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 :