topic Re: Credit Union Loan Approval Process in Personal Finance

Credit Union Loan Approval Process

Repairman — Sun, 17 Mar 2019 23:34:22 GMT

Hello all, I'm new to the loan application process and plan on applying for a $30,000 loan from my credit union to use toward paying off higher interest credit card debt. I'm assuming a credit union would do a HP for the loan application, correct? Also, what if I apply for say $30,000 and they only approve something like $5000? A very low loan amount approval won't help me much, so I probably would not want it, but if a scenario like that did happen, would I have wasted a hard pull to only get approved for that low amount which I won't even use?

Re: Credit Union Loan Approval Process

Anonymous — Sun, 17 Mar 2019 23:49:16 GMT

@Repairman wrote:
Hello all, I'm new to the loan application process and plan on applying for a $30,000 loan from my credit union to use toward paying off higher interest credit card debt. I'm assuming a credit union would do a HP for the loan application, correct? Also, what if I apply for say $30,000 and they only approve something like $5000? A very low loan amount approval won't help me much, so I probably would not want it, but if a scenario like that did happen, would I have wasted a hard pull to only get approved for that low amount which I won't even use?

Yes and Yes.

Re: Credit Union Loan Approval Process

CreditInspired — Mon, 18 Mar 2019 02:44:29 GMT

Definitely a HP.

You didn’t ask but I suggest going into your CU and talk to branch manager about what you want to do. That’s what I did @ NFCU and realized the CLOC worked better in my situation. Also, if you told us your DPs, we may be able to give you an idea if a $30K loan is doable. Also, the max unsecured loan may only be $25K.

Just my 2cents

Re: Credit Union Loan Approval Process

Repairman — Tue, 19 Mar 2019 02:17:12 GMT

@CreditInspired wrote:
Definitely a HP.

You didn’t ask but I suggest going into your CU and talk to branch manager about what you want to do. That’s what I did @ NFCU and realized the CLOC worked better in my situation. Also, if you told us your DPs, we may be able to give you an idea if a $30K loan is doable. Also, the max unsecured loan may only be $25K.

Just my 2cents

Thanks for the advice. I didn't even think about going in person. Maybe I will do just that. Do credit unions generally consider the length of membership and positive activity (funds going into) your CU account(s) when making their decisions for loans?

Re: Credit Union Loan Approval Process

Revelate — Tue, 19 Mar 2019 07:04:00 GMT

@Repairman wrote:
@CreditInspired wrote:
Definitely a HP.

You didn’t ask but I suggest going into your CU and talk to branch manager about what you want to do. That’s what I did @ NFCU and realized the CLOC worked better in my situation. Also, if you told us your DPs, we may be able to give you an idea if a $30K loan is doable. Also, the max unsecured loan may only be $25K.

Just my 2cents

Thanks for the advice. I didn't even think about going in person. Maybe I will do just that. Do credit unions generally consider the length of membership and positive activity (funds going into) your CU account(s) when making their decisions for loans?

I think generally every FI does these days but CU's almost assuredly.