Criteria for approval of loans via the SvdP Alternative Loan Program:
Applicant must be at least 21 years of age.
Loans are made without regard to gender, nationality, religious preference, disability, marital status, or other non-merit factors.
Applicant must be a U.S. citizen or documented worker with a Social Security number (federal requirement for all financial institutions).
Have no past record of illegal financial activity.
Have a steady source of income to facilitate loan repayment. That can be salary, retirement, disability, or other regular sources of income.
Present a monthly budget estimate of income and expenses (can be further developed at Britepaths training session).
Present a statement of assets and liabilities.
Purpose of loan is consistent with purposes outlined by SVdP (get out from pay day, car title or other usurious loans; taking a major step to create new sources of income).
Present a completed, signed loan application and a current credit report.
Be recommended by a SVdP volunteer (with approval of Conference participating in the loan program).
Complete a home visit with SVdP volunteers.
Reside in the area served by the SVdP Conference sponsoring the applicant.
Participate in at least one Britepaths financial training session (approximately 2 hours).
Consent that lender (AFCU) and SVdP may mutually exchange personal and financial information of the borrower.
Agree to open a savings account with AFCU and deposit at least $5.
File a loan application with AFCU and sign a loan agreement with AFCU.
Arrange for a payroll deduction to savings account and arrange an auto debit for monthly loan repayment (optional but highly recommended).
Have an annual income not more than the amount below for family size (roughly between 2.5 and 3 times the poverty level):