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Financially Fit

Understand Your Loan Options


There are many different types of loans. So many, in fact, you may actually be overwhelmed. First, it is important to understand what credit unions look for and require when lending and then understand what options credit unions may have to meet your financial needs.

Lending Considerations and Requirements

To understand your financial situation, financial institutions use a debt-to-income ratio. It is important to make sure your debts do not exceed your income. Another item that credit unions take into consideration when lending is your credit score. Your credit score is what is used to determine many things such as your mortgage rate, the amount of your car loan and credit card terms.

Although loan requirements vary by credit union, typical requirements may also include having a Social Security Number or Individual Taxpayer Identification Number (ITIN), membership at the credit union and proof of employment. Often, you will also be asked for property as collateral, for references, and for your tax returns.

If you're concerned about your credit management or loan requirements, ask someone at your credit union for guidance or a referral.

Types of Loans

There are many loan types and options and one of these options is the traditional loan. Some traditional loans are home mortgages, auto and recreational loans, vehicles loans and personal loans. Share secured loans, where the credit union makes a loan to you based on what you have in your savings account, and credit cards are also traditional loans.

CES Credit union offers loans for specific events or expenses. For example, if you need additional funds to cover expenses during the holidays, CES Credit Union has the option for you to take out a holiday loan. Another option would be a back-to-school loan to help you pay for the expenses of school supplies and clothes. A third option CES Credit Union offers members is a vacation loan to help you take a vacation with your family without maxing out your credit card.

If you are looking to get a loan, be sure to make an appointment with a CES Credit Union loan officer to help figure out what will meet your needs.

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