Micro Finance - Predictive Client Interaction

8/2/2019 Micro Finance - Predictive Client Interaction

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Micro-FinanceClient Loan Interaction

Before Application

Structured Questions and Answers

KEY: MFI - MicroFinance Institution MFR - MicroFinance Response

(1) Potential Client:What type of loans do you offer?MFI : Through the MFI loan program individuals, groups, sole proprietor ships and

registered companies can borrow for business development (inventory

expansion, new product development, etc) , education, health care and certain

emergencies.

(2) Potential Client: What is the maximum amount I can borrow?

MFI: You can borrow amounts as low as J$10,000 to a maximum of J$2.5m (or the

equivalent in USD).

(3) Potential Client: How long is the period of the loan?

MFI: Loans are short term in nature - 2 weeks to a maximum of 2 years.

(4) Potential Client: Will I need to provide collateral for the loan?

MFI: It depends on the nature of the loan.

(5) Potential Client: What kind of collateral do you accept?

MFI: Motor Vehicles up to 10 years old, Real Estate, Insurance Policies, Bank

Investments, machinery, household appliances, computer equipment.

(6) Potential Client:What is the rate of interest charged?MFI: Depending on the nature and period of the loan, interest rates can vary from

- 14% to 60% and USD - 7% to 15% on the reducing balance.

(7) Potential Client: How long will it take to approve the loan?

MFI: It depends on the kind of loan but the period ranges from 1 to 2 weeks.

(8) Potential Client: What form of documentation will I need to complete loan?

MFI: You will need copy of a valid ID, proof of residence, job letter, 3 months pay

slips, copies of bank statement (last 6 months), 2 references.

(9) Potential Client: Am I required to pay an upfront fee for getting the loan?

MFI: Some MFIs will charge no fees but others will may charge anywhere from %

up to as high as 3%.

(10) Potential Client: Are there any other charges I will need to pay?

MFI: It depends on the nature of the loan and the security documentation required.


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Structured Questions & Answers - Secondary

Potential Client:How do I get started?MFI:You can start the process immediately by filling out the Inquiry Form!

Potential Client:Do I need a Checking or Savings Account to qualify for a loan?MFI:No. You can repay loans using cash or Mobile Credit.

Potential Client:Do you check my credit?MFI:Your Loans Officer may run a credit check or ask for credit references.

Potential Client:Can I pay off the loan at any time?

MFI:Yes.

Free form Questions

Potential Client: I am interested in a loan.

MFR: How much and what is the purpose of the loan?Potential Client- $10,000. I need to buy a sewing machine for my business.Potential Client: $5m. I need to purchase a house.MFR: Is your business registered or are you a sole proprietor?MFR: We offer loans up to a maximum of J$2.5m.MFR contd: We offer loans only for: Refer to Q/A One.Potential Client: Sole proprietor.MFR: You will first need to fill out an application form.

MFR:contd: The application form is available at ______ .

MFR:contd: If you have difficulties completing contact ______ .

Potential Client: Do you need security?

MFR: Yes, you can use the assets here as security.MFR: Is there anything else we can help with today? (Standard after all

exchanges)Potential Client: No.Potential Client: Yes.MFR: Have a great day!

MFR: Please select from our menu and wait for your response.Potential Client: I do not have all the documentation that is required to apply for the loan.

Can I still go ahead?MFR: All the documentation listed will be required by the MFI.MFR: Only in special circumstances will the loans officer grant a waiver.

Potential Client: Will my loan officer accept copies of the documents required?MFR: The loans officer will need to see originals of all documentation. He or she

will make or take copies and return the originals.

Potential Client: Do you lend money?MFR: Yes, we do lend money. We lend from J$10,000 to a maximum of

J$2.5m. Refer to Q/A Two.

MFR contd: The loan has to be secured by the assets (Refer to Q/A Five) & can be

used for (Refer Q/A One).
http://www.online-micro-loans.com/Default.aspxhttp://www.online-micro-loans.com/Default.aspxhttp://www.online-micro-loans.com/Default.aspx


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Potential Client: What is the rate of interest?MFR: Interest rates can vary from J$ - 14% to 60%p.a. (Reducing Balance).

Refer to Q/A Six.

Potential Client: Can I get a lower rate?MFR: The rate is fixed at XXX%p.a. on loans.

Potential Client: How long do I have to repay?MFR: You repay p and I monthly.MFR contd: The repayment period ranges from 2 weeks to 2 yrs.

Potential Client: Can you help me restructure an existing debt?

MFR: Under certain circumstances, you can borrow to restructure an existingdebt.

MFR: For example, if refinancing would free cash flow to promote growth or add

employees, your Loans Officer may consider a loan.

