FREQUENTLY ASKED QUESTIONS
HOW LONG DOES IT TAKE TO PROCESS A CHURCH LOAN ONCE MY COMPLETED APPLICATION IS SUBMITTED?
Provided all necessary information is submitted, the loan process should take no longer than thirty (30) to forty-five (45) days.
IF THE CHURCH CHANGES BANKS DURING THE REPAYMENT OF MY LOAN, WHAT ACTION SHOULD I TAKE?
You should notify the Church Loan Fund, Inc. immediately to obtain the appropriate information to provide your new bank so that the monthly drafts can continue uninterrupted. It is the borrower’s responsibility to provide the Church Loan Fund with the correct bank information.
IF THE LOAN PAYMENT IS RETURNED FOR INSUFFICIENT FUNDS, WHAT HAPPENS TO MY LOAN?
The loan will be placed in default. You will be given the option of making up the past due payment or repaying the entire loan balance. If the default is not cured, the Church Loan Fund, Inc. will pursue any and all necessary steps to protect their interest in the property including foreclosure.
WHO IS ELIGIBLE TO APPLY FOR A LOAN FROM THE CHURCH LOAN FUND, INC?
Any Church of God church, assuming other criteria for obtaining a loan are met.
WHAT ARE THE TERMS OF THE LOAN?
The loan is set up on a 10 year balloon note with payments and interest based on 20 year amortization.
IS THERE AN APPLICATION FEE FOR A CHURCH LOAN?
Yes, there is a $250 non-refundable loan application fee due with submission of application.
WHAT ARE THE CLOSING COSTS FOR THE LOAN?
There are no additional closing costs for the loan.
WHAT IS THE INTEREST RATE ON THE LOAN?
Ranges from 5.00% to 8.75%, subject to change at any time by the Board for new loans.