Application process

What happens after I apply for a loan?

To apply for a loan, first ensure you meet the eligibility guidelines.

 

Complete an application form

Complete an application form and send it to Paraloan. Include any additional information that might be helpful for Paraloan when approving the loan.

 

After submitting your application, Paraloan's Executive Officer will process your application. If any clarification is required,they will discuss the application with you.

 

Assessed by Trustees 

The application package is sent to the Trustees for review. The Trustees determine an appropriate interest rate, and decide whether to approve or decline the application.

 

Timeframe

It usually takes about three weeks from the date of application to a decision from the Trustees. If your requirements are urgent, please advise the Executive Officer. The timeframe can be reduced under some circumstances.

 

See also

Eligibility criteria

Find out about the Executive Officer and Trustees

Summary

  1. Ensure you meet the criteria,
  2. Submit a loan application,
  3. Discuss with Executive Officer if necessary,
  4. Wait for Trustees to review the application,
  5. Funds are disbursed on approval.
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