Application - In order to take out a loan, you will first need to have at least a Shares Account opened at the SFCU. Next, you will need to fill out a loan application. Just fill out and submit the application and relevant documentation electronically using our Loan Application. There is a $15 per applicant application fee.
Verification and Supporting Documents** - Sufficient documentation is needed to verify all the information (i.e. monthly income and expenses) you provide in your loan application. Please supply at least 1 of your most recent pay stubs. If you are pending employment, such as a summer internship, include a letter or e-mail from your supervisor confirming the employment dates and monthly earnings. Or if your parents provide you with a monthly allowance, please provide a notarized letter from that individual to serve as verification. All applications must at the minimum come with proof of income, proof of expenses (i.e. rent, utilities, food), and proof of monthly credit card payments.
Proof of income: Most recent pay stub, paycheck, or bank statement showing at least two full cycles of payment from employer. In absence of these, tax returns would also work. If current income is not available, employment letter from employer confirming employment and income is required.
Proof of monthly credit card payments (if applicable): Most recent credit card statement stating previous month's payment.
Additional documents (if applicable): Personal bank statements of the most recent two months and any additional supporting documents; i.e. rent contract, proof of monthly expenses, etc.
Proof of residency and work authorization (if applicable): If the applicant is an international student (a non-U.S. citizen), applicant must present proof of legal residency as well as legal work authorization in the United States for the duration of the loan period. Applicant must show document(s) that establish both Identity and Employment Eligibility.
We ask that you bring in copies of the above items as listed in your application to your scheduled loan interview. This will expedite the background check and loan analysis processes.
Interview - This part of the application process is for the Loan Officer to get a feel of your financial needs and to assist with other lending options. The interview is a good time to ask the Loan Officer any questions you may have regarding loans. If we have any questions about your credit history or are missing documentation, we will contact you by phone or e-mail.
Approval - Following the loan interview, we will look at your application and pull up your credit history to evaluate your application. Normal processing with proper documentations takes approximately one week. Crucial factors in deciding whether or not you are approved include FICO score and debt/income ratio. If you are approved, the Loan Officer will determine your interest rate based on a number of other factors. Following the approval of a loan, a Loan Officer will notify you of details regarding your interest rate, finance charges, and other payment details.
Agreement/Disbursal of Loan - Once you are approved for the loan, you need to physically come to the SFCU main branch to sign the agreement and other necessary papers. During this meeting, a Loans Officer will again discuss such details as your interest rate, finance charges, and other payment details. In the event of a co-signer, he/she will need to sign the agreement as well as a "Notice to Co-signer". If the cosigner is not in the area, he/she will need to get his/her signature notarized. Once the agreement is completed and signed, the funds will be transferred to your account and available for immediate usage.