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Is in consideration that small farmers depend on cash-crop as an income which has a six (6) to fifty-two (52) week turn-around time to realize a return. To be able to have a loan package O.B.F will consider a forbearance on payment for 6-8 weeks at which time at least the interest must be paid off until the next planting period, also a line of credit which can be set at a maximum of $150,000 can be established at the onset with provision for periodic draw-down as necessary having regard for the progressive period that actual cash is needed to address the stages leading to harvesting thus seeing interest savings when cash is only withdrawn an as a need basis.
1. Letter from employer stating;
1.a Confirming personal particulars of the employee
1.b How long the person has been employed there
1.c Whether temporary or permanent employment
1.d Proof of weekly/monthly/yearly salary
2. Maximum loan is 10% of gross salary will be lent subject to the applicant demonstrating a maximum need,
in which case the ceiling will be adjusted down
3. The employer must be a stable company that have been around for five (5)
years or more
4. The monthly payback target (calculated weekly with no compounding if paid on time) must be forty
(40%) percent of the monthly net of outstanding deductions from salary*
5. The monthly payments must be by way of salary deductions and or by way of a bank standing order
if the company pays salary directly to the staff bank account
1. Time is important, both that of the applicant and Company’s so quick processing is very essential to keep the same day
loan slogan a reality. Walk the applicant right into a screening ession filling out of applications can wait) and with the aide
of a the loan calculator and on an average time of no more than ten minutes the client should be in a position to know if a l
oan is ossible at a cost beneficial plan.
2. If a grant of loan is possible to the client the next steps are
3.It is very important at the onset that the credit officer makes the applicant in discussion fully aware and told of the importance
of not only making their payments on time as the way to joy the best interest rates and cost benefits but a listing of
all established points to make payments
4. If there is an award of Cash-Back there must be a clear explaining to the applicant how it is applied that they are in the know as
to how to extract maximum benefit
5. A systematic processing of applicant and documentation accurately completed will aid to maintain the Same Day Loan advance
and reduce applicant frustrations
6. Credit Officers are required to go in depth with the applicants as to the step-by-step process of his/her crop project and to
determine if a periodic draw-down is beneficial to save interest cost.
7. Bank Standing Order can be established for a farmer who prefers to pay just
nterest until crop is reaped and sold.