Yes, you do have to open an account at the credit union before applying for a loan. You do not have to wait before submitting an application, however. You can become a member and apply for a loan on the same day.

Specific requirements vary by type of loan. In general, for unsecured loans you should fill out an application. Be sure to bring in one month of recent pay stubs, or any other letters or proofs of income that you receive. If you’re self-employed, some record of your income and expenses–such as bank statements, cancelled checks, receipts, or a daily ledger–will be required. You should also bring two recent rent receipts or your lease. If you are not on the lease and/or share the rent, we will ask you to bring in a notarized letter from the leaseholder describing the rent you pay. Finally, there are modest application fees.

An appointment is not necessary. You can drop off your application at a branch at any time. You may mail or fax it in, but you will need to be available for a loan interview either on the phone or in a branch office, and you will need to come in if the loan is approved.

Consumer loans usually take about one week once all the documentation is complete. The business and mortgage loan application is more involved, and thus will require up to 3 weeks for a response. In every case, we will work hard to get an answer for you as quickly as possible.

Yes. When we process your application we will look at your situation as a whole and try to determine what the best options are for you. We approve over 75% of loan applications, either for the amount requested or for a lower amount.

We won’t be able to tell you until we have processed your application. Most of the time, members who are borrowing for the first time, members who have limited income, or members with limited credit history generally should think of possible cosigners, since a co-signer will strengthen a loan application.

A secured loan is a loan that is secured by the money in your savings account. These types of loans are for those members trying to establish or reestablish credit. Click here for more information on how to build credit using secured loans.