Basic considerations when granting a loan

Basic considerations when granting a loan

  1. Members’ savings and share capital
  2. Capacity to pay back
  3. Business plan in case of Business loans
  4. Building plans and stages of construction in case of property acquisition loan
  5. Integrity of the prospective loan applicant
  6. Bank Statement,  showing the last two months transactions is a must. This is to help determine the member’s capacity to repay the loan if granted.
  7. Must have a minimum of 2 guarantors
  8. Must present a passport photo