To help ease the burden of our members during this time of public health crisis, MAGCOOP reminds its borrowers of the 30-day grace period for payments falling due within March 17 to April 12, 2020.
For members who wish to avail of the 30-day payment relief (without incurring interest on interest and penalty fees), please notify MAGCOOP at firstname.lastname@example.org and at email@example.com. MAGCOOP will effect it from April 15 onwards or on the next run of allotment processing or payroll. As an act of goodwill, MAGCOOP also waives the interest on principal (accrued interest).
For members who have already paid but wish the amount to be refunded, a formal notification must be sent to MAGCOOP.
For members who still choose to pay as scheduled, a formal notification must also be sent. If MAGCOOP has not received any notification within seven (7) days, it is considered as confirmed.