Purpose of the Program

Loan Amount

The Role of Apple Federal Credit Union

Application Process with SVdP

1. Financial training. Each applicant is required to attend a Britepaths financial training session or financial training provided by AFCU.
2. Shared information. The applicant will be advised that financial information will be shared with and maintained by the SVdP Loan Committee, and that this information will be secured and held in confidence.
3. Membership requirement. The applicant will be advised that if they’re not already a member of Apple FCU, a minimum $5 deposit will be needed to establish membership in the form of a Savings account. The applicant can go to any Apple branch or visit AppleFCU.org/Join to open an account. Current Apple FCU members need not open another membership.
4. Application Package.
   • SVdP Loan application. During the home visit, the applicant will complete a SVdP paper loan application, which may be provided prior to the home visit. Applicant should provide case worker with a copy of the application keep a copy for their own records.
   • Credit report. The case worker will help the applicant prepare and print a credit report, which is available for free online. The case worker will be familiar with the site and its requirements for downloading a report. The applicant will be asked several security questions to verify identity. The borrower should retain a copy of the report.
   • Paystub. A copy of applicants most recent payroll stub from employer must be included. This provides the required employment verification.
5. Submission of application package (Application, credit report, and copy of most recent paystub)
   The case worker will send copies of the completed application package to the SVdP Loan Committee. If the conference has its own internal review of applications, then that review should be conducted, and approved application packages should then be sent to the SVdP Loan Committee, 6728 Old McLean Village Dr., McLean, VA 22101. Materials (application and credit report) completed in black ink may be faxed to SVdP at 703-556-8729.
6. Review and approval. The SVdP Loan Committee will meet regularly to review application packages, basing decisions on the SVdP loan approval criteria. The Loan Committee will notify the case worker of its decision; the case worker will notify the applicant.  If approved, a code will be provided to the case worker for use on the Apple FCU online application (Notes section). NOTE:  The applicant must complete the online application. AFCU branch offices are not familiar with our program.

Application Process with Apple FCU

1. Establishment of account. Membership at Apple FCU is required before the Apple FCU loan process can begin as noted in item #3 above. This may be done after the applicant has filed an SVdP Loan application and been notified of SVdP approval.
2. Apple FCU application. Following account opening and successful completion of the financial training, AFCU will help the applicant submit the online Apple FCU loan application.  Select the box for "Shared Secured" loan type. Apple FCU will review applications and determine credit worthiness.  If approved, the applicant is now considered a borrower within the program.
3. Sharing of information. The SVdP loan application has a provision authorizing Apple FCU to share repayment information (including late/missed payments) with SVdP.  This information will be passed by the Loan Committee to the case worker, who will follow-up with the borrower to determine cause and provide financial counseling.

Loan Payment

Borrowers will make a minimum monthly payment of about $55 to Apple FCU (or monthly payment may be higher to pay off the loan more quickly). Apple offers a number of payment options including automatic payroll deduction, online/mobile, automatic transfer, by mail or in person. A missed payment would trigger a $25 late fee. Repeated missed payments would necessitate a “work out” agreement between the borrower and Apple FCU. If a “work out” is not arranged, the borrower may be deemed in default, resulting in an unfavorable credit report notation.

SVdP will be able to utilize funds from repaid loans for additional new loans to other eligible borrowers.
 

Importance of the Borrower-Case Worker Relationship

The case worker is responsible for periodically checking with the borrower during repayment. This bond is critical to the successful execution of the program and full repayment of loans will most likely be achieved when the borrowers feel they have a personal relationship with SVdP and the case workers. When the case worker becomes a friend and advisor, the likelihood of full loan repayment and improved credit ratings will be increased.
 

Provisions governing the SVdP Alternative Loan Program may be modified by SVdP at its sole discretion.