For some time now we have been talking about interest-free loans, a hypothesis considered up to now as a utopia. Now, however, it seems that a simple school hypothesis is about to become a reality, thanks to Jord Arbete Kapital (JAK), the first Swedish cooperative credit bank, which has decided to provide financing at no cost, that is without interest. How is it possible? The mechanism is apparently very simple: if a member decides to bind a certain amount of money for a certain period of time, he / she is given by the bank some savings points that can be used at the time of the request for funding. In practice, therefore, the loan will be calculated based on the points that have been accumulated previously and the customer will have to cover only the principal amount with monthly installments, apart from a commission which in turn will cover management costs. Even those who are not yet in possession of a sufficient number of savings points, in turn, can access personal loans, provided that the customer makes other savings in the period in which he is called to extinguish the debt.
Financing at no cost
A simple idea, but ingenious, typical of a bank that does not suffer from the slowness deriving from plethoric structures such as those that usually distinguish traditional institutions. IAK, in fact, is a bank without branches, which operates online or by telephone. It boasts a share capital of around six million USD and can count over 35 thousand members, all of whom have decision-making power within the board of directors. The turnover has now settled at 120 million USD and the mission has as its objective the economic-financial sustainability and the maximum respect for the environment. We are therefore in the presence of an experiment with a social aspect implemented in Sweden and recently exported also to Denmark.
Soon, however, JAK could also land in the peninsula thanks to JAK Italia, which, in order to export solidarity economy actions, needs to involve 5,700 supporters ready to invest in this initiative. Each of them, should provide for the purchase of a package containing at least ten shares, for a value of one thousand USD, which would also allow them to become potential customers and benefit from interest-free loans.
Criteria for granting loans
The JAK Italia plan is currently being examined by Consob, while the business plan was approved during the audit. Once the supervisory authority has granted its consent, the bank will be able to start the collection of the necessary social capital. Meanwhile, Jak Italy, an association that boasts over 300 members in the national territory, has already begun to make itself known on social networks, in order to attract consensus around an initiative that seems made for the purpose of calling attention to a country that has suffered enormously in recent years due to the narrowing of the criteria for granting loans by a credit system characterized by a purely conservative approach.