Loan Application Core Requirements
The following should be provided when applying for a loan:
- Passbook – to include at least one member share and the required savings
- Photo Identification (e.g. Social Security card)
- Amount of money needed and the purpose for such
- Collateral offered – it’s value and location
- Job letter
- Recent pay-slip or salary statement from place of employment
- Credit reference / Credit Report
- Other commitments
The member will then be interviewed by the loan officer who will ensure that all requirements have been met. Upon doing so, a member who may not have adequate collateral may be asked to bring in a co-maker.
As a Co-Maker, you must :
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