New Loan, Visa Limits Announced
In addition to speeding up the loan approval process, the Credit Union Board of Directors recently voted to increase the limits of Signature loans up to $10,000 and Visa card limits to up to $25,000.
Previously, the loan approval process took up to one week and was determined by the loan committee. Under the new procedures, loan officers will review the loan application as soon as it is submitted, and may approve the loan in about 24 hours if it falls within the Credit Unionís risk guidelines.
A good credit report based on the FICO score, a memberís ability to repay the loan and his or her work record all factor into the consideration for a loan approval.
Other loans, such as the Credit Revival Loan, are available for members who are trying to improve their credit history and score.
For more information, contact the Credit Union at 708.216.4500.