Armed Forces and Police Savings & Loan Association, Inc. (AFPSLAI)
Step 1 Member-Applicant Submits duly accomplished Business Loan Application Form and other supporting requirements to Loans Unit.
Step 2 AFPSLAI Receives and evaluates loan applications.
Step 3 Member-Applicant Pays for the processing fee and appraisal fee.
Step 4 AFPSLAI 1. Conducts Credit Investigation, Loan Evaluation and Approval of loan.
2. Upon approval of loan, informs the member-applicant immediately and agrees on schedule as regards submission of loan release requirements. For acquisition of commercial/agricultural property and loan take-out, prepares “Letter of Guarantee” (upon approval of loan) addressed to the seller/previous financier for the submission of loan release requirements.
3. Creates drawdown slip and prepares check.
Step 5 Member-applicant Submits loan release requirements
Step 6 AFPSLAI Releases loan proceeds.