Loan applicants must live in Northeast Ohio and have an income that enables them to repay the loan. The maximum loan amount is $12,000 (each co-signer is liable for the full amount of the loan.) One co-signer is required for every $4,000. The co-signers must also live in Northeast Ohio, have an income and good credit. A co-signer can only serve as such on one active loan at a time.

The following materials must be provided to be considered for a loan:

1. Completed application

2. Proof of current income for applicant and co-signer

3. Prior year’s tax return (1040 or W2 form) for applicant and co-signer

4. Completed monthly budget form for applicant and co-signer

5. Letter of explanation for loan request

6. Copies of bills/invoices to be paid or other documentation

7. Complete co-signer application forms and information

After a complete application is received an interview is scheduled with the applicant and the Loan Committee. The repayment schedule for these loans is as follows:

1. Loans up to $3,000 must be repaid within 15 months, first payment due a month after receipt of funds.

2. Loans for $3,001 to $5,000 must be repaid within 24 months, first payment due a month after receipt of funds.

3. Loans for $5,001 or more must be repaid within 36 months, first payment due a month after receipt of funds.

All loan checks are issued directly to creditors.