Loans will be reviewed for clients and non-clients of legal age of (18) years within the ORGANIZATION's field of membership. Non-clients must establish membership before a loan can be disbursed.
Clients 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.
Current pay stub or a current tax return.
Rental Property Income
Copy of tax return, including all schedules. (Rental receipts will not be accepted).
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).
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.
Applicant is required to provide identification in compliance with “Know Your Customer” guidelines.
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 client of the ORGANIZATION.
Total debt to the ORGANIZATION may not exceed five (5) percent of the Organization’s total share capital and reserves per client. Financing of debt may be granted for a maximum term of 36 months.
DEBT CONSOLIDATION: Customer must provide copies of all bills to be consolidated. Checks will be made payable to the creditor(s) and the account will be closed at the discretion of the loan officer or credit committee.
Credit Builder Loans
This Program is meant to serve clients or potential clients who have been denied credit or had account problems at other banks or ORGANIZATIONs, and are working to improve their credit history.
YOUR ORGANIZATION’S NAME offers individuals the following services.
A savings account – This is the first step in rebuilding credit. This account must be successfully managed for a period of six months before a loan is considered.
- Financial management training provided by the ORGANIZATION.
- A “Credit Builder” Loan - The maximum loan amount is ______ . The funds from this loan are deposited into a 12 month fixed account. The fixed account is collateral for the loan. The client will make monthly payments on the loan. At the 12 month maturity of the fixed account funds will be available for withdrawal, providing the “Credit Builder” loan is paid in full.
- After the successful repayment of the Credit Builder loan, clients are eligible to apply for an additional loan.