Adult Financial Advice

What should I expect when applying for a loan? 

You are interested in applying for a loan, but not sure how the process works.

  • Do you need to fill out an application in the office? Online?
  • If you come to the office are you supposed to bring identification?
  • What can you expect if you come in?

The following information should help prepare you for what to expect, and help you understand the loan application process.

Determine What kind of loan do you need:

  • Are you looking to do home repairs?
  • Or buy a new car?
  • Refinance your mortgage?
  • Purchasing a computer, or looking to take a vacation?
  • Debt consolidation?

There are many reasons why you may need a loan, but you might not be sure what TYPE of loan is best for you. You want a low-interest rate and affordable payments. It’s our job to help you find the right loan, with the lowest rate, that fits your needs.

The first step is to fill out a loan application

You may fill out an application online, come into one of our offices, or call and ask to give an application over the phone.

No matter which way you contact us, we will need to know some basic information about you, such as:

  • Where do you live?
  • Where do you work, and for how long?
  • Your social security number, and
  • Phone number.
  • We will also need to know who else you have loans or credit cards with, and
  • If you own any collateral (a car, boat, or a home)
  • Collateral is any large ticket item you own outright.
  • We also need to know the amount of money you need, and
  • Are if you are purchasing a car, a buyers order may be asked for
  • If you are just interested in being Pre-Approved before you shop for a car, you can just write “Pre-Approval for car loan” on the application. Make sure to fill in as much as possible, for that speeds up the application process

After you fill out the application online, you can do one of two things;
1. You may call or stop by to speak to a Loan Officer about your application or,
2. Wait for a Loan Officer to call you (which they will on the next business day).

When the Loan Officer calls

You will need to be prepared to answer a few questions. He or she might not have an answer for you right away, so be patient and try to answer their questions as fully as possible. Some of the types of questions they may have are:

  • Do you want GAP insurance?
  • Do you want Payment Protection? (Credit Life and Disability insurance)
  • How much do you want to borrow?
  • What is the purpose of the loan (new car? boat?)
  • How long have you lived in your home?
  • How long have you worked at your job?
  • Do you have any dependents?
  • Can you provide two references?

When the Loan Officer calls to give you an answer, they will explain why they made the decision they did, and what you need to expect, such as when the payments are due, what rate you will be charged, and the different ways you can repay your loan.

After the Loan Officer discusses their decision with you, you may need to come into the credit union and sign some paperwork.


Automatic payments debited from your savings or checking are due monthly on any date that is convenient for you.  Other options are semi-monthly, bi-weekly or weekly.

We also accept cash payments are due monthly and again, which can be any date that is convenient for you.

There are several easy ways for you to make loan payments:

The easiest and safest way to pay on your loan is through Payroll Distribution. This method deducts your payment directly from your paycheck, each time you are paid. The benefit is your payment is made on time, electronically. This method assures you, that your loan payment is paid on time each month, and can even help you get a rate reduction on your loan.

Another way you can make payments is to transfer the monies from your savings or checking account to your Loan on our home banking website, SmartLink.

You may also send in payments using a coupon book. We will send you a booklet in the mail. Each month, you tear out the coupon and send it along with a check or money order to the credit union, or you may bring it in and pay your loan at the teller line/drive-through.


If you are denied a loan, we will always show you why. The reason why you may be denied is because of derogatory information in your credit report. It is very difficult for a Loan Officer to approve a loan if in the past you skipped payments or made late payments on an existing loan.

Another reason why you may be denied is that you are overextended. We have to make sure you have the ability to repay our loan. If you have too many bills how can we ensure you will be able to pay to handle a new one?

Your Loan Officer will discuss these reasons with you and will counsel you on what you will need to do to be approved for a loan in the future. Please review the information on credit, and what determines credit scores here.

Do you offer additional adult financial education?

Yes, we offer information on our website, and also partner with a local program called  Bank On Hampton Roads. Bank On is a free adult financial education program.

Click here to learn about Bank On Hampton Roads.

Click here to visit our financial education page.


Foolproof is our free financial education program for teens and young adults. Click here to visit our FOOLPROOF page and learn more.

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