Frequently Asked Questions:  Consumer Loans

Can I pre-qualify for a loan before becoming a USE Credit Union member?
Yes. You may apply for a loan prior to applying for membership. Contact us by phone at (866) LOAN-NEW (562-6639) or apply online.

What is the legal age for a member to apply for a loan or Visa?
You must be at least 18 years old to apply for a loan or Visa.

How many days is my consumer loan approval good for?
A consumer loan approval is valid for 60 days from the original loan decision date.

For how many days is my approved consumer loan interest rate locked?
The consumer loan interest rate is good for 60 days from the original loan decision date.
Note: If consumer loan rates are lowered after you were approved for a loan and the loan is being funded, we will fund your loan at the lower rate.

If I am self-employed, what tax forms will I need to provide when I apply for a loan?
For a self-employed loan applicant, we require the last two years' complete 1040 Income Tax Returns.

What is the process for deleting a name from a loan?
Since the loan agreement is a lawfully binding contract, refinancing the contract in order to remove one person’s liability for repayment would be required.

When does USE Credit Union report a delinquent consumer loan to the Credit Bureau?
USE Credit Union will report a consumer loan (including auto loans, personal loans, and Visa accounts) as delinquent after 30 days of non-payment.

What is a FICO Score?
Credit bureau scores are often called "FICO scores," because most credit bureau scores used in the U.S. are produced from software developed by Fair, Isaac and Company (FICO). FICO scores are provided to USE Credit Union by Equifax, a major credit reporting agency. That score is calculated by a mathematical equation that evaluates many types of information that are in your credit report. By comparing this information to the patterns in millions of past credit reports, the score identifies your level of future credit risk. You can obtain your own credit report in minutes from www.annualcreditreport.com for a nominal fee. Note that USE Credit Union uses industry variants of FICO that may differ somewhat from the scores available to consumers, including from those on annualcreditreport.com.

Is my online application secure?
Yes, USE Credit Union uses the most current technology to make sure your online transactions are totally secure through a Secure Sockets Layer (SSL) 128-bit encryption.

How do I apply for a loan after your normal business hours?
You may apply for a loan online 24 hours a day, 7 days a week, or you may also contact us by phone (866) LOAN-NEW (562-6639).

How is the interest rate calculated for a Savings-Secured Loan?
Add 3.00% to the Savings rate for the particular share being used as security. For example, if your share savings rate is 2.49% APY, add 2.49% to 3.00% to obtain the savings-secured loan rate of 5.49% APR.

How much can I borrow against my Term Share Certificate?
You can borrow up to 100% of the balance in your Term Share Certificate.

Can funds in a variable rate certificate be used as security for a certificate secured loan?
No. Only fixed rate certificates can be used as security.

When is my loan due? Can I set my own due date?
All consumer loans (auto loan, personal loan, etc.) are due within the first 45 days of loan funding. However, if your payment is being made through automatic transfer from your USE Credit Union checking account, you may elect a transfer date of the 1st, 5th, 10th, 15th, or 20th.

Do you finance used motorcycles?
No. USE Credit Union only finances new motorcycles (not previously registered). However, you may qualify for a personal loan to purchase or refinance your used motorcycle.

All loans are subject to approval. Rates, terms, and conditions subject to change at any time.