Credit refinancing is a change in the conditions for issuing a loan. Refinancing is used only in cases of force majeure, which are associated with the inability to fulfill all the undertaken obligations to pay the principal debt together with interest. The refinancing procedure can be carried out only if both parties agree. Today, there is not only bank lending, but also many of its varieties. For example, such type of loans as financial cooperatives.
A credit consumer cooperative is an association of individuals with the aim of borrowing money from each other at interest. The activities of cooperatives are regulated by internal charters and the Federal Law "On Credit Cooperation".
In modern Russia, this type of lending is considered relatively new. And he came to our country in the nineties, along with perestroika. Cooperative loans also existed in Soviet times, but then they were called "black cash".
So, the united group of people forms an organization with an authorized capital, which is formed from the initial contributions of the participants of this cooperative. And also, all members of the organization collect money for an insurance premium, in case any unforeseen circumstances occur. Cooperative organizations have much higher interest rates than banking institutions.
An example of a cooperative consumer loan: if every resident of your city folds 2 rubles, then you have enough money to buy an apartment. And then you would pay 2, 10 rubles, so that all the people who are members of the cooperative could make their dreams come true. This type of loans is called cooperative.
Is it safe to borrow money from cooperatives?
First. The money invested and the insurance premium guarantees a refund.
Second. All cooperatives are part of the SRO. SROs are self-regulatory organizations. SRO trains people who are members of the cooperative and insures their money.
Third. Money invested in cooperatives does not participate in risky operations. Therefore, money cannot be invested in securities and cannot work on stock exchanges. The law of cooperatives takes into account the fact that money cannot leave the circle of owners. Therefore, all loans are carried out only within the cooperative.
Based on all of the above, we can conclude that refinancing in cooperative loans is not possible.
