| Consumer Micro-Loan Program (CMLP) |
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Loan Information Credit & Eligibility Requirements Frequently Asked Questions Instructions for Application More Information
EXAMPLES OF LOANS
Unallowable loans:
A Micro-Loan is a small loan made by an organization trying to help the community. Micro-loans are usually smaller than regular consumer loans that a typical bank would make, and usually have a lower interest rate. Our program has a flat 5% interest rate for all loans we make. 2. What is a primary applicant? The primary applicant is the first person listed on the CMLP application. This is the person which will derive a direct benefit from the loan proceeds.
3. What is a guarantor? A guarantor is a person who guarantees payment of a financial obligation like a loan. They have a legal duty to fulfill the debt if the primary borrower defaults.
4. Since I am Hawaiian, and I guaranteed a loan from CMLP? As a native Hawaiian, you are eligible to apply for a low interest consumer loan; however, you also have to qualify based on our program requirements. When submitting an application, please provide proof of Hawaiian ancestry.
Examples of proof of ancestry include (but not limited to): A. Birth certificate. If your birth certificate does not indicate Hawaiian ancestry, please provide a copy of your parents birth certificate; and
5. Does the CMLP allow loan requests for refinancing, debt consolidation or mortgage closing costs? No. Due to a limited funding base and our current guidelines, this program is geared to those with temporary financial hardship and career development opportunities.
6. How can we get an application? There are three (3) ways to receive an application.
7. How will applications be processed? Applications will be reviewed for completeness and eligibility with regard to the program requirements. Next, all complete applications will be date and time stamped and faxed/mailed directly to the OHA loan officer for review. Incomplete applications will not be processed until all necessary information is received. Complete Applications will be processed in the order received of the date and time stamped.
8. How fast can loans be approved and funds disbursed? As the program is geared toward emergencies and short term financial hardship, we make every effort to process applications as quickly as possible. Complete applications are usually processed the same day they are received. Once an application has been approved, documents can be signed and funds can be disbursed usually within one business week.
9. I live on an outer island. Do I have to come to Oahu for the loan closing? No. OHA’s Neighbor Island staff will be asked to assist in the loan closings for outer-island applicants. Our staff is trained on the loan closing and disbursement procedures and specific loan instructions will be provided to the OHA staff for each borrower.
10. Can I (the borrower) make loan payments via a payroll deduction? No. At this time, OHA cannot process loan payments via payroll deductions.
COMPLETED APPLICATIONS MAY BE SUBMITTED OR MAILED TO:
Kaua’i:
Moloka‘i:
East Hawai’i (Hilo): Please forward your questions and inquiries to your local OHA office or to:
Quentin Flores |
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