NOTE: SFCU only offers unsecured loans.

1. Application
There is no application or processing fee. If you are approved but decide to decline on the offer, there is no additional penalty.

In order to take out a loan, you will first need to have at least a Savings Account opened at the SFCU. Next, you will need to fill out our loan application. Just complete and sign the loan application located on our website. If it is more convenient for you, you can fill out the form and fax it to the SFCU with the relevant documentation. Be sure to include the amount, duration, and the purpose for which you are requesting the loan. Also provide contact information (i.e. phone number or e-mail address), so a Loans Officer can contact you should he/she have any questions.

2. Verification and Suporting Documents
Sufficient documentation is needed to verify all the information (i.e. monthly income and expenses) you provided in your loan application. Please supply at least 1 of your most recent pay stubs. If you are pending employment, such as a summer internship, include a letter or e-mail from your supervisor confirming the employment dates and monthly earnings. Or if your parents provide you with a monthly allowance, please provide a notarized letter from that individual to serve as verification. (Most commercial banks provide a notary public service.) All applications must at the minimum come with the following:

• Proof of income
• Proof of expenses (i.e. rent, utilities, bursar bills)
• Proof of monthly credit card payments

**We ask that you bring in copies of the above items as listed in your application to your scheduled loan interview. This will expedite the process in the background check and analysis.

3. Interview
This part of the application process is for the Loan Officer to get a feel of your financial needs and to assist with other lending options. The interview is a good time to ask the Loan Officer any questions you may have regarding loans.

If we have any questions about your credit history or are missing any documentation, we will contact you by phone or e-mail.

4. Approval
Following the loan interview, we will look at your application and pull up your credit history to evaluate your application. Normal processing with proper documentations takes approximately one week. Crucial factors in deciding whether or not you are approved include FICO score and debt/income ratio. If you are approved, the Loans Officer will determine your interest rate based on a number of other factors.

5. Agreement/Disbursal of Loan
Once you are approved for the loan, you need to physically come in to sign the agreement and other necessary papers. During this meeting, a Loans Officer will discuss such details as your interest rate, finance charges, and other payment details. In the event of a co-signer, he/she will need to sign the agreement as well as a "Notice to Co-signer". If the cosigner is not in the area, he/she will need to get their signature notarized. Once the agreement is completed and signed, the funds will be transferred to your account and available for immediate usage.

Based on the average national FICO score, rates start at 8.5%.

Interested in a Loan Interview? Fill out the online contact form and a Loan Officer will get in touch with you to schedule an interview.