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Loans

Interest rates and the length of the loan vary depending on many factors. These factors will also change your payment amounts.

Preapprovals are a great idea. This will give you a more accurate dollar amount of what you may be approved for and what your approximate payments will be. This can make shopping easier and more enjoyable.

HOWEVER, pre-approvals can no longer be done like the good ol’ days. Due to auditor requests and regulation compliance we MUST have a loan application completed before we can do anything.


Application Process

Please submit a completed loan application, your 2 most recent pay stubs and information on what you want the loan for to be reviewed by our loan officer.  Loan applications can be dropped off, mailed, faxed or emailed. 

AFTER we receive your application and proof of income, it will typically take 1-2 business days for your approval depending on the current loan requests being processed. Once the loan application is reviewed, we will contact you and set up an appointment to complete the loan if you are approved. In fairness to all our members, we process all requests on a first come, first serve basis.

Click here to download our : Loan Application


Loan Payments

  1. Please note that if your payments are set up to come out automatically, they will do so even if you come in and make the payment or call and have it transferred. If you are unsure if you have requested automatic payments, please ask any of our staff members to check for you.
  2. If the funds are not available at the time that the automatic payment is scheduled, your payment can not be made.  This could cause your loan to become past due.
  3. If you have funds coming in from an account somewhere other than Soo Select Credit Union for your loan payments; when your loan is paid off, the ACH transaction will STILL pull the funds from that account and will be deposited in your savings account.  If you would like these payments to stop, you must come in a sign a form to cancel this ACH transaction.
  4. You may at any time pay extra payments on your loan.  There is no prepayment penalty. However, regulators do not allow for loans to be paid ahead more than two months. Even if you pay extra, you are still required to make your normal payments as per your loan agreement.

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