How to Apply for a Loan at EPSFCU

Your first step is to determine the type of loan:  will the loan be a Secured Loan or an Unsecured Loan?

A Secured Loan is a vehicle loan that is “secured” with your title.  Your title will list the Credit Union as the lienholder and will remain with the Credit Union until the loan is paid in full.

An Unsecured Signature Loan is a loan similar to a Personal Loan.  It can be used for a variety of purposes such as debt consolidation, home repairs, new appliances, vacation, medical bill, etc.

Once you determine the type of loan you need, the next step is to begin filling out the Loan Application.  The Loan Application can be found on the Credit Union’s website at the bottom of the Home Page under Forms.

There is a detailed Checklist attached to the Loan Application.  Just follow along, checking each box as you fill in the Loan Application.  Don’t leave any blanks as it will delay in getting you an answer.

The first box is where you enter the Amount of Loan you are requesting and how long you anticipate it will take you to repay the loan.

Next, pay close attention to the “Repayment Option” Box.  You will choose either ACH or Payroll…NOT BOTH!   For Payroll deductions, be sure to check your school district.

ACH Payments are taken directly out of your personal checking or savings account.  They are set up on either a Monthly basis or Semi-Monthly basis – the choice is yours.

Payroll Deduction:  If you choose to repay your loan through a Payroll Deduction, if approved, you will sign a Payroll Deduction Form which will tell your payroll supervisor to withdraw funds from your paycheck and send them directly to the Credit Union to pay on your loan.  Please check the correct District you are employed:  District 124, District 231 or AERO. 

Remember by repaying your loan through either ACH Payments or Payroll, you will receive a discount on your interest rate of 0.25% which can save you money and less worry about missing a payment.

If you are requesting an Unsecured Signature Loan, be sure to check the appropriate box in the “Proceeds of Unsecured Loan to be Used for” box.  If the loan is for a reason other than Debt Consolidation, please be specific.  Do not just check “Other”.  Write in the reason for the loan.

If you are looking to take out a Vehicle Loan and have already decided on a vehicle, fill out all of the information in the “Vehicle Loan” box.  Additionally, either you or the dealer will need to send us the Bill of Sale via email or fax.

If you are looking to get a PREAPPROVAL on a Vehicle Loan, list the approximate year of the vehicle in the “Vehicle Loan” section.  In the “Amount Requested” box, enter the amount you are considering to pay for the car and the length of the loan.

To REFINANCE your vehicle from another lender, you will need to list the year, make, model, trim level AND VIN Number of the car.  Also, list any extras on the car (i.e. sunroof, etc.).  We also will need a Payoff Letter from your current lender which shows their Name, Phone Number and your Account Number so we can verify the payoff amount.  Be sure to list the mileage on the vehicle too.  All this information should be listed in the box marked “Vehicle Loan” on the Loan Application.

If you are purchasing the car from a Private Party, check this box.  Enter all of the information such as Make, Model, Year and VIN Number in the “Vehicle Loan” section.  We also will need a copy of the title.

The main section on Page One is where you will fill in ALL of your personal information (Co-Signer too, if applicable).  Don’t forget to add the Name of Nearest Relative NOT Living with You along with all of their information.  (Everyone forgets this part.)

Moving along to Page Two:  Do NOT Skip Over Either Section (Asset Information/Outstanding Debts) as the Auditors are very strict about these parts.

Asset Information Section: Be sure to fill in the name of your Bank and the amount that is in both checking and saving accounts.  Also include any real estate and cars you own along with their approximate value.

Outstanding Debts Section:  List any Rent or Mortgage.  If you are listed on the Rental Agreement or on the Mortgage, you are responsible for those monthly payments.  Be sure to also include any vehicle loans and credit cards with their current balance owed and your monthly payments.

Again, Page Two is very important to fill out completely.  We are audited every year and the auditors review the Loan Applications to be sure all of this information completely filled in.

Almost done…. Don’t Forget to Sign the Loan Application.  We cannot begin processing your loan unless it is signed by all applicants.  Your signature gives us permission to pull your credit.  (Remember it’s a SOFT PULL and won’t affect your credit score so come to the Credit Union first!)

Lastly, which many Members forget…you will need to send us two CURRENT paystubs.  If you are retired, we would accept proof of your Social Security deposits, pension or other income you receive.  If you receive direct deposits from any of these into your personal bank account, you may provide us with your current bank statement which will show your name and the deposits.  Additionally, we will accept the most current federal tax form (front page only).

It seems like a lot to do but if you follow along with the Checklist attached to the Loan Application, it’s a breeze.  Of course, if you have questions along the way, don’t hesitate to contact us.  We are happy to help.