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.
