How to obtain a loan?
1. Visit a selected credit union. As each credit union may offer different conditions, it is recommended to find the solution best suited to you together with credit union employees.
Usual procedure is as follows:
2. Filling out a loan application (form is issued by a credit union)
3. Choose the loan repayment and security method which is most acceptable both, to you and the credit union: a suretyship*, guarantee, pledge of property or mortgage.
- In case of suretyship it is necessary to fill out an application, if loan repayment is secured by suretyship.
- In case of loan repayment secured by a pledge of property, you will need a mortgage certificate and documents on pledged property.
4. Submitting your own and (where appropriate) suretyship providers’ certificates of earnings of the past 6 months from the workplace.
5. The application will be deliberated by the Loan Committee and you will be informed about the decision. Each credit union has loan committees operate on voluntary grounds.
IMPORTANT INFORMATION: if you want to obtain a loan, place a deposit, or open an account with a credit union, first of all you have to become a member of that credit union.
Glossary:
Suretyship – means of other person’s signature warranting your timely repayment of principal and payment of interest.
