Loans – General Questions

We work with people of all credit backgrounds and work on a one-on-one basis to establish a loan that works best with each individual. Instead of simply making a decision based on your credit score, we also listen to your story. We know bad things happen to good people.

Currently, we are not offering commercial loans.

You can apply in person at Extra Credit Union, online at extracreditunion.org, from within eBanking, or over the phone by dialing (586) 276-3000.

Your loan may take as little as a few hours to process, but should take no longer than four days to process in full. This process depends on the details of your loan terms and your individual credit history, as well as getting all of the required documents {i.e. paystubs, payoff letters, etc.} needed from you. For most personal loans, we can close in one day; when loan money is being used to pay off other debt, closing can take longer, up to a week or two.

You should hear from us within one business day.

No, you are not obligated to accept the loan. You will have 30 days to accept the loan. If you do not accept within 30 days, a new application must be submitted to reapply. Your credit report is good for 30 days. After that, a new one must be pulled.

Online at ExtraCreditUnion.org, by calling one of our Mortgage Specialists at (586) 276-3109, or by scheduling an appointment with a Member Service Coordinator at our front desk.

It takes 30 to 45 days from the time of application to closing your loan. This time allows us to thoroughly review income, perform an appraisal of the property, and verify title work. Note: additional information/requirements may apply.

We verify 30 days of pay stubs, two years of federal tax returns, and any fixed annual income statements, such as social security. We’ll also need two months of bank statements, your ID, and proof of insurance on the home.

Note: For any mortgage servicing related questions: Escrow, tax, insurance, payment, fees, statements, payoff, etc. … please call MFM service dept. at (866) 898-1818.

Your Member Service Representative will work with you to help you decide the best loan amount to cover your needs while keeping your payment affordable. The amount is also determined by factors such as your credit score and income, among others. Note: If you are applying after hours, we suggest you apply for the full amount you’d like, and a credit union representative will determine whether you’re eligible for that full amount.

This depends on the type of loan you are requesting. But if you bring your last two paystubs; personal reference information (i.e. contact information for at least two references); and valid, current forms of identification with you when we first meet you, we’ll think you’re an AWESOME MEMBER and this will definitely help get us started much more quickly!

The basic information we need for a loan closing is the applicant’s most recent paystub and a valid ID/driver’s license. Our lenders also need additional documents for each type of loan. Here are some examples: for auto loans, we need the applicant’s declaration page for insurance, their title, and if it is a dealership purchase, the purchase agreement; for an auto refinance, we need the 10-day payoff letter; for private owner purchases, we need a copy of the title; for debt consolidation loans, we need all of the applicant’s statements for the credit cards or loans they are paying off.

Heck yes! As a member of Extra Credit Union, we do everything we can to help you. We want to hear your story and work with you to make your finances easier. We know bad things happen to good people!

Not necessarily. Usually this is dependent on your credit history and other factors. Meet with your Member Service Representative and the two of you will decide what’s best.

This is typically a written statement from a lender stating that you qualify for a specific loan amount based on credit and income information. Advantages: This allows you to get a good idea of what you can afford while shopping for a home so that you can solely target those within your price range. It also helps to speed up the mortgage process once you find your dream home and the process moves forward. An offer on a home with a pre-approval stands out and might be taken more seriously over a buyer who doesn’t have one.

This is typically a verbal statement from your lender stating you qualify for a specific loan amount based on credit and income information. A letter may be provided to the member upon request. Advantages: This allows you to get a good idea of what you can afford while shopping for a car so that you can solely target those within your price range and stay within your budget. A pre-approval simplifies your dealership experience—you can leave out discussions about financing, and focus on the vehicle and getting the best price possible.

A mortgage pre-approval is good for 90 days. An auto loan pre-approval is good for 30 days.

We can refinance an auto loan or consolidate debt (pay off debt to multiple creditors).

We have all the details in this comprehensive and easy-to-understand document, Understanding Your Credit Score.

Experian

Secured loans have something of value tied to them for the credit union to use as collateral. Common secured loans are mortgages, auto loans, and recreational vehicles. Unsecured loans do not have any collateral tied to them, so they often have slightly higher rates than secured loans.

Yes. Extra Credit Union specializes in helping our members establish credit as first time borrowers, as well as helping members reestablish credit. We understand that bad things happen to good people.

Yes. Many of our members have multiple loans with us. Please contact us and we will review your lending needs.

Yes, you can refinance to increase the loan amount (borrow more money). There is an associated loan processing fee of $75 for any loan over $4,000 and $45 for any loan that is $2,000-$4,000.

If you opened an Extra Credit Union membership while you resided in an area of Michigan that met our eligibility requirements {to reside, work, worship or attend schools within the Michigan counties of Macomb, Oakland, Wayne, and St. Clair} before relocating out of state, you are still eligible for all consumer loans, excluding mortgages which are limited to property located in Michigan. However, if you live out of state and aren’t yet a member, you are not eligible for an ECU loan.

We can refinance auto loans, recreational vehicle loans, unsecured loans and consolidate debts (pay off multiple creditors).