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 CD 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 that allows CD Secured loans, that member has the ability to open a CD Secured loan online, up to the available funds on that CD.
  • CD 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.
  • Secured loans do not evaluate the age of the certificate or the source of funds used to create the certificate.  Without controls it is possible that a member could borrow against a certificate 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 available.