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Loan Evaluation

Loan Evaluation Information

Important Details About Your Application

  • If a co-signer is required, the co-signer must live and work in New Jersey
  • The loan cannot exceed the 15% of the applicant’s annual base salary.
  • Income Qualification – The debt/income ratio will be used in evaluating a loan application.
  • Credit Report – with FICO Score to determine past payment history, credit worthiness and the terms of a loan.
  • If the Credit Union’s criteria for granting a loan are not met, the Loan Officer may require the borrower to provide additional collateral in the form of a co-signer.

Reasons a loan may automatically be denied:

  • Monthly debt exceeds 50% of the net monthly income (Debt to Income Ratio)
  • Unsatisfied Judgement
  • Salary Garnishment
  • Previous Bankruptcy
  • Previously had caused the Credit Union a loss
  • Failure to disclose on the loan application any outstanding loans, debts or judgements
  • Unsatisfied debt, collection accounts or charge offs
  • Excessive derogatory credit obligations
  • Excessive delinquent credit obligations
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