There are many different types of loans. So many, in fact, you may actually be overwhelmed. First, it is important to understand what credit unions look for and require when lending. Then understand what options credit unions may have to meet your financial needs.
Lending considerations and requirements
To understand your financial situation, financial institutions use a debt-to-income ratio. It is important to make sure your debts do not exceed your income. Another item that credit unions take into consideration when lending is your credit score. Your credit score is what is used to determine many things, such as your mortgage rate, the amount of your car loan and credit card terms.
Although loan requirements vary by credit union, typical requirements may also include having a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), membership at the credit union and proof of employment. Often, you will also be asked for property as collateral, for references, and for your tax returns.
If you’re concerned about your credit management or loan requirements, call Fort Worth Community Credit Union for guidance or a referral. (817)-835-5000
Types of Loans
There are many loan types and options and one of these options is the traditional loan. Some traditional loans are home mortgages, auto and recreational loans, vehicles loans and personal loans. Share secured loans, where the credit union makes a loan to you based on what you have in your savings account, and credit cards are also traditional loans.
Another type of loans is the type that helps to build your credit. Some credit unions have credit building loan programs. A share secure loan can also help to build credit.
Your credit union may offer loans for specific events or expenses. For example, if you need additional funds to cover expenses during the holidays your credit union may have an option for you. Many credit unions have seasonal holiday loan programs. Here are Fort Worth Community Credit Union, we have a Holiday Fast Cash Loan specifically for your holiday season needs.
Please contact our Member Information Center for further information on any loan questions you may still have. (817)-835-5000