Loan Applications
Why Borrow?
In our society, we use credit and loans as a way to improve our lives while we are still paying for those improvements. For example, many of us don’t have sufficient savings to go to an auto dealer and pay for a car with cash, so the process of paying in installments over time allows us to have the car before we have the funds to own it outright. Once a loan is repaid, the borrower owns the item that the loan was for, and that item becomes the owner’s asset.
People move from poverty to sustainability not by simply managing their income, but by accumulating assets. Savings, investments, and ownership are the factors that can lead people to financial self-sufficiency. The process of paying over time is the most common way that people of limited means can build assets and enjoy the financial security that comes with ownership.
How Tulip is Different?
These days, it is very hard to find a conventional lender who is willing to make a small personal loan-it is simply not cost effective for the lender. Many borrowers have no alternative than turning to check cashing services, pawnshops, payday lenders, and wire transfer services, many of whom charge high fees for their services. Paying high prices for routine financial services effectively lowers the income of the people who use them, so our aim is to make loans accessible to our members, at a cost that is lower than they would otherwise pay.
What Tulip Offers
We offer personal loans of up to $2,000, and automobile loans of up to $25,000. We offer credit counseling and advice about the lending process, and will work with our members to find ways to improve their credit and to try to get the loans that best fit their needs.
Loan Applications
Tulips Lending Objectives
Our lending objectives include:
- Helping our members accomplish their personal and financial objectives.
- Making loan determinations without discrimination because of race, sex, color, religion, national origin, gender orientation, sexual orientation, marital status, criminal history, disability or age (provided that the applicant has the capacity to enter into a binding contract), the fact that all or part of the applicant’s income derives from any public assistance program, or the fact that the applicant has, in good faith, exercised any right under the Consumer Protection Act or any similar state law.
- Returning the funds on deposit at the credit union to the community in the form of loans to its members.
