Common Provisions

Application Form

Every qualified applicant must fill-up the form prescribed for the loan type applied form. This can take the form of an electronic form if done through the online services of the CFI or through a printed form which the applicant may submit directly through a CFI office or through any outlet of Mlhuillier. All the blank fields in the form must be filled up. Otherwise, the application will be denied.

To download loan forms click here

Payment Due Date

For loans payable by installment, the first installment is due on the 8th day of the month following the date of approval of the application.  For example: if the loan was approved on February 15, the first installment payment is due on March 8.

Payment Period

A borrower has thirty ( 30) days from the due date to pay the amount due for the month.

Past Due or in Arrears

A loan is considered past due or in arrears if the amount due for the current month is not paid within a period of 30 days from the due date. In such an eventuality, any amount considered past due will incur a penalty equivalent to 2% for every month of delayed payment.

Loan in Default

A loan is considered in default if the loan or any of its monthly installment obligation is not paid within a period of 9o days from its due date.

  1. Consequences of Default
  2. The following are the consequences of having a loan deemed in default:
  3. In case of loans payable by installments, the entire principal balance, including the accumulated interest and penalties will become due and dependable
  4. Loans declared in default will incur additional penalties and interest at the rate of 2% per month.
  5. Membership is suspended.
  6. The name of the defaulting member and his loan in default will be submitted to the Credit Information Corporation for Blacklisting pursuant to Republic Act 9510.
  7. The defaulting member’s deposits with any bank in the Philippines will be attached to answer for the loan in default pursuant to Article 59 of Republic Act  9820, known as the Cooperative
  8. Code of the Philippines
  9. Civil Action for collection will be filed in Court.


Patronage Refund

This is a form of interest rebate given to members at the end of the year and computed in accordance with a certain percentage of the total interest paid by the member in a given year for loans with CFI.

Presently, the patronage refund is equivalent to 8% of the total amount of interest paid by the member in a year.

To qualify for this type of refund, the borrowing member must have no loan in default.

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