All loans shall be applied for on forms provided by the society
The loan application form shall set forth the amount applied for, the purpose of the loan, the terms of repayment and security if any.
All applications for loans and reports thereon shall be filed as permanent records of the society.
Only once the loan has been approved and all policy requirements have been fully complied with, then a cheque is issued to the member.
Loan Application & Granting
The committee shall approve loans based on the applicants’ character, capacity and ability to repay, loan purpose and amount, past records, security and collateral offered.
When a loan application has been declined, the committee shall communicate to the applicant in writing the reasons for denial of the loan within 14 working days.
