Loan Redemption Service (Buy-Out of Loans)

Take Control of Your Existing Loan

Managing an existing loan can be easier with RECEMPCO’s Loan Redemption Service (Buy-Out of Loans). This service is designed to help qualified members settle or transfer an outstanding loan obligation through RECEMPCO, giving you a more manageable repayment arrangement under the cooperative.

With a 15% per annum diminishing monthly interest rate, RECEMPCO can assist in paying off your existing loan balance based on the submitted Certificate of Outstanding Balance and Amortization Schedule.

Please note that this service is strictly intended for loan redemption or buy-out purposes only. No net proceeds will be released to the member.

Loan Requirements

• Equity requirement: 10% of the loanable amount
(deductible)
• Interest rate: 15% per annum-diminishing
monthly• 2% Service Fee
• Requirements: Latest Certificate of Outstanding
Balance & Amortization Schedule
• NOTE: NO NET PROCEEDS

  • Qualified RECEMPCO members with an existing loan obligation may apply, subject to the cooperative’s evaluation and lending policies. Applicants must submit their latest Certificate of Outstanding Balance and Amortization Schedule.

  • RECEMPCO will determine the loanable amount based on the outstanding loan balance and the member’s eligibility. The approved loan will be used specifically to settle or redeem the existing loan obligation.

  • No. The Loan Redemption Service is intended solely for the buy-out or settlement of an existing loan, so there will be no net proceeds released to the borrower.

  • Loan repayments will be made through salary deduction, based on the approved amortization schedule and applicable RECEMPCO lending terms.

  • The Loan Redemption Service is available only to regular members of RECEMPCO, subject to the cooperative’s standard loan evaluation and approval policies.