One of the most important benefits of membership in the Lion's Share Federal Credit Union is having access to affordable credit services. Your Credit Union is committed to meet its members’ needs with credit programs that include real estate, vehicle, stock, and savings secured loans as well as unsecured signature, checkline, and credit card loans.
A commonly asked question is "What does it take to qualify for a loan with the Credit Union?" There are a number of factors that are evaluated in each credit application. No factor is looked at by itself so if you think that you do not qualify based on a single element, please email or call a Loan Officer to ask a specific question.
AFFORDABILITY
The ability to repay current and proposed debts is critical in a decision to extend credit. This ability to repay is determined by obtaining an application that the member submits and verifying the income of the applicant. Verification can come from a recent pay check stub, current tax return, or calling a member’s payroll office to verify stated income on the application. Additional income such as child support, overtime, and part-time income can always be used to qualify, but it must be steady and verifiable. Total debts must also be determined. Obtaining a credit report from a consumer-reporting agency does this. Once total debt and income is determined, a ratio of debt payments to income received is calculated to determine the percentage of debt that is taken from your monthly income. The amount of income left each month is also analyzed to determine if normal monthly expenses can be met. It is critical that the Credit Union not place any unnecessary burden on a member.
WILLINGNESS TO PAY
The willingness of a member to repay the Credit Union is observed by past and current performance on loans with the Credit Union as well as other credit obligations. If a member applies for a loan but has never had credit before, the Credit Union will try to help that member establish credit with a small loan that can grow with time and good payment history. A credit report that reflects delinquent payments, judgments, or unpaid collections or bankruptcy may hinder a member’s application from being approved. The availability of payroll deduction does not lessen the importance of good credit history. Payroll deduction is a fast, convenient means of repayment, but it does not guarantee loan approval.
Apply on line or contact one of our Loan Officers, if you have any questions about how to qualify for a loan. You must be a Member of Lion's Share Federal Credit Union for our loan department to be able to pull your credit history.
