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The yes and no of cooperatives: Do they really help us earn money?

Surely you have heard about the neighbor who placed his money in something called cooperative, and who ended up very happy because they paid him a very good interest rate and gave him more benefits. If that caused you curiosity, it is time to solve the main doubts you have about these entities. Do they serve or don’t work? They are truthful? Is it worth saving on them?

Cooperatives are social entities, which are not for profit and where the members are also the contributors and who give them life, because they decide who runs it, in a democratic way. Everyone “cooperates”, hence the name originates.

How are they different from the bank?

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The opinion of the partners counts when making decisions. Everyone must vote and with that the actions of the cooperative are decided. Cooperatives are present even in the most remote places, and seek that the same members support each other to solve the problems that arise.

They are truthful?

One of the problems of cooperatives is that not all of them are supervised, in fact, only a small percentage is supervised by the The Good Insurance (GI). What causes this? That the money of the contributors can be lost from good to first, as has happened in the past. However, as of this year the cooperatives have had to register to continue working, which will make it much easier for you to choose one to deposit your money.

Do they only serve to save?

No, cooperatives provide different services, among them, they also offer loans. In addition, during the year there are different events and special activities for the members, where they benefit even with the realization of campaigns, festivities and other initiatives, increasing the feeling of community.

Why are your interest rates convenient?

Why are your interest rates convenient?

As it is not for profit, it allows members to access higher interest rates in the case of their savings or lower rates for a loan, so that in the end, they do not lose out, but take care of their money.

There are many cooperatives and if you are in the process of choosing one, you should choose one that is supervised. In addition, you can chat with your partners to ask about their experience and learn more.

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