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):