of capital funding is certainly the biggest attention. Sources of funds for this capital can be very diverse, ranging from selling assets to applying for loans without instant collateral for small businesses. The place to apply for loan funds also varies, ranging from banking institutions to non-bank institutions such as pawnshops, cooperatives and other financial institutions. Cooperatives can be one place to borrow funds, especially if we have indeed been registered as permanent members. Before applying for an unsecured business loan in a cooperative, it is better to first consider the conditions that must be met and the procedure.
Instant Collateral Loans
Terms that must be fulfilled so that we can apply for a cooperative loan without collateral are as follows:
- Status as a permanent member of the cooperative or prospective member of the cooperative
- Fill out the loan form in full
- Submit various documents used as loan requirements such as photocopies of husband and wife ID cards when married, photocopies of KK, salary slips and electricity accounts.
After all credit conditions are quickly fulfilled, the next steps are as follows:
- Completing the loan fund submission through the submission of a proposal containing the purpose of using the loan fund. For example, we propose loan funds as business capital or other needs.
- The management of the cooperative will consider the loan proposal according to the specified loan procedure
- If the loan proposal is approved by the cooperative, the process of disbursing the funds and the length of the return will be adjusted based on a mutual agreement. This agreement will be set forth in the loan lending agreement that applies in the cooperative.
Unsecured small business loans held by the cooperative also have their own basic principles, namely as follows:
- The first principle adopted by savings and loan cooperatives or simpin is that the principal savings paid first by members will only be paid once in advance
- Deposits must be paid by members each month
- Voluntary savings with a system such as savings will have an undetermined amount and time of deposits
- Reserve Funds are the remaining results of operations that are not shared with general members and are only used to increase business capital for cooperatives.
- Loan capital is carried out by the management of the cooperative and channeled to other parties such as fund channeling institutions, banks and others.
- Grants and donations will be given by other people to the cooperative.
Cooperative loans without collateral above will make it easier for permanent members of the cooperative to obtain sources of funds that can be used as small to medium business capital. The process is fast, the conditions are easy and especially there is no need for collateral such as motorized vehicles or other securities. This will make the process of borrowing funds easier and not burdening us who want to start a business with their own funds.
One important thing to note about small business loans without collateral is that we must always remember to return the loan funds obtained. Financial problems are not finished when we get fresh funds from the loan funds in certain institutions. We still have to save every month and set aside a portion of our income to repay the loan. Borrowing funds at a cooperative will also be accompanied by interest so that of course the amount of the loan paid will be higher than the amount of money borrowed. Thus the description of how to borrow money in a cooperative.