Services

The Cebu City Online Sellers’ Cooperative (CosCo) is a service type of business.
CosCo has two facilities offered to all its employees and special depositors. These are
the time deposits and savings deposits. According to bankrate.com, a time deposit,
also referred to as term deposit, is an interest-bearing bank account with a fixed term. It
allows depositors to grow their money with higher interest rates compared to a regular
savings account. On the other hand, a savings account is a type of bank account that
accumulates interest. Unlike checking accounts, most savings accounts don’t include
checks for accessing the funds and limit the number of withdrawals from them.

CosCo also grants kinds of loans to its employees that are readily available at an
affordable rate. Granting loans to members is one of the most important functions of
Cebu City Online Sellers’ Cooperative. CosCo makes their loan products easily
accessible to employees at an inexpensive rate. CosCo describes its loan products as
one of the treats that can benefit to their employees. Hence, CosCo practices a capacity
base lending attitude where all loan applications are subject to Credit Investigation and
Background Investigation. All loan applications will be permitted based on the Matrix of
Loan Approving Authorities. The classifications of loan products that CosCo offers are
as follows: (1) provident loans-the provident loan products would address the
members’ personal needs, including car loan & motorcycle loan, educational loan, petty
cash & quick loan, emergency & hospitalization loan, appliance loan, salary loan, job
placement & OFW loan, minor house repair, and other loans personal consumption; and
(2) real estate loans- housing or real estate is one of every individual's recognized
fundamental commodity. CosCo is therefore also providing a loan product to tackle this
need. This gives the following: purchase of house & lot, construction of house, and
major house repair.

CosCo also offers a loan protection plan. According to Investopedia.com, a

loan protection plan or insurance is designed to help policyholders by providing financial
support in time of need. Whether the need is due to disability or unemployment, this
insurance can help cover monthly loan payments and protect the insured from default.
This loan protection plan is categorized by two which are loan protection plan plus
contribution and loan protection plan plus benefit. In a loan protection plan plus
contribution, there are types of accounts based on age with corresponding premium per
accounts. While in a loan protection plan plus benefit, there are types of benefits such
as Credit Life Insurance (CLI), Total Permanent Disability Benefit (TPDB), Accidental
Death & Dismemberment (AD&D) and Fire Insurance for Loan Redemption Benefit (FI)
for the residence of the borrower. Each benefits have corresponding amount of
insurances.

CosCo has also have health insurance which is called “CosCare”. CosCare is not
a membership health insurance, but it is a health benefit. The general concept of the
program enables one another in times of health need. CosCare will meet the needs of
employees in terms of health assistance and will enhance the benefits as soon as it
notices that the operation of the program is efficient. CosCo is continually looking
forward to community-enhancing innovations. The researchers will generate a
distinction through collaboration. CosCo always seek the welfare of their employees as
a cooperative. With CosCare, its members can understand the goal of being the most
exceptional cooperative from womb to tomb.

What makes this cooperative an amazing one is that it also offers and conducts
seminars and workshops to its employees and members. Through this way, this helps
the members to develop and to enhance one’s selling skills, and this can also help the
members to gain new ideas in online business and management. Aside from that, this
cooperative also offers online paying services and withdrawals, because CosCo wants
to provide its customers (which are the online sellers) an easiest and more convenient
way and with that, this can help the members to engage in technological-activities which
can also lead to technology-advancement.