4. Loan privilege is only given to those who have no previous loans.
5. Or pay partial amount from previous loan (plus interest amount) to be able to reloan.
6. The maximum amount a member can loan is equivalent to his/her total contribution from January to date.
7. If in case amount to be borrowed is more than his/her contributed amount, other member can be a guarantor (if they agree to pay in case the loaner wasn't able to pay).
8. Every member is required to loan atleast once or have a friend loan under their name via referral.
9. At the end of the year, the total cash collected from the contributions (plus the total interest gained) will be equally divided among members.
10. A member who stopped paying the monthly contribution will be removed and his total contribution will be returned but will not benefit from the interest gained from the pautangs.
LOANING REQUIREMENTS:
1. To loan, provide your bank account number to any of the representatives.
2. To pay, deposit amount to BPI Account No. 2149 0615 01, Account Name: Jo-Anne Caga-Anan Gacer.
INTEREST RATES:
1 day - 7 days ( 1% interest )
8 days - 14 days ( 2.5% interest )
15 days - 21 days ( 5% interest )
22 days - 28 days ( 7.5% interest )
29 days - 35 days ( 10% interest )
36 days - 42 days ( 12.5% interest )
43 days - 49 days ( 15% interest )
50 days - 56 days ( 17.5% interest )
57 days - 63 days ( 20% interest )
64 days - 70 days ( 22.5% interest )
71 days - 77 days ( 25% interest )
78 days - 84 days ( 27.5% interest )
85 days - 91 days ( 30% interest )
and so on ( additional 2.5% every 7days )
NOTES:
1. The required loan (atleast once) to each member will ensure that there will be an interest gain at the end of the year.
2. A friendly reminder, please pautang wisely. Pautang ra ta sa mga trusted na makabayad kay kung dili kita ra ang lugi. Kana bisaya para dulot :)