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All About the ECU Loan Process


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.

Below are some commonly asked questions and answers about Extra Credit Union loans and our loan process.

General Questions

Does Extra Credit Union offer commercial loans?
Currently, we are not offering commercial loans.

How do I apply for a loan?
You can apply in person at Extra Credit Union, online at, from within eBanking, or over the phone by dialing (586) 276-3000.

How long does the loan process take?
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.

How long until I hear back about my loan decision?
You should hear from us within one business day.

If I am approved for a loan, am I obligated to take the loan?
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.

How do I apply for a mortgage?
Online at, 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.

How long does the mortgage loan process take?
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.

What documents do I need to qualify for a mortgage?
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.

How do I know how much of a loan I will qualify for?
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.

What do I need to bring with me to apply for the loan and/or at closing?
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!

What information will you need from me?
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.

I have bad credit, is it worth me applying for a loan?
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!

Will I need a co-signer?
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.

What is a pre-approval for a mortgage?
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.

What is a pre-approval for an auto loan?
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.

How long is a pre-approval good for?
A mortgage pre-approval is good for 90 days. An auto loan pre-approval is good for 30 days.

What type of loan can Extra Credit Union refinance from other lenders?
We can refinance an auto loan or consolidate debt (pay off debt to multiple creditors).

Why do credit scores matter so much?
We have all the details in this comprehensive and easy-to-understand document, Understanding Your Credit Score.

What credit bureau does Extra Credit Union use to determine loan approvals?

What is the difference between a secured loan and an unsecured loan?
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.

Can people without established credit get 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.

I already have a loan with Extra Credit Union, can I get another loan with you?
Yes. Many of our members have multiple loans with us. Please contact us and we will review your lending needs.

Can I refinance my Extra Credit Union auto loan?
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.

Can I have a loan with Extra Credit Union even though I live out of state?
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.

What type of loan can you refinance from other lenders?
We can refinance auto loans, recreational vehicle loans, unsecured loans and consolidate debts (pay off multiple creditors).

Interest Rates

What are the current rates?
This depends on a number of factors, but our rates can be found at under the Loans to Build Your Life tab, then click on Rates

What is the difference between the Interest Rate and APR?
The interest rate of a loan is the amount of money you are charged for borrowing money. The rate is expressed as a percentage. Interest is applied to the outstanding principal {the amount you borrowed} on your loan. This does not include the origination fee, or any other fees charged by your lender. The APR is a rate you are charged for borrowing money that is intended to include all fees.

What is my interest rate going to be?
This depends on a number of factors, but our rates can be found at under the Loans to Build Your Life tab, then click on Rates.

How are interest rates determined?
Extra Credit Union bases the interest rate on the member’s credit score. Additional factors also apply for auto loans. Members, as well as members of the community, may visit us for a free credit report review at any time, or they may pull their own credit report at

What happens if interest rates increase or decrease during my approval period?
Your rate may go up or down during the approval period. You will get the rate that is in effect the day you take the loan.


What are my payment options?
We have several different options for you to choose from, including an automatic transfer from Extra Credit Union or another financial institution, in person, through eBanking, at an ATM, by phone, or payments (check or money order) can be mailed to: Extra Credit Union, 6611 Chicago Road, Warren, MI 48092.

How do I set up a payment from my other financial institution?
Simply print and complete our Electronic Funds Transfer (EFT) Debit Agreement form through this link and bring it in.

How much is my monthly payment and when is it due?
This information will be disclosed to you at your loan closing and documented on your loan paperwork. You will then also be able to find it online when you log into eBanking under Account Info. Once there, use the pull down menu to locate your loan.

Are there penalties for paying off my loan early?
The only loan type that may charge an early pay off fee is the Home Equity Line of Credit (HELOC). A penalty fee of $200 will be charged if the loan is closed in less than two years or the minimum draw of $5,000 is not taken at closing.

If I pay extra will it be applied to principal?
Yes, it will. However, you cannot make a “principal only payment.” Daily interest will always be paid when we receive a payment from you.

Does Extra Credit Union offer a grace period for loan payments?
Payments are expected to be paid by the due date. For questions about your loan payment, call our Payment Solutions Department at (586) 276-3000 ext. 3102.

What happens if my loan payment is late?
Late fees will be assessed if payment is not received within 15 calendar days from the due date. The late fee will be assessed on the 16th day past due. Refer to your loan disclosures or our Fee Schedule.

Why are you calling me about my payment?
As a courtesy, we will contact you to remind you of your loan payment if we have not received payment from you after the due date.

Why did my payment change?
Typically, your loan payment will not change; however, a few factors may change the payment of your loan, depending on your loan type. For example, a flexLINE payment will change depending on the balance of your line of credit. Collateral Protection Insurance may be added to a secured loan (like an auto loan) if the collateral backing the loan is not fully insured by you; mortgage loan payments can change if the rate selected is variable or if an escrow account has been set up to cover changing insurance or tax costs. If your loan payment changes, please feel free to call us immediately to discuss the change.

After the Loan Has Closed

What should I do if I can’t make a loan payment or if I need to make a change to my loan payment?
We can help you. Call us at (586) 276-3000.

How can I get a rate reduction if my loan is already financed through the credit union?
After you’ve had your loan with us for a year set up a meeting with an Extra Credit Union representative. If your credit score has improved, we may adjust the interest rate for you one time for the life of that loan.

Can I add a joint person onto my loan or remove one?
It may be possible; however, you would have to refinance your loan to make this change. You may select to add a joint person on your loan at the time of application. But if you wanted to remove someone, circumstances would have to be reviewed by an underwriter.

How can I lower my full coverage to PL/PD or storage?
We can help you with this. Call us at (586) 276-3000. We will review your situation and evaluate your collateral. We will ask you to complete this Storage Form.

I see that CPI Insurance has been added to my loan, why? What can I do to remove it?
Collateral Protection Insurance (CPI) is added to your collateral in the event that we’ve been informed by your insurance company that you’ve removed full coverage from your vehicle. Due to the fact that the Extra Credit Union is holding the lien and that loan hasn’t been paid in full, we must ensure that the asset is still being fully protected. If you receive this type of notice, please contact us right away so we can ensure full coverage has been reinstated.

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