Loans will be reviewed for members and non-members of legal age of (18) years within the ORGANIZATION's field of membership. Non-members must establish membership before a loan can be disbursed.
Loan Application
Members may apply for loans in person, by mail, fax or phone.
Statement of Purpose: Applicant must provide a legal purpose for the loan.
Payroll Deduction: Applicant must disclose whether voluntary payroll deductions will be made to the ORGANIZATION for loan repayment.
Personal Information: Applicant must provide information regarding place of residence, place of employment, income and assets. Applicant is asked to provide information regarding nearest relative. This information may be useful to the ORGANIZATION should collection efforts be necessary.
Credit Information: Applicant must provide information regarding all outstanding debts, including but not limited to mortgage (plus taxes and insurance), rent, auto loans, credit cards, lines of credit, etc. Applicant must also disclose information regarding pending applications, bankruptcy filings, outstanding judgments, lawsuits or garnishments, credit denials, child support payments, alimony payments and separate maintenance payments.
Signature: Applicant must sign and date the application.
The loan review process may begin when the above information has been obtained.
The application must be completed in full, and approved, before loan funds are disbursed.
Proof of Income
Verification of income (VOI) and Verification of Employment (VOE) will be completed for every loan applicant.
Source | Required Documentation |
Wages/Salary | Current pay stub or a current tax return. |
Rental Property Income | Copy of tax return, including all schedules. (Rental receipts will not be accepted).
|
Alimony/Child Support | Copy of divorce decree, separation agreement, court order. (The ORGANIZATION may require copies of canceled checks or a written statement from either the attorney or the court as deemed necessary. Alimony may also be verified through tax returns). |
Self-Employment | Completed and signed copies of tax returns for last three years, most recent financial statement and operating statement of the business. Applicants who have been self-employed for less than three years will be considered on a case-by-case basis. Permission to receive periodic verification of income may be required. |
Photo Identification
Applicant is required to provide identification in compliance with “Know Your Customer” guidelines.
Guarantor
If an applicant does not have enough income to qualify for a loan, he/she may provide a guarantor. This person must complete the “Other Applicant Information” section of the loan application and sign the loan agreement. The co-applicant must be a member of the ORGANIZATION.