Loan Application
 The organization reserves the right to terminate any member who fails to comply with the bylaws and constitution. Such a member will forfeit eligibility for any benefits.

Loan Application and Disbursement:
Loan applications will be accepted from February 15 to September 15 each year, for both members and non-members, or until funds are depleted. No loans will be issued outside this period unless there is an emergency. In such cases, the administration will determine the interest rate and loan duration.
Applicants must complete a loan application and submit all required documentation. Applications will be reviewed by the administration and approved by the president before disbursement. Members have the option to increase their savings by borrowing multiple times.

Loans will be available only to qualified individuals. Loans to members will carry an interest rate of 10%, while non-members will be charged 15%. Members must borrow a minimum of $1,000 to be eligible for interest at the end of the circle. Borrowing is not mandatory; however, members who do not take out a loan will not be eligible for any interest at the end of the circle.

Section III: Loan: Any non-member seeking a loan must have a member co-sign the application. The co-signer will be held accountable for the loan if it is not repaid on time or at all. In such cases, the loan amount, including any late charges, will be deducted from the co-signer's account.

If a member borrows a loan and fails to repay it before the distribution period, the outstanding amount will be deducted from the member’s account, or the member will forfeit eligibility for any interest.
   Any member who shall recommend more than 3 persons to borrow loan and the loan is paid in full shall earn a 2% bonus for his/her recommendation at the end of the circle.

Late charges on loan 
Any member who fails to repay their loan according to the agreed terms will incur a one-time late fee of 10% on the outstanding amount. Non-members who default will be charged a one-time late fee of 15% on the remaining balance.
The organization reserves the right to take legal action, including filing a lawsuit, against anyone who does not comply with the organization’s loan policies and agreements.
 
Payments and Deposits
The organization’s account is held with Wells Fargo Bank. The account requires the signatures of two authorized signatories: Zaye McClain, Treasurer, and Alphonso Ninneh, Club President. They can be reached at the following numbers:
•Alphonso Ninneh: 443-301-7165
•Zaye McClain: 443-518-6201
All payments to the club should be made by check or money order payable to “Community Based Group Savings, LLC.” After making a deposit, please take a picture of the deposit slip and send it to the contact numbers listed above. Payments are also accepted via Zelle and Cash App.