Thinking about applying for a loan with us? This Q&A guide will walk you through everything you need to know, from membership requirements to the loan approval process.
In order to be eligible for a loan at SHFCU, you must live, work, worship, attend school, or volunteer in the towns of Amherst and Tonawanda. Membership is also open to immediate family members of current members. You can become a member by opening a share account with a minimum deposit of $5 when your loan is finalized.
SHFCU offers a variety of loan options, including auto loans, home equity lines of credit (HELOCs), share secured loans, and signature loans. You can find more details about these options on the SHFCU website www.sweethomefcu.org.
Applying for a Loan
Yes, applying for a loan can cause a temporary dip in your credit score because a hard inquiry is made to assess your credit history.
There are no application fees at SHFCU at this time.
HELOC loans will not incur closing costs if you keep the line open with a balance for three or more years. If the line is closed or paid off prior to a three year period, borrowers are required to repay the closing costs.
Having a good credit score, a steady income, and a low debt-to-income ratio will all improve your chances of loan approval (hint: check out the article in this issue about improving your credit score!)
SHFCU’s online application process is designed to be hassle-free. You will need to provide income verification during the application process, such as your most recent pay stubs, social security statement, or pension statement.
It is possible to get a loan with less-than-stellar credit, but you will likely receive a higher interest rate.
The approval process can vary depending on the complexity of the loan and your financial situation. Generally, SHFCU aims to provide an answer within one to two business days. In some cases, a more complex application may require additional review.
Give us a call at (716) 691-9187 to chat with one of our loan officers today!