Potential Client: I am part of a group set up to invest in an agricultural project. Will you

consider lending?

MFR: Yes, some MFIs will lend to groups.

MFR: Each member of the group will co-sign on the loan.

Potential Client: What is an MFI?MFR: We are a lending company. You can borrow funds from J$10,000 to

J$2.5m.

MFR:cont: Refer to Q/A for more details.

Potential Client: Can I borrow in US$?MFR: It depends on whether or not you earn USD.

MFR contd: If you do not earn USD, the loan will be denominated in J$.

MFR: Refer to Q/A for more details.

Potential Client: I need a loan but I have no security/collateral.

MFR: Collateral is required depending on the nature and tenure of the loan.

MFR:cont: The assets that can be used as security are (Refer to Q/A Five).


Potential Client: I need a loan but only have a car that is 15 years old.

MFR: Collateral is required depending on the nature and tenure of the loan.MFR contd: Typically motor vehicles should not be more than 10 years old.MFR contd: The assets that can be used as security are (Refer to Q/A Five).MFR: Refer to Q/A for more details.

Potential Client: I have collateral but not in my name.

MFR: Collateral is required depending on the nature and tenure of the loan.MFR:cont: The assets that can be used as security are (Refer to Q/A Five).MFR: Refer to Q/A for more details.


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Potential Client: Can I borrow jointly?

MFR: Yes you are allowed to use a co-signer.

MFR: The MFI will need full details on the co-signer.

MFR: The co-signer will need to sign loan documentation with you.

Potential Client: I do not have any of the collateral listed. Can I have someone guarantee

my loan?

MFR: Under certain circumstances guarantors are acceptable to secure a loan.

Potential Client: Who can I use as a Guarantor?

MFR: You can used any employed person.

MFR: They should been employed for the last 3 years.

MFR contd: And be able to show they can pay your loan should you default.

Potential Client: What will the Guarantor need to provide?

MFR: 3 months payslips, 6 months bank statements, Acceptable form of ID.

Potential Client: Will my guarantor need to accompany me to see Loans Officer?

MFR: Yes, your guarantor will need to accompany at the request of your Loans

officer.

Potential Client: My guarantor works and cant leave in the days.

MFR: Your guarantor will need to sign in person.

MFR: Please explain to guarantor and give enough notice for appointment to

visit Loans Officer.

Potential Client: Can I use my mother as Guarantor?

MFR: Family members are typically not allowed.

MFR: Your Loans Officer will require an independent person to act as

Guarantor.

Future Support

Potential Client: I was told I can borrow J$50,000 from your company. What would my

monthly payment be?

MFR: To work out your monthly payment, use our loan calculator here.

MFR: It tells you your monthly payment and breaks it down into principal and

interest.

Potential Client: What if its difficult to use?

MFR: Its very easy to use.

MFR: Just go to the screen input the J$50,000 and press calculate.

MFR: If you have any difficulties contact your nearest MFI.


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Potential Client: At what point will I be required to pay the fee charged for getting the loan?

MFR: When the loan is approved.

Potential Client: Can you deduct from the loan amount?

MFR: Yes, the fee can be taken from the loan before disbursement.

Potential Client: What if after the loan is approved, I change my mind. Will I get back the

upfront fee I have paid?

MFR: We will retain/collect XXXX for processing the loan.

MFR:cont: The fee of YYYYY charged for establishing the loan will not be applicable.

Potential Client: I just registered my company. Can I still get a loan?

MFR: Businesses typically need to be registered for at least 6 months.

MFR: MFIs however have very flexible loan plans.


Potential Client: I want to apply for a loan, what documentation do I need?

MFR: You will need to complete a loan application.

MFR: We need copy of a valid ID, proof of residence, etc. (Refer to Q/A Eight).

MFR: Go here for full list.

Potential Client: Where can I get the application form?

MFR: The form can be picked at any MFI.

Potential Client: What should I do once the form is completed?

MFR: Drop off at your nearest MFI.MFR contd: Bring other documentation required also.

Potential Client: Who can I use as Reference?

MFR: You may use an Attorney, Pastor, Bank Manager, Professional, JP.

Potential Client: I am only interested in a PAYDAY LOAN. How does that work?MFR: A Payday Loan is a short-term loan until your next payday.MFR: When the loan is due, you may:

MFR contd: Pay the interest to extend the loan until your next payday

MFR contd: Pay the loan in full. It's always your choice

Potential Client: I am interested in a MV Loan. How does that work?MFR: With a MV loan, a lien is placed on your vehicle and you continue to

drive it.

MFR: MV loans are available for 30 days up to a maximum of 2 years.

Potential Client: What do I need to qualify for a payday loan?MFR: You must have an open and active Checking or Savings Account

(preferably with Direct Deposit).


