CREDIT AND LENDING PROJECT
 

Launched in May 2011, Credit and Lending Services launched in May 2011. This is truly a Win- Win situation for an organization. The organization wins because it generates revenue. Simultaneously, the members win because their short term, immediate needs, and their long term financial goals are being met.

Any net surplus earnings generated by  CAIR is flowed back to the members as patronage refund and/or interest on  share capital or deposits.

The Credit and Lending Facility is offered exclusively to CAIR Members. We are pleased to announce that "K" loans are now available. Initially, CAIR offers P10,000 (ten thousand pesos) "K" loan with the following conditions: 

·         a 3% processing fee,
·         payable in 3 (three) months
·         The net amount of the loan is P9, 050.00 (nine thousand fifty pesos). 
·         Bi-monthly payments of P1, 666.66 may be made either by issuing 6 post-dated checks, or via an automatic debit arrangement with your Allied Bank payroll account. 

More loan products will be launched as our capital increases. 

Most of us who have had prior experience with a lending facility are hesitant and wary about signing as co-maker for someone else's loan.  The Loan Contract includes a clause that reassures the co-maker of the extent/limit of a co-maker's responsibility, which takes effect only when the borrower's resources, both immediate and incoming, are exhausted. Please scroll down to read the clause. 

AUTHORITY TO DEDUCT 

We, the principal and co-makers, hereby authorize, our employer      Philippines Airlines (PAL)     Others ________________________________________, to deduct any and all amount of unpaid account or obligation and all other charges thereon from our salary, terminal pay, redundancy pay, special payments (such as bonuses, longevity pay, sick leave pay, retro pay) and all other cash remunerations which We are now entitled to receive or may hereafter be entitled to receive from our employer and remit the same to CAIR.

PLEDGE AND ASSIGNMENT OF DEPOSITS

                We, the principal and co-makers, hereby pledge and assign all deposits which We now have or may hereafter have in CAIR as security for the full and complete payment of the foregoing loan including interest, penalties, surcharges and related charges thereon.

Below are the samples of the 3 required documents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

You may request  these forms from Ms. Amor Acain, our Cair Office Secretary. More copies of these forms are available for P2.00 per page to defray the cost of paper, ink, and other expenses which come from CAIR members' investments.

“K” Loan Procedure

1.Confirm your eligibility to make a loan with Ms. Acain. 
2. Accomplish the 3 forms completely and submit to Ms. Acain. 
3. Your application is subject for review and approval by the Credit Committee. Should your application be disapproved, you will be informed about the impediment immediately. 
4. You will be informed as soon as your check is ready for pick up.
 

LENDING POLICIES