You have decided you want or need a new car, need another credit card, a line of credit or Home Equity for home repairs/improvements. Now is the time to reach out to a loan specialist to discuss what loan product works best for your needs. Once you have all the information you need you will have to submit a loan application. Loan applications can be submitted via our website, in person, over the phone, by fax or by mail.
Here at RFCU our staff will review your signed application, current paystubs, and your credit report. Based on your information collected from the credit report and your income, we generate a debt-to-income ratio also known as DTI (your income verses debt). We use your credit score as a part of the loan decision process and your score will determine the rate that we will offer you. We make our decision based on many factors like your ability to repay the debt you’re applying for, your repayment history with other creditors, as mentioned above your DTI.
Some things to know about your credit report and how it is impacted/affected when you apply for a loan. Most financial institutions (FI’s) will do a hard inquiry/pull on your credit report. This is standard procedure for most FIs unless you are advised differently. A hard inquiry/pull will reduce your credit score. These points are earned back over the following few months, unless any other behaviors and changes do not allow for this. However, that varies from consumer to consumer. The benefit of shopping may outweigh any impact on your credit.
Once the application is reviewed, we will contact you via phone or email with our decision. Your loan specialist will provide you with the loan amount, rate, term, and estimated monthly payment. In addition our loan specialist can explain loan protection products the credit union offers like debt protection or GAP coverage.
Loan documents are created for you to sign. Be sure to review all loan documents before you sign to ensure they reflect the terms that were discussed with you. We offer the ability to sign loan documents in person or electronically (with some exceptions).
If the loan was declined a loan specialist will go over the reasons for denial and mail you an adverse action form containing that information. If our loan specialist is unable to approve the loan you have applied for, they may present a counteroffer for your consideration. It is your decision to accept or deny a counteroffer. We will do our very best within our lending guidelines to present a loan that fits your needs! All applications are reviewed on an individual basis to accommodate the applicants’ needs, loan type and closing process.
Ridgedale Federal Credit Union and the Loan Department strive to make each loan experience the best experience possible and always provide excellent service. You can contact the RFCU loan team by calling 974-947-1000 option # 2 or email us at loans@RidgedaleFCU.org.