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MFR: You must be 18 years of age, have a steady verifiable income, and

have a current permanent residence.

Potential Client: What do I need to qualify for a Online Micro Loans Title Loan?MFR: You must own a Paid Off Vehicle with a Clear Title, be 18 years of

age, have a steady verifiable income, and have a current permanent

residence.

Potential Client: Do I need a Checking or Savings Account for a payday loan?MFR: Yes. You need a Checking or Savings Account, preferably with Direct

Deposit.

Potential Client: How fast can I get the payday loan money?MFR: Applications can be approved and processed within an hour to a few

days.MFR: Once approved, the loan proceeds will be deposited directly into your

checking account and the funds will be available on the next bank

business day.

Potential Client: How fast can I get the MV loan money?MFR: Applications can be approved and processed within a few hours to a

few days.

MFR: Once approved, the loan proceeds will be deposited directly into your

checking account and the funds will be available on the next bank

business day.

Potential Client: How much money can I borrow for a payday loan?MFR: The loan amount is based upon your monthly income and your

stability at your job and residence.

MFR:

After completing your application you will be told instantly online howmuch you are approved for.

Potential Client: How much money can I borrow for a MV loan?MFR: The MV loan amount is based upon the value of your vehicle and

your monthly income.

Potential Client: Where can I find an MFI?

MFR: See list (Refer to Q/A) of all participating locations.

Potential Client: Do I have to use the one nearest to me?

MFR: No. You may choose any MFI you prefer.


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Client Loan InteractionDuring Approval

Free Form Questions

Client: I made an application for a loan but have not heard anything/not gotten aresponse.

MFR: Please type in your ref # (depending on interface, this resp could be eliminated).

MFR: Your application is possibly still being processed.MFR contd: Give your MFI a call now check back with them in a couple days.MFR: Is there anything else we can help with today? (Standard after all exchanges).Client: No.Client: Yes.MFR: Have a great day!MFR: Please select from our menu and wait for your response.

Client:- I have been approved for a loan but have not received the funds.

MFR: Have you submitted all docs required?Client: NoClient: YesMFR: All docs must be submitted before disbursement.MFR contd: Take docs to MFI asap.MFR contd: If you are having trouble with form, contact your MFI for help.

Client: Will I receive funds once I have submitted docs?

MFR: Yes, providing all other requirements are met.

Client: I have submitted a loan application but my loans officer is very slow.

MFR: Please call your MFI for an update.

Client: I have done that already but im not getting anywhere.

MFR: Have you spoken to a Supervisor or the Manager of the MFI?

Client: Yes

Client: No

MFR: You should try another MFI in your area.

MFR: Ask a Supervisor or Manager to help.

Client: I made an application for a loan but now realise that I need more cash.

MFR: Has the loan been approved?

Client: Yes

Client: No

MFR: Speak to your MFI just the same, they may be able to adjust loan.

MFR: Your loan is being processed. Its not too late to make changes.

Client: I made an application for a loan but now realise that I need less cash.MFR: Has the loan been approved?Client: Yes


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Client: NoMFR: Speak to your MFI just the same, they may be able to adjust loan.


Client: I made an application for a loan but now need to change the security offered.

MFR: Has the loan been approved?Client:

Yes

Client: NoMFR: Speak to your MFI just the same, they may be able to adjust loan.


Client: I made an application for a loan but need a longer time to repay.MFR: Has the loan been approved?Client: YesClient: NoMFR: Speak to your MFI just the same, they may be able to adjust loan.


Client: I made an application for a loan but my co-signer has changed his mind.MFR: Has the loan been approved?Client: YesClient: NoMFR: Speak to your MFI just the same, they may be able to adjust loan.


Client: I made an application for a loan but my Guarantor has changed his mind.MFR: You will need a new Guarantor or provide other acceptable security.MFR: Has the loan been approved?Client: YesClient: NoMFR: Speak to your MFI just the same, they may be able to adjust loan.


Client: I made an application for a loan but one of my References has changed hiSmind.

MFR: You will need a new Referee.

MFR: Has the loan been approved?

Client: YesClient: NoMFR: Speak to your MFI just the same, they may be able to adjust loan.


Client: I made an application for a loan as part of a group but some members havechanged their minds and want out.

MFR: Has the loan been approved?Client: YesClient: NoMFR: Speak to your MFI just the same, they may be able to adjust loan.



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Client: I made an application for a loan but I am not happy with the terms offered.MFR: Has the loan been approved?Client: YesClient: NoMFR: Speak to your MFI just the same, they may be able to adjust loan.


