Benefits of getting loans near me from Money FCU.
There are many benefits to working with a local federal credit union loan officer. Read, the Advantages of Working with a Local Syracuse Credit Union Vs. a Bank. Let’s talk about some specific advantages that come with getting credit union loans from Money FCU.
One advantage we offer members is to skip a loan payment in a hardship crisis, or just when you need a little extra cash. Many people experience times of financial troubles from time to time, and we understand that. Secondly, our car loans offer optional gap coverage. Gap coverage is insurance for a stolen or destroyed vehicle. Gap coverage satisfies the difference between the insurance company settlement and the amount owed on the loan. Finally, Money FCU offers Credit Life and Disability Insurance. When applying for a loan with Money FCU, you’ll have the option to add insurance to cover loan payments when you cannot make them. Life insurance on a loan ensures your loved ones don’t take on your debt after you pass. If it’s a joint loan or there’s a co-borrower, life insurance actually covers both parties.
What do I need to apply for credit union loans?
Applying for credit union loans is relatively simple and takes approximately 10 to 15 minutes. You must be at least 18 years old to qualify.
For new members, you will be asked to provide a valid photo ID (driver’s license, passport, or military ID) and proof of income (paystub, benefits statement, etc.) If you’re self-employed, we ask that you provide last year’s tax return. You will also need to provide proof of residence if your ID does not have your current address (utility bill, bank statement, etc.) If you’re applying with a consigner, please be sure to have this information available for both parties.
How do I apply for credit union loans?
The application process is simple. You can apply online at any time. Complete the loan application indicating what type of loan you’re looking for and the loan amount you’re looking to borrow. Then, select the length of the loan and provide the necessary documents listed above. Existing members can apply within online banking or our mobile app.
That’s it. The loan application then goes into processing. Typically, we have most loans approved and the funds available within 1 business day once we receive all the necessary documents. Mortgages and home equities have a longer processing time.
How long does it take for loan approval?
Typically the loan process and approval are completed within one business day to 72 hours. You may come into the downtown Syracuse branch or apply online. To ensure the quickest possible turnaround time, please be sure to provide all the necessary paperwork to your lender when submitting your loan application. Having that information ready in advance helps to avoid unnecessary delays.