Thinking about applying for a loan with us? This Q&A guide will walk you through everything you need to know, from membership requirements to the loan approval process.
Membership and Eligibility
- Who can become a member of Sweet Home FCU?
In order to be eligible for a loan at SHFCU, you must live, work, worship, attend school, or volunteer in the towns of Amherst and Tonawanda. Membership is also open to immediate family members of current members. You can become a member by opening a share account with a minimum deposit of $5 when your loan is finalized.
- What are the different loan options available at SHFCU?
SHFCU offers a variety of loan options, including auto loans, home equity lines of credit (HELOCs), share secured loans, and signature loans. You can find more details about these options on the SHFCU website sweethomefcu.org/.
Applying for a Loan
- Will applying for a loan hurt my credit score?
Yes, applying for a loan can cause a temporary dip in your credit score because a hard inquiry is made to assess your credit history.
- Are there any fees involved in applying for a loan?
There are no application fees at SHFCU at this time.
HELOC loans will not incur closing costs if you keep the line open with a balance for three or more years. If the line is closed or paid off prior to a three year period, borrowers are required to repay the closing costs.
- How can I increase my chances of getting approved for a loan?
Having a good credit score, a steady income, and a low debt-to-income ratio will all improve your chances of loan approval (hint: check out the article in this issue about improving your credit score!)
- What documents do I need to apply for a loan?
SHFCU’s online application process is designed to be hassle-free. You will need to provide income verification during the application process, such as your most recent pay stubs, social security statement, or pension statement.
- Can I still get a loan with sub par credit?
It is possible to get a loan with less-than-stellar credit, but you will likely receive a higher interest rate.
- How long does the loan approval process take?
The approval process can vary depending on the complexity of the loan and your financial situation. Generally, SHFCU aims to provide an answer within one to two business days. In some cases, a more complex application may require additional review.
Still have questions?
Fill out the form below or give us a call at (716) 691-9187 to chat with one of our loan officers today!