Client: I applied for a loan when can I sign the documents?MFR: Have you received a formal approval from MFI?Client: YesClient: NoMFR: Contact your MFI, they will tell you when the docs are ready.MFR: The loan is not yet approved.MFR contd: Contact your MFI for an update.

Client: If I am late or default on my loan, will I need to tell my Guarantor?

MFR: Once your loan is at risk of default (2 months payments in arrears), your

Guarantor will be notified.

MFR: If you default on the loan (3 months payments in arrears), a formal demand is

also made on Guarantor.

Client: If I am late or default on my loan, will I need to tell my Co-signer?MFR: Your Co-signer receives all the notifications on the loan arrangement.MFR: Once your loan is at risk of default (2 months payments in arrears), your Co-

signer will be notified.

MFR: If you default on the loan (3 months payments in arrears), a formal demand is

also made on Co-signer.


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Client Loan InteractionDuring Approval - From MFI Perspective

Free Form Interaction

MFI: We have received documentation as required. Can you provide the originals?

Client:Yes I can provide originals. When can drop them off?

MFI: Please drop them off today/by ......................We will not be able to complete

application without them.

Client: I only have some originals. What do I do?

MFI: Drop off the originals you have then I will guide you once received.

MFI: We have received your job letter but it is not on a letterhead? Can you provide us with

a job letter on your companys letterhead?

Client:My supervisor requires a formal request from you?

MFI: OK. We have a standard request form. We can get it to you or to your supervisor byemail, fax or hand delivery. Or you can pick up.

Client:When can I come in?

MFI: Anytime. I will leave at the front desk!

MFI: I have a copy of the valuation for the asset you would like to use as security in hand

but your loan request is more than we are prepared to lend.

Client: What will you lend?

MFI: Only 70% of the value.

Client: I will need more money than that.

MFI:

You will need to provide more security to get the full amount.

Client:What else can I use?

MFI: Point to Q/A 5.

MFI: We have received your ID. It is the National Voters ID. Can you provide us with a copy

of your drivers licence or passport instead?

Client: I only have the Voters ID.

Client:OK...I can use my DL.

MFI: Ok...we will need you have have a copy of the Voters ID certified by a JP or Notary

Public. When can you have this done?

MFI: thank you. Please let us have a copy of the DL asap.

MFI: You are requesting a loan in USD but your earnings are in J$.Client:But the rate on the USD is lower.

MFI: Yes but bear in mind the exchange rate risk. We require that you earn USD to offset

that risk.

Client:Can I get a lower rate on the J$ loan then?

MFI: No...the rate is fixed.

MFI: Yes, we can consider reducing by XXXX points.


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MFI: We have recd you business loan application but based on the type of loan we need to

see audited financials for the last three years.

Client: I have never done an audit.

MFI: We will need the accounts certified by a professional account.

Client: How do I go about doing that and wont that cost me more money?

MFI: If your accountant is a qualified CPA, he can certify each page of the accounts you

have provided. Here is a list of pre-approved accountants who could assist.MFI contd:We are not asking for a full audit so the cost will be lower.

Client:How long will this take:

MFI: It all depends. The accountant will advise.

MFI: We have recd you business loan application but based on the type of loan we need tosee 3 to 5 years cashflow projections.

Client: I have never done cashflows.MFI: We will need the cashflows to determine your ability to service loan.Client:How do I go about doing that and wont that cost me more money? MFI: your accountant should be able to them. Alternately, Here is a list of pre-approved

accountants who could assist.MFI: Explain to the accountant what you are doing and ask for an affordable fee.Client:How long will this take:MFI: It all depends. The accountant will advise.MFI: We are processing your loan application but you have not provided a TRN.Client: I do not have a TRN number.MFI: You will need to apply for one.Client:How do I do that?MFI: Call your nearest tax office and ask for the requirements.

MFI: Your loan has been approved but you have not provided a payee.

Client:Can I get the loan in my name?

MFI: No, we will need to make the check directly to your supplier.Client:He does not have a checking account.

MFI: He can use a savings account or provide us with other payment information.

Client:Can I give you details?

MFI: No...I need instructions from supplier on letterhead and signed by the supplier.

MFI: Can you provide us with the original title for the MV being used as collateral?

Client: I do not have the original title.

MFI: Where is it?

Client: I took a loan from another bank and they have it.

MFI: Have you paid off the loan?

Client:Yes, I have.

Client:No.

MFI: Make request for the title to be returned to you.

MFI: You will need to pay off the balance on the loan first, then request the title.

MFI: We have completed the assessment of your loan application. When can you come in

and sign?

Client:Can I have someone pick up the docs?


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MFI: No...you are required to sign them in person.

Client: I am busy this week.

MFI: Make some time and give us a call when you can come in.

