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A Guide on How to Get a Loan from a Credit Union

Credit unions are community-based financial institutions. They are known for customized assistance, simple qualification standards and better savings. No wonder the market size of the credit union industry in the US has grown 5.2% per year on average between 2017-2022. It is expected to expand by 6.2% in 2022. But one of the most lucrative benefits is lower loan rates with easy terms. You can get auto loans, personal loans and home equity loans to build credit and tick off life challenges.

Credit unions are a good choice since they offer better chances of approval, lower fees and a user-friendly process. These non-profit organizations are run by members who offer flexibility in underwriting. It is a good idea to know how to get a loan. It will help you make an informed choice, save time, and avoid costly mistakes. Read on.


Loan Qualifications

Getting funds from a credit union is a fairly easy process. The first step would be to tick off the below eligibility criteria to help you get the car or home you want.

1. Must be 18 years of age or above.
2. Details of your Social Security Number or Individual Taxpayer Identification Number
3. Government Issued Identification (Driver’s License, State ID or Passport)
4. A second person in your account should enter and validate personal details
5. Routing number and account number if your new account is funded by electronic transfers from another financial institution.

It is simple and secure and takes just a few minutes. You can open an account from anywhere and at any time as per your convenience. Given these benefits, it is no surprise that the total number of US credit unions grew steadily over the last 8 years and reached over 126 million in 2020. Further, the overall credit union membership is likely to rise due to life cycle stages and aggregate household debts. The entire procedure is 100% digitized which makes it a great option amid a pandemic.

Steps to Get a Loan

A standard requirement for credit card membership is that you live in the same area to receive the same services as banks like saving loans. You could be eligible for the top credit union if you live, work, attend a school or conduct business in Bergen, Essex, Morris, or Hudson.

Explore the different segments under each loan category. For example, you can pick from share secured loan, unsecured personal loan and term share certificate secured loan. Fixed rate mortgage and refinance mortgage are available under mortgages. Having a detailed idea will help you get closer to your goals without hiccups.

Here’s a look at the basic steps of having your funds disbursed.

Step 1: Select ‘Personal Loans’ from our Loans and Mortgages menu option and pick your loan type.
Step 2: Select the “Apply today” button on this page and you will be forwarded to our online application. Fill in the required details like contact information, product type, loan amount, loan purpose & loan term.
Step 3: Enter the member number, social security number and date of birth
Step 4: Following completion of the application, you can expect to be contacted by our Loans department in 3-5 business days.

Our Personal Loan Rate 

 As of 3/10/22022

At North Jersey FCU, Unsecured Personal Loan rates as low as 12.24% APR*

*APR = Annual Percentage Rate. Rates Are Subject To Change Without Notice. Rates Are For Qualified Members Only. Rates May Vary Depending On Credit, Loan Amount, And Loan Term. If You Borrow The Maximum Amount Of $15,000.00 At 12.24% For A 60 Month Term, Your Minimum Monthly Payment Would Be $335.49. If You Finance The Documentation Fee, Your Effective Annual Rate Will Be 12.24% With A Minimum Monthly Payment Of $337.70 And Total Cost Of The Loan $20,262.18.




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