APPLYING FOR A PERSONAL, SHARE SECURED, FRESH START, VACATION LOAN
PRIOR to approval, the following documents are required for ALL loans
- A Completed Loan Application (Front and Back)
Download and print the application. (Adobe Acrobat Reader is required to download)
- All Income must be verified. Provide verification of ALL Household Income for ALL Applicants, Cosigners and Guarantors. List ALL household income on application.
Some examples are: Paystubs from the current month, a Federal tax return, Statement of Social Security or pension benefits, Rental income evidence, etc.
- Picture ID of ALL Applicants, Cosigners, and Guarantors
(Cosigners and Guarantors must live and work in New Jersey)
Any missing information or documentation will delay the application process.
If you fax documents (FAX 973-643-8721) please call (973-643-4738) to verify the receipt
Once the Credit Union has received all documentation call the Credit Union office (973-643-4738) within 2 business days in order to receive a loan decision. At the time of this phone call, you may also be informed of counter-offers or additional offers. Loans will not be funded until all documentation has been obtained and reviewed.
Income Qualification: Your Debt to Income Ratio cannot exceed 50%. That means your monthly Debt cannot exceed 50% of your net monthly Income
A Credit Report with FICO Score will be used to determine past payment history, credit worthiness and the terms of the loan.
Minimum Share Balance: The balance in a Share Account cannot go below one monthly loan payment, inclusive of one month’s interest plus the $50 minimum share balance. This is intended to provide that the loan does not become delinquent due to share withdrawals. If the loan does become delinquent, the credit union will set-off the loan with an immediate transfer from the borrower’s and/or co-signers’ shares, share certificates, holiday club or other accounts.
FACT ACT Notice
Negative Information Notice
We may report information about your loan and deposit account to credit bureaus.
Late payments, missed payments, or other defaults on your accounts may be reflected in your credit report
A copy of the Policy may be obtained from the Credit Union office.