MFI: Your loan application is approved. When can you come in and pick up check?Client:Can I have someone pick up the check?MFI:

You are required to sign for the check. If you cant come in, please write a formalrequest for it to be delivered to someone else.

MFI: We have completed the assessment of your loan application. When can your guarantorcome in to sign?

Client:Can I or someone pick up the docs and take to Guarantor?MFI: No...the Guarantor is required to sign in person.Client:She is busy this week.MFI: Schedule a time with Guarantor and give us a call when they can make it.


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Client Loan InteractionAfter Approval

Free Form Questions

Client:How much is my monthly payment

MFR: Please type in your a/c # (depending on interface, this resp could be eliminated).

MFR: Your monthly payment amount is ________ .MFR: Is there anything else we can help with today? (Standard after all exchanges).Client: No.Client: Yes.MFR: Have a great day!MFR: Please select from our menu and wait for your response.

Client:Where do I make my loan payments?

MFR: At your home branch (once client puts in a/c # the system can tell) located at _.

MFR: Or any other branch locations.

Client:How many loan payments will I make?MFR: 36 monthly payments.

MFR: Refer to your loan approval letter for more details.

Client:Can you remind me of the rate charged on my loan?MFR: 15%p.a.

MFR: Refer to your loan approval for more information.

Client:Do you accept checks for payment?MFR: Yes!

Client:Can I pay with my personal check?MFR: Only certified checks are accepted.

Client: Can I pay my loan payments in cash?MFR: Yes, you can!

Client:What if I have more than the monthly payment, can I pay that amount?MFR: Yes! The interest outstanding will be paid first and the balance applied to your

principal.

MFR:No! We only accept the agreed monthly payment as per loan agreement.

(The system response here will depend on what the system allows).

Client: If I have less than monthly payment, can I pay just the same?MFR: Yes. The int outstanding will be paid first and the bal applied to your principal.

MFR: No. We only accept the agreed monthly payment as per loan agreement.

Client:What if I want to pay off loan before expiry date?MFR: Yes, you can!

MFR: Ask for full payout balance from your MFI.


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Client:Will my title you hold as security be released.MFR: Yes, once the loan is fully repaid.

Client: Is there a charge for paying off the loan early?MFR: Yes, there is an early payoff fee.MFR cont:There is a standard early payoff fee of ______ .MFR: Refer to your loan docs for more information.

MFR: There is no additional charge for early payment, full or partial.

Client:What if I need to borrow more funds?MFR: Yes, you can borrow more funds depending on current balance owed.

MFR: Discuss with your MFI the total credit available to you.

MFR: Also, explain why you need more funds.

MFR: If you are still paying your loan, no additional funds can be borrowed.

Client: What if I am unable to pay this months payment? MFR: Why do you feel you may not be able to make payment?Client: I have an emergency.Client: I have been laid off.MFR: Write to your MFI explaining situation.MFR: The MFI will need documentation as proof.MFR: Once they have received, they will contact to reschedule.Client: I need the money as Christmas is just around the corner.MFR: The MFI will need a better reason for non-payment.MFR: If unable to make any payment, always contact MFI

Client:What if I am having difficulties making payments? (Same as above)MFR: Speak to your MFI.MFR: If having difficulties meeting loan payments, always speak to your MFI.Client:Who do I speak to when I go to the MFI?MFR: Ask for a MFI loan representative.MFR: Loan reps are available at your MFI to serve your needs.

Client: When I make my payment, will I get a receipt?MFR: Yes.MFR contd:A receipt is always issued after payment is made.MFR: Please file in your personal records for future reference.

Client: I made my payment and did not get a receipt, what should I do?

MFR: Are you absolutely sure you made a payment?

Client:Yes.

MFR: Do you recall the name of the MFI loan representative.

Client:No

Client:YesMFR: Call your MFI. Ask for a Supervisor.

MFR:cont: A receipt is issued after payment is made.

MFR: Ask for the loan rep you dealt with.

MFR contd:If he or she cannot help, discuss with Mngr.

Client: I am working the monthly payment but cant get the figure you have given me.

MFR: Your monthly payment is ____________ .


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MFR:cont: It is calculated using the reducing balance method.

MFR: Ask your loan rep to explain calculation.

Future Support

Client: I need to pay off my loan balance, what should I do?

MFR: What is your account #/ Type in your account #. Press enter.Client:OK

MFR: Your loan balance is .

Client:What position is principal and what is interest?

MFR: Your loan principal balance is______, Interest is_______.

Client:OK

Client:That is not correct.

MFR: You can pay off balance by cash or certified check.

MFR: Ask your loan rep, they will clarify.

Client: I keep calling my loan rep but no response, what should I do?

