How To Borrow Loans
- 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.
- All loans will be serviced on a monthly basis.
