Prior to applying for a loan you need to ask yourself a number of questions:
- How much to I need?
- How much can I afford to repay?
- What term do I want the loan for?
Some of the factors taken into account when considering a loan application:
- The member’s income and expenses to determine the members ability to repay the loan
- The member’s previous loan repayment record
- The purpose of the loan
- Frequency of loan applications
- If you are topping up your loan, how much of the previous loan has been repaid?