MFR: Whats the name of your MFI?

MFR: Here are the contact details for our MFI.

Client:OK

Client:The phone numbers do not work.

MFR: Keep trying. Try another number.

MFR: If you cant speak to loan rep by phone, pay him/her a visit.

Client: Did not make my last monthly payment, what should I do?

MFR: Make payment asap.

MFR: If you fail or cant make monthly payment, speak to loan rep asap.

Client: I have not paid for 3 months now, what should I do?

MFR: Speak to you your MFI asap.

MFR: Your loan is at risk of default.

Client:What does that mean?

MFR: The MFI makes a demand for full payment now.

MFR: If you fail or cant make monthly payment, speak to loan rep asap.Client:What can I do?MFR: Make whatever payment you can asap.MFR: Discuss with your MFI options to help.Client: A friend of mine needs a loan, what should he do?MFR:

He or she will need to complete an application.

Client:Where can they get the application?MFR: Ask your friend to call an MFI.MFR: You can download application form here............MFR: For more information, speak with a loan rep.

Client: I paid the wrong amount, what should I do?

MFR: Do you know what the correct amount is?

Client:Yes


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Client: No

MFR: If less, make additional payment asap.

MFR:cont: be sure to tell loan rep the reason for making payment.

MFR: If more, indicate to your MFI asap.

MFR contd:Keep receipt for the payment as evidence.

MFR: Refer to your loan approval for correct payment.

MFR: If less................................................If more....................

Client: I get paid on the 25th, but my monthly payment is on the 30th?

MFR: Take your payslip in to your MFI.

MFR: Discuss with your loan rep. Make formal request for change.Client:What if they do not change?MFR: Your MFI will do best to make payments as easy as possible.

Client: I made my payment last month but I have received a letter saying I still owe:MFR: Do you have the receipt for the payment?Client:YesClient:NoMFR: Take the receipt to your MFI.MFR: Discuss with your loan rep or speak to a mgnr at your MFI.

Client: I think my interest rate is too high, how do I get a lower rate?MFR: The interest rate is fixed.MFR: Discuss with your loan rep, they are there to serve your needs.

Client: I am moving, how can I continue to make my payments?MFR: You will need to write formally to your MFI. The letter must be signed by you.MFR: You will need to provide details of new address.Client: Is there anything else I should do? Speak to your MFI.MFR:

Discuss with your loan rep.

Client: I am not sure an MFI is located near my new address.

MFR: Here is a listing of all MFIs.

MFR: Discuss further with your current MFI.

Client: I am migrating, what should I do?MFR: You will need to write formally to your MFI. The letter must be signed by you.MFR: They will have a form form you to add new details.Client: Will I have to pay off the loan bal?MFR: No, as long as you continue to pay, no problem.Client:How will I get payment to Jamaica?MFR: Make arrangement with family/friend.MFR:cont: Make arrangement with MFI.MFR: Be sure to discuss further with your loan rep.

Client:Someone else will make my loan payments, how should I arrange?MFR: You will need to write formally to your MFI. The letter must be signed by you.Client: Is there anything else I will need to do?MFR: You may need to complete form for additional information.Client:Where do I get this form?MFR: Speak to your MFI.


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Client:How do I calculate my monthly payment?MFR: Your monthly payment is calculated at X%p.a. using the reducing bal each mth.Client: Is there a way I can calculate it myself?

MFR: There are a number of amortization calculators on the web.

MFR: An option is to discuss with your loan rep. He or she will explain.

Future Support

Client:How much interest do I pay monthly?MFR: Your monthly interest payment is shown in the schedule below.MFR: If you have any concerns, speak to your loan rep, they are there to serve you.

Client:How much principal do I pay monthly?MFR: Your monthly principal payment is shown in the schedule below:MFR: If you have any concerns, discuss with your loan rep.

Client:How much will I have paid at the end of the loan?MFR: The total principal and interest paid at the end of the loan is ____________.MFR: If you have any concerns, discuss with your loan rep.

Client:Do you provide reminders before payments?MFR: Yes! Reminders are sent on the 10 days prior to payment.MFR: If you are not receiving reminders speak to your MFI.

Client: I did not get a reminder last time, what happened?MFR: The system may have encountered a problem.MFR:cont: Or your phone may have been down.MFR: Did you make payment?Client: YesClient: NoMFR: Great! We will ensure reminder is sent next time.MFR: Please make payment asap.MFR: Speak to your MFI. Explain reason for late payment.MFR: Discuss with your loan rep, they are there to serve you.

Future Support

Client: What is my loan balance?MFR: Your loan balance is _____________.MFR:

Ask your loan rep to explain, they are there to serve you.

Client: Can I get a schedule of my payments?

