What is a loan?
In this network loan means withdraw extra money over deposited. If any member has at least 5 (five) active referral members, he / she can withdraw up to a maximum of $500 extra over his/her deposited. However, the amount of extra withdrawal shall not more than 50% of the total deposited by all referral members under the respective member. The surplus money raised will be treated as a loan and service charges will be automatically added on a monthly basis.
Why do people take a loan?
There are various reasons people take a loan. It can be to finance their businesses, school fees loan among others. In a situation where you have insufficient funds, the only solution for you is to take a loan. But before applying you should go through different lender's policies and apply for that lender which is beneficial for you and it does not always so easy. Global Cooperative Network is an exceptional platform where anybody can deposit their small money to make a large capital for their future life and get a loan an easy way if needed.
What is the service charge?
If any member withdraw extra money over his/her deposited, there will be added 3% service charge per month until adjust the loan. For example if any member has 10 referrals member and every member deposited $100 and then upper member can be withdraw (100*10*50%) = $500 extra money over his/her actual deposited and pay 3% service charge per month until repaid the extra withdrawal.
What is a Mortgage?
If any member withdraws extra money over deposited, the lower member’s (referral members) account will be enlisted a mortgagor.
Consent of referral members for a loan:
To get a loan it is mendatory a member have to need consent from the subordinet members (referral members) that they are agree to mortgage their account against the loan. An upper member, who wants to get a loan, must be communicates his/her subordinate member (referral members) to agree their account mortgage. If all or at least 5 (five) referral members agree to keep their account mortgage, then the upper member will have the opportunity to withdraw extra money over his/her deposited. Each referral member who agrees to his/her account mortgage must be open a support ticket and individually sent his/her consent to inform the network team.
Adjustment the loan:
The borrwer will get maximum 365 days for repaying the loan. But every borrwer member should be repaid the loan within a short time, because there is a service charge against the loan. If a member deliberately defaults on repayment of loan and does not voluntarily repay the surplus within 365 days, it will be automatically adjusted from the mortgage account. For this reason it is a duty of every borrower member to repay the loan on time. It is important to remember that trust is the root of this network. Those who insult the faith will be considered a curse on this network.