Tips for a FASTER loan processing Procedure

Most DWASCO SACCO members wish the SACCO could be processing loan disbursements at supersonic speed. This is according to the survey conducted by the DWASCO SACCO, which it aimed at finding out how long a member is willing to wait for the disbursement of a loan upon the member submitting the loan application form.

The survey further revealed that most of the members, who complain about delays in the loan process, usually do not fulfill the important requirements of the loan they are applying. Therefore, DWASCO SACCO credit team has compiled a number of tips, which might help you in speeding up the loan processing procedure.

1. Outstanding loans

Make sure that you do not have any outstanding delinquent loan.

2. Pay slip Bring with you a copy of your latest pay slip.
3. Know the loan requirements

Enquire about the basic requirements of the loan product you wish to apply before the actual loan application date. This will save you the inconveniences that come about during loan processing procedure.

4. Share balance

You should have enough shares that meet the requirements of the loan you are applying.

5. Repayment Plan

Make sure that you already have a tangible loan repayment plan prior to the loan-negotiation meeting. The loan officer will easily have a starting point.

6. Buffer period

For loans of MK500, 000 or more, always make the loan application a few days before the date you will actually need the money. 

7. Other documents

Where the loan you wish to apply for will require other documents such as a letter from employee or ownership documents for property, pre arrange for their availability.