MFR: Yes.

MFR: What is your account number?

Client: XXXXXXXX

Client: I do not remember.

MFR: Your loan schedule is shown below.

MFR: Ask your loan rep, they are there to serve you.


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Client:Can I change my monthly loan payment?

MFR: Yes, you will need to make formal request to your MFI.MFR: No, the monthly payment is fixed for the term of the loan.Client: But I am having trouble making payment.Client: I need to pay off my loan quicker.MFR: Discuss with your MFI.

Client: Can I change my loan payment interval?MFR: No, the loan payment interval is fixed.MFR: Speak to your MFI. They can change to a more suitable interval.MFR: Be sure to explain why you need the change and how it will make payment easier.

Client:The merchant says they have not received your disbursement.MFR: Have your loan been approved?Client: YesClient:NoMFR: Speak to your MFI. Explain that disbursement has not been receivedMFR: Your loan has to be approved first.MFR contd: Check with your MFI on status of the loan.

Client: The goods I got from the merchant are defective, what should I do?MFR: Take back the goods and your receipt to the merchant.MFR contd:Show that the goods are defective and ask for a replacement.Client: What if they do not replace?MFR: File report with the FTC.MFR:cont: Also bring to the attn of MFI.MFR:cont: They will do whatever they can to have merchant rectify.

Client: I do not want the goods offered anymore and need to exchange for cash.MFR: Did you keep transaction receipt?Client:YesClient:NoMFR: Speak to your MFI.MFR: You will need evidence of the transaction.

Client: I did not like the service I received and want my money back.MFR: It is not likely to return goods for bad service.MFR: Speak to your MFI.

Client: I went to collect goods from merchant but they would not give to me.

MFR: Was your loan approved?Client:YesClient: I am not sure.MFR: Be sure to have your ID with you and any other d/ment from MFI.MFR: Do you have an account number?

Client:No

Client:Yes

MFR: Speak to your MFI, loan may not be approved yet.

MFR: Be sure to have your ID with you and any other d/ment from MFI.


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Future Support

Client Can I get a statement of my account?MFR: YesMFR:cont: A statement of your account is shown below.Client:Thanks!

Client:The balance seems incorrect.MFR: You are welcome!MFR: Take in all your payment receipts to your MFI.MFR contd:Your MFI will reconcile and give you your correct balance.

Client:My payment for this month will be late.MFR: If the payment is later than five days after due date, there is a penalty charge.Client:What is the charge?MFR:The standard charge is an additional 5% on the amount due.

Future Support

Client:What is that in dollar amount?MFR: What is your exact monthly payment?Client:XXXXXMFR: The charge is ..............Client:Can it be waived?MFR: No, unfortunately!

Client:My payment for last month was late....I see a charge of XXXXX for late payment fee.MFR: Yes, if you are late there is a standard late payment fee.Client:How does this work?MFR: If the payment is later than five days after due date, there is a penalty charge.

Client:What is the charge?MFR: The standard charge is an additional 5% on the amount due.Client:What is that in dollar amount?MFR: What is your exact monthly payment?Client:XXXXXMFR: The charge is ..............Client:Can it be waived?MFR: No, unfortunately!

Client: I have just received notification of 1st warning saying my debt is at risk of default.MFR: Your loan is more than likely 2 months past due.Client:What should I do, I am unable to pay.

Client: I just forgot to pay.Client: I made the payments and have my receipts.MFR: If you are having trouble paying, you should write formally to MFI.MFR:cont: Be sure to state the reasons.MFR: If forgotten to pay, simply make payments asap.MFR: Take the receipts in to your MFI asap.Client:And I wont have to make payments?MFR: No, your MFI may be able to restructure your loan.

MFR: Write to them asap and make appointment to discuss.


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Client: I have just received notification of 2nd warning saying my debt is at risk of default.MFR: Your loan is more than likely over 2 months past due.Client:What should I do, I am unable to pay.Client: I forgot to make payments.Client: I made the payments and have my receipts.

MFR: If you are having trouble paying, you should write formally to MFI.

MFR:cont: Be sure to state the reasons.MFR: If forgotten to pay, simply make payments asap.MFR: Take the receipts in to your MFI asap.

Client:And I wont have to make payments?MFR: No, your MFI may be able to restructure your loan.MFR: Write to them asap and make appointment to discuss.

Client: I have just received notification of default and demand for full payment.MFR: Your loan is more than likely over 3mths past due.Client:What should I do, I am unable to pay.Client: I forgot to make payments.Client: I made the payments and have my receipts.

