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MagCOOP

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About lender

Magsaysay Employees Development Cooperative Inc. was established in 1986. With 22,500 members, MAGCOOP became the top cooperative in Manila, ranking among the top 100 cooperatives in the Philippines.

Magcoop began as a financial aid program for Magsaysay employees. In 1997, the corporation also welcomed the crew and allottees of Magsaysay. MECADEC, or Magsaysay Employees Crew and Allottees Development, was the new name for the corporation. After altering its name, it was granted permission to become a multipurpose cooperative, giving rise to its current name, Magsaysay Multipurpose Cooperative.

Magsaysay Multi-Purpose Cooperative has been officially registered with the Cooperative Development Authority (CDA), the Philippines' regulating organization for cooperative development. The cooperative's principal goal is to give loans to members for productive and providential purposes, as well as to provide excellent consumer products and services to customers.

Pros and cons

Before applying for a loan from any company, you should carefully examine its advantages and disadvantages. This will allow you to make a sensible decision before opting for a loan.

Pros

  • The financial institution provides a comparably reduced interest rate.

  • The company allows you to apply for loans online.

  • The institution facilitates quick application procedures.

Cons

  • The loan through MAGCOOP is available only in Metro Manila.

  • The borrowers have to pay interest on a per-day basis, which makes it very expensive.

Loan conditions

Each loan has its own set of conditions. For housing loans, the customer must supply a certified true copy (CTC) of the title transfer certificate (TCT). A tax declaration certificate for the lot, a tax clearing ticket, and a nearby map are also required. The customer must submit a contract to sell or an offer to sell. A deed of absolute sale, a statement of account for loan takeout, and a hard copy of the marriage contract are also required. In addition, one must provide a certificate of employment with remuneration, images of the property, an assessment report, a sea service record, a bill of materials, and a building design.

If the losses are caused by a disaster, the customer must submit documentation of emergency or damage officially confirmed by the barangay.The application requirements for Magsaysay members are as follows:

  • For crew members. The customer must have a photocopy of an electronic ticket, a photocopy of the POEA contract, a photocopy of the certificate of salary and allowances, and a photocopy of two valid IDs, especially a Magsaysay valid ID and a valid government-issued ID for crew members. The customer must also provide an 11-inch photograph with a white backdrop, as well as the most recent original validated deposit slip.

  • For allottees. The customer must provide a copy of the certificate of pay and allowances for allottees. They must also give a photocopy of two legitimate IDs, one from Magsaysay and one from the government. The customer must also bring an 11-inch photograph with a white backdrop, as well as the most recent original validated deposit slip.

  • For employees. Employees must produce an approved Net Pay Analysis (NPA) prepared in advance by the firm's HR, as well as an authorized signature. The customer must furnish two genuine IDs, one issued by Magsaysay and one issued by the government. The customer must offer an 11-inch photograph with a white backdrop as well as the most recent original, validated deposit slip.

Funding a loan

The company provides educational, emergency, business, regular, and tipping position loans to its consumers in the Philippines. The approval process might take 3-5 days. MAGCOOP also provides home loans, small-business loans, and car loans. The organization also provides a number of investment opportunities and health insurance.

  • Educational loan. The educational loan is ideal if you require more finances for your or a family member’s schooling. Applicants can lend up to ₱20,000 for old items and ₱100,000 for new items. The payment term for old items can be prolonged up to 4 months, while the payment term for new items can be extended up to 6 or 10 months. The interest rate begins at 0% for a four-month period. The interest rate climbs to 6% if the period is extended to six months
  • Emergency loan. If you need money right away due to a disaster, a medical emergency, or a funeral, MAGCOOP is here to help. With the emergency loan, you may borrow up to ₱50,000 at a monthly interest rate of 0% to 1%. Payment terms can be extended for up to 10 months, and approval can take a day. The loan takes one to three days for approval
  • Regular loan. This is MAGCOOP's general loan. Members – crew, allottees, and workers – can borrow up to ₱300,000 each month at 1% interest. The maximum payment duration is 24 months. Members receive a patronage return when they take out a regular loan
  • Tipping position loan. Magsaysay crew members with at least one completed contract can now borrow up to ₱100,000 with a maximum processing time of three days and an interest rate of 1.75% each month. The payment term for this loan goes up to 24 months.
MagCOOP

FAQ

What is Magsaysay Multi-Purpose Cooperative?

MAGCOOP, or Magsaysay Multipurpose Cooperative, is a CDA-registered financial institution based in the Philippines. MAGCOOP aspires to help the country's economy by providing legitimate loans and quality services to its consumers.

Who owns Magsaysay Multi-Purpose Cooperative?

Founded in 1986, Magsaysay Multi-Purpose Cooperative provides lending, finance, leasing, healthcare, retail, and hotel services. It is owned by the Magsaysay Group of Companies since its cooperators, members/owners, and management are Magsaysay workers and sailors.

How do you qualify for Magsaysay Multi-Purpose Cooperative?

Loans from Magsaysay Multi-Purpose Cooperative are available to candidates who are at least 20 years old at the time of application but no more than 60 years old at the time of the loan. They must also be Filipino citizens.

How much can you borrow from Magsaysay Multi-Purpose Cooperative?

The loan approval amounts at Magsaysay Multi-Purpose Cooperative must range from ₱20,000 up to ₱300,000.

Is Magsaysay Multi-Purpose Cooperative a legitimate company?

Yes. MAGCOOP, or Magsaysay Multipurpose Cooperative, is a CDA-registered financial institution based in the Philippines. MAGCOOP aspires to help the country's economy by providing legitimate loans and quality services to its consumers.

What is the minimum amount you can apply for a loan in Magsaysay Multi-Purpose Cooperative?

The minimum loan amount offered by Magsaysay Multi-Purpose Cooperative is ₱20,000.

What is the maximum amount you can apply for a loan in Magsaysay Multi-Purpose Cooperative?

The maximum amount offered by Magsaysay Multi-Purpose Cooperative for a loan is ₱300,000.

What is the longest loan term offered by Magsaysay Multi-Purpose Cooperative?

The longest loan term offered by the company is 24 months.

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MagCOOP
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