Small Farmer's Special

Is in consideration that small farmers depend on cash-crop as an income which has a six (6) to fifty-two (52) week turn-around time to realize a return. To be able to have a loan package O.B.F will consider a forbearance on payment for 6-8 weeks at which time at least the interest must be paid off until the next planting period, also a line of credit which can be set at a maximum of $150,000 can be established at the onset with provision for periodic draw-down as necessary having regard for the progressive period that actual cash is needed to address the stages leading to harvesting thus seeing interest savings when cash is only withdrawn an as a need basis.

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Offering

  • Delayed payments of principal and interest for up to eight (8) weeks.
  • Low interest rate possible as low as 1% approximately
  • Borrow up to 10% of annual gross salary
  • Salary deduction
  • Bank standing order (if wages is paid to a bank account)

Condition

  1. Letter from employer stating
    1. Confirming personal particulars of the employee
    2. How long the person has been employed there
    3. Whether temporary or permanent employment
    4. Proof of weekly/monthly/yearly salary
  2. Maximum loan is 10% of gross salary will be lent subject to the applicant
    demonstrating a maximum need, in which case the ceiling will be adjusted down
  3. The employer must be a stable company that have been around for five (5) years
    or more
  4. The monthly payback target (calculated weekly with no compounding if paid on time) must be forty (40%) percent of the monthly net of outstanding deductions from salary*
  5. The monthly payments must be by way of salary deductions and or by way of
    a bank standing order if the company pays salary directly to the staff bank account

OBF Imperatives

1. Time is important, both that of the applicant and Company’s so quick processing is very essential to keep the same day loan slogan a reality. Walk the applicant right into a screening session (filling out of applications can wait) and with the aide of a the loan calculator and on an average time of no more than ten minutes the client should be in a position to know if a loan is possible at a cost beneficial plan

2. If a grant of loan is possible to the client the next steps are

  • loan application form to completed,
  • check-list ticked-off ones of requirements given to the applicant for providing things as required
  • including a salary deduction form/bank standing order,
  • confirm residency by way of field visit,
  • confirm references given with a phone call,
  • confirm employment,
  • verification of employer as a stable company,
  • prepare documentation ahead of time
  • and Head Office cheque clearance requirement.

3. It is very important at the onset that the credit officer makes the applicant in discussion fully aware and told of the importance of not only making their payments on time as the way to enjoy the best interest rates and cost benefits but a listing of all established points to make payments

4. If there is an award of Cash-Back there must be a clear explaining to the applicant how it is applied that they are in the know as to how to extract maximum benefit

5. A systematic processing of applicant and documentation accurately completed will aid to maintain the Same Day Loan advance and reduce applicant frustrations

6. Credit Officers are required to go in depth with the applicants as to the step-by-step process of his/her crop project and to

determine if a periodic draw-down is beneficial to save interest cost.

7. Bank Standing Order can be established for a farmer who prefers to pay just

interest until crop is reaped and sold.