Certain controls that may be used by a lender, or even by It’s Me 247 when a member submits a loan application, are not evaluated by the system-generated Deposit Secured loans. 
As long as a member has access to online banking, a PIB profile that allows loan applications, and has a certificate of a Certificate Type/Dividend Application that allows Deposit Secured loans, that member has the ability to open a Deposit loan online, up to the available funds on that CD/checking/savings account.
  • Deposit Secured loans do not evaluate against membership level settings, such as the age of the member, the date the membership was opened, the Membership Designation, etc. 
  • Deposit Secured loans do not evaluate the age of the account, or the source of funds used to create the certificate/share account.  Without controls, it is possible that a member could borrow against a certificate/share account where the opening deposit has not yet cleared.
  • Membership Comments, that may be available to a lender evaluating a loan application are not evaluated by the system to determine whether a loan should be given to a member.
  • Since no credit score is pulled for the member, this also is not used to evaluate whether the member should be able to open the loan.
  • There is no validation that the member receives any monthly income if monthly payments are a repayment choice.  The member simply needs to have the certificate funds or savings funds available.
  • For Share Secured loans, the credit union will need to consider whether to make their base share apply to this feature. Additionally, there is the additional risk of recurring transactions on ATM or Debit cards.