SAS loans

Loan Criteria
5/01/2018

1. All loans are processed on a first come first Serve basis.
2. The borrower must undergo a screening and approval process.
3. The borrower must have two guarantors .
4. The borrower and guarantors must be up to date with all payments.
5. A post dated cheque for the full repayment amount must be handed in.
6. Full Identification and proof of address must be provided.
7. Our loans currently draw a 20% interest rate. This might be adjusted in future.
8. The duration of the loan must be decided before issuance
9. A credit committee must analyze the borrower’s qualification for the loan.
10. A loan committee will act on the advice of the credit committee to issue out loans.
11. An application form must be filled out.
12. Loans are available depending on the current fund status.
13. Only a limited number of loans can be issued each month.
14. For now, a loan can be taken for just a month. It can be extended by another month in certain cases after committee consideration.
15. Collateral might possibly be required to back a loan application.
16. A fine will be applied for late repayment of loans, with a grace period of two days.
17. A client can only apply for a loan once every three months period.
18. If a loan is not paid back, the borrower and the guarantors will share the liability.
19. A Guarantor may not guarantee more than one loan and cannot receive a loan if already guaranteeing a loan.