MFR: If you are having trouble paying, you should write formally to MFI.MFR:cont: Be sure to state the reasons.MFR: If forgotten to pay, simply make payments asap.MFR: Take the receipts in to your MFI asap.Client:And I wont have to make payments?MFR: No, your MFI may be able to restructure your loan.MFR: Write to them asap and make appointment to discuss.

Client: I have not been getting monthly statements as promised. What should I do?MFR: If you have changed your address, you are required to formally write to MFI.

Client: OKClient: I have not changed my address.

MFR: If address still the same, you should receive statement.

MFR:cont: Write or call MFI about non-receipt.MFR: Your balance is shown below but contact MFI asap.


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SAMPLE FORMS TO COLLECT INFORMATION FROM INDIVIDUALS & BUSINESSES

INDIVIDUAL INQUIRY FORM

PERSONAL INFORMATION

First Name ______________________ MI _________________ Last Name _____________

Email __________________________ Home Phone ________ Mobile Phone ___________

Address ___________________________________________________________________

Time at this address? _______ Yrs _______Mths. Date of Birth: _____/_____/______

EMPLOYMENT INFORMATION

Name of Employer ___________________________________________________________

Address ___________________________________________________________________

Job Title ____________________ Work Phone ______________ Source of Income ____

How do you get paid? Cheque from your employer (you deposit to Chequing A/c)

Cheque from your employer (you deposit to Savings A/c)

Electronic deposit into Chequing A/c

Electronic deposit into Savings A/c

Net Payment After Tax: __________________ Pay Frequency ___________________

BANKING INFORMATION

Reference Name _______________________ Work # ___________ Relationship _____

Reference Name _______________________ Work # ___________ Relationship _____

Bank Name ________________________________ How long with the bank? _____

Routing # ______________________________ Chequing A/c # _____________________


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BUSINESS INQUIRY FORM

Name: ___________________________________________________________________

Company name: ___________________________________________________________

Business Street Address: ____________________________________________________

City/Country: ______________________________________________________________

Business phone number: ____________________________________________________

Email address: ____________________________________________________________

Business Web site: _______________________________________ If none, type "none."

Please describe your product or service: ________________________________________

________________________________________________________________________

Loan request amount: $ _____________________________________________________

Have you filed the relevant tax returns covering the past 12 months for the business forwhich you are applying for a loan?:

Yes

No

If you answered "yes" to the previous question, how much revenue did you report in that taxfiling? :$ _________________________________________________________________If you did not file a tax return covering the last 12 months, type "NA." If you did file a return,but reported no revenue, type "0" (zero)

If you answered "yes" to the previous question, how much profit did you report in that taxfiling? : $ _________________________________________________________________If you did not file a tax return covering the last 12 months, type "NA." If you did file a return,but reported no profit, type "0" (zero)What is your projected current-year revenue?: $ __________________________________Please base this answer on your actual business income so far this year. For example, if youhave three months of revenue, multiply that amount times four to get a 12-month revenuefigure. If you have seven months of revenue, divide that amount by seven to get a monthlyaverage, then multiply that sum by 12 to get the 12-month revenue figure.

What is your projected current-year profit?: $ ____________________________________


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Please base this answer on your actual business profit so far this year. For example, if youhave three months of profit, multiply that amount times four to get a 12-month revenuefigure. If you have seven months of profit, divide that amount by seven to get a monthlyaverage, then multiply that sum by 12 to get the 12-month profit figure.

How many years have you owned this business?: ________________________________What is the purpose of the loan?:

________________________________________________________________________________________________________________________________________________

Has this request been turned down by other financing sources? (if yes, check all that apply):

No

Bank

Other lender

Please specify where you previously sought funding for this request:

________________________________________________________________________If none, type "none." If your request has been turned down previously, please name the loanofficer and the bank or institution where you applied for a loan.

To proceed, we will need to contact that loan officer. Do we have your permission to contacthim/her? :

Yes

No

I haven't been turned down

What is his/her phone number and/or email address?: ____________________________________________________________________________________________________

If you haven't been turned down, type "none."Are you currently delinquent on any personal or business loan?:

Yes

NoIf you answered "yes" to the previous question, please explain : _____________________

________________________________________________________________________________________________________________________________________________

If you answered "no," type "none."If your business failed, how would you plan to repay the debt? (check all that apply):

Business real estate

Business equipment/machinery

Business account receivables

Personal real estate/asset (e.g. home or car)

Personal income (job)


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Other

If you answered "other" to the previous question, please explain:________________________________________________________________________________________________________________________________________________If your answer was something different than "other," type "NA."

Are you working with a business advisor with whom we could talk about this loan?:

Yes

No

If you answered "yes" to the previous question, what is his/her phone number and/or emailaddress?: _______________________________________________________________If you answered "no," type "none."

Documents

Micro Finance - Predictive Client Interaction