Our loan products are made by MAVENCO readily available for the members at an affordable rate. We outline that our loan products are one of the privileges that our members can take benefit from. Thus, we practice a capacity base lending principle where all loan applications are fairly subject to Credit Investigation and Background Investigation. All loan applications will be approved based on the Matrix of Loan Approving Authorities. WHAT ARE THE BASIS IN EVALUATING LOANS? All Loans are will be evaluated based on the 5 CS of Credit Such as; Character Capacity Conditions Capital Collateral WHAT ARE THE CLASSIFICATION OF LOANS BASED ON INTEREST RATES? We have three classification of loans in relation to interest rates and these are; CLEAN LOANS - These are loans that have collateral's or investments (Savings account or Time deposits) which has a value of below 50% of the loan amount. This is subject to 31% interest rate if it is an office payment and 32% interest rate if the member would prefer field collection. PARTIALLY SECURED LOANS - These are loans that have collateral's or investments (Savings account or Time Deposits) which has a value of 50% and above but not reaching 100% equivalence to the loan amount. This classification of loan is subject to 30% interest rate if the member would prefer office payment and 31% if the member would prefer field collection. FULLY SECURED LOANS – These are loans which have collateral's or investments (Savings account or Time Deposits) that is equal to or above the value of the total amount of the loan. This is subject to 29% if the member agrees to do office payments and 30% if the member would agree to have field collection. Office Payment Field Collection Clean Loans 31% Diminishing Balance Interest Rate 32% Diminishing Balance Interest Rate Partially Secured Loans 30% Diminishing Balance Interest Rate 31% Diminishing Balance Interest Rate Fully Secured Loans 29% Diminishing Balance Interest Rate 30% Diminishing Balance Interest Rate For loans paid in lump sum, the interest rate will be 24% per annum. A pre-termination fee of 25% will be applied because of the interest that should have been earned by the cooperative if the loan is paid in full before its maturity date. The advantages of using the loan products of Mandaue City Public Market Vendor’s Multi-Purpose cooperative are the following Low interest rate compared to other financing program/ institution. In taking advantage of the loan, the member would earn patronage refund as a reward of patronizing the products and services of the cooperative. The more you take advantage of our affordable loan products the bigger the patronage refund you will get annually. We understand that the cooperative will earn income through interest. Since, Mavenco is a social enterprise instead of being a profit oriented organization, a big portion of the annual income of the institution will return to the members as dividends. MAVENCO operates to give members an advantage in life " YOUR VISION, OUR MISSION "