If credit cooperatives or other institutions contact you to repay interest or ask you to repay interest, then pay it back. Say nothing and pay back as much money as you want. It is recommended to go directly to the bank. Many lending countries have done what dormant accounts did in the 1990s. But if interest is included, there is not much money, and if there is more money, you can pay it back.

credit cooperatives

Credit cooperatives are divided into rural credit cooperatives and urban credit cooperatives. Rural credit cooperatives aim at serving agriculture, countryside and farmers, while urban credit cooperatives mainly serve urban natural persons. Rural credit cooperatives are gradually merging with urban credit cooperatives. Credit cooperatives provide basic services similar to banks, including savings, transfers, loans and guarantees. Most of the businesses of credit cooperatives and commercial banks are basically the same. Generally speaking, the interest rate of credit cooperatives is higher than that of commercial banks. The loan interest rate is the benchmark interest rate uniformly stipulated by the People's Bank of China, and the credit cooperatives go up several grades according to the benchmark interest rate, up to 120%.

Institutional characteristics of rural credit cooperatives

As a banking financial institution, rural credit cooperatives have their own characteristics, mainly in the following aspects.

1 is a cooperative financial organization composed of farmers and other individuals in rural areas with the main purpose of mutual assistance. Its business operation is managed by the personnel designated by the members on the basis of democratic election and is responsible to the members. Its highest authority is the member congress, and the executive body responsible for managing specific affairs and business operations is the Council.

2. The main sources of funds are shares paid by cooperative members, retained provident fund and absorbed deposits; Loans are mainly used to solve the capital needs of its members. At first, it mainly issued short-term production and living loans and consumer loans. Later, with the development of economy, it gradually broadened the channels of borrowing, which is no different from borrowing from commercial banks.

3. Because the business objects are cooperative members, the business procedures are relatively simple and flexible. The main tasks of rural credit cooperatives are to organize and regulate rural funds, support agricultural production and comprehensive rural development, support various forms of cooperative economy and member family economy, and limit and crack down on usury activities in accordance with the relevant provisions of national laws and financial policies.