How do you get a Credit Union Loan?

Community 5 min read

04 Jun 2019

If you have any doubts about whether credit union loans are the best on the market, just check out this blog.  Credit union loans are affordable, with flexible terms that are not dictated by us, but established in agreement with you - the borrower. Not only that, but credit unions love to say ‘yes’ to loan applications. Our latest statistics show that 95.5% of credit union loans are approved*.

There are never any hidden fees and charges. Credit unions are open to all types of loans from the small to the big, the weird to the wonderful and everything in between. Credit unions are ethical lenders. They don’t exist to make profit, but to help make your dreams come true – and meet your everyday needs.

That sounds great, but how exactly do I get a credit union loan?

To get a credit union loan, you first need to be a member of a credit union. That’s right. Credit unions have members, not customers. And each member owns the credit union! Becoming a member probably sounds annoying, what with filling out membership forms and all that jazz. Wrong! It’s a very straightforward, quick and easy process. In the majority of credit unions, as soon as you are a member you can apply for a loan – no waiting around! You can either talk to one of the friendly loan officers face-to-face as soon as you join, pick up the phone or send an online loan enquiry. You can find full information on the wide range of loans offered by credit unions here.

As with any financial institution, there are a certain number of documents you’ll need to first join the credit union. Hey, we don’t make the rules! You can find the documents you’ll need here, but it’s also a good idea to check with your local credit union.

Ok, but will I be approved for my loan?

Credit unions have been saying ‘yes’ to borrowers since they were first established more than 60 years ago. As we said earlier, our latest statistics show that 95.5% of credit union loans are approved*. We just love to say yes! We are in the business of making people happy after all (and not making profit, did we mention that?).

There are of course circumstances where a credit union may not be able to grant the borrower the full amount they requested. This is because credit unions are ethical lenders and will never approve a loan that will put financial strain on a member and cause them stress. In this situation, credit union loan officers will go above and beyond to try and grant as close to the desired figure as possible. 

How many documents do I need to get a credit union loan?

So, every credit union is independent and makes its own terms and conditions at a local level, and in line with its members’ needs. This is good news for you, because it means the loans offered by your local credit union will be tailored to yours, and your fellow members’, specific needs.

Due to the fact that every credit union is independent, the documents you need might vary slightly from credit union to credit union. The best idea is always to check with your local credit union first. You can pop in to your local office, pick up the phone or send an email. Contact details for your local credit union can be found here.

What if I’m unemployed or between jobs, can I still get a credit union loan?

At the credit union, we look at things differently. This is why we have developed a loan called the It Makes Sense loan which is specifically for people in receipt of social welfare. All the information you need about the loan is available here, while you can check if your local credit union is participating in the loan scheme here.

Even if your local credit union is not participating, it is worth contacting them and enquiring about loan products they might offer to those who are unemployed.

So, if you are thinking about an affordable, flexible loan with transparent terms and conditions, look no further than your local credit union. If you want to get the process started right away, why not submit an online loan enquiry today?

Submit an Online Loan Enquiry