• Shall be resident or citizen of the Republic of the Marshall Islands

• Has been employed for minimum six months in current workplace

• Have good credit history with other lending institutions. For notes that exceed borrower's annual salary, at least 50% have been paid.

• Meet minimum requirements for Net Pay if repayment is thru salary
  -$50.00 for Majuro & Ebeye residents
  -$25.00 for Outer Islands residents

• Repayment Term is set at 2 years

• Interest Rate is set at 14%

• Max amount of Loan is $30,000.00

No disbursement shall be made until and unless all the required documents have been provided and executed by the borrower

• Loan application

• Credit Checks (must be no more than 15 days)

• Check Stubs (applicant & guarantor's)

• Personal Guarantor form

• Verification of employment

• Photo Id's (applicant & guarantors)

1. The Bank shall allow refinancing of consumer loans at times,
therefore refinancing will be based on:
   
  a. 50% of principal balance on note has been paid.
     
  b. Same term apply from refinancing note
     
  c. The Bank from time to time, may extend term of refinance only if:
           
      i. Refinance will also cover past dues from guarantee notes
           
     ii. Refinance will also cover applicant's past due from other open notes
         
    iii. Refinance is to comply with legal judgement levied on the borrower

2. The Bank shall allow re-structuring of Consumer Loan(s) based on these following criteria:

   a. To meet Debt-to-Income ratio requirement for USDA-RD/MIDB Housing Programs

   b. To address past dues (delinquents) of borrower and past dues from note(s) the borrower guaranteed

   c. 30% pf principal has been paid

   d. To increase borrower's net pay to meet the minimum $50.00/$25.00

   e. To comply with any legal judgement levied on the borrower

    f. If borrower's payroll schedule change over the term of the loan