How to Get a Loan From a Credit Union

Wondering how to get a loan from a credit union? Greater Nevada Credit Union loan experts are here to help you understand the process and simplify the terminology so you can find the loan that works for you.

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8 Steps to Getting a Loan from Greater Nevada Credit Union

Gone are the days of lengthy loan applications. All that paperwork. All that waiting. Thanks to Greater Nevada’s secure online application portal, obtaining a loan for yourself is as simple as following the steps below from the convenience of your home.

1. Determine Loan Needs

What is the loan amount and what will the money be used for? A new (or new to you) car or truck, an education, or perhaps to start a new business? Start with why.

2. Check Your Credit Score

Your credit score that comes from pulling your credit report is one of the most important pieces to securing the best interest rate possible. Our members can take advantage of our free My Credit Health feature within Digital Banking for a one-stop-shop to access your credit score, credit monitoring, and more. All without impacting your credit score, and all online.

My Health Credit

3. Compare Loan Types

Each Greater Nevada loan is designed to fit a specific need. There are even sub-categories of loan types (i.e. fixed vs. variable rate), so understanding these differences is important.

4. Decide Whether a Credit Union is Right for You

Traditional banks are set up to benefit their bottom line for their shareholders, while credit unions exist to serve their members by offering flexible terms and competitive rates. As a not-for-profit financial cooperative, Greater Nevada is an excellent option for your next loan.

5. Can You Meet the Credit Union Membership Requirements

As long as you can meet the credit union membership requirements (which Greater Nevada’s is that you live or work in any of Nevada’s 17 counties, or you’re an immediate family member of someone who does), you can apply for a loan without being a member first. You’ll then join the credit union as a new member if you are approved for your new loan. It’s a win-win proposition.

6. Gather Documents Needed

From basic identification to details of your credit and employment history, it’s time to gather the paperwork needed for approval.

7. Apply for a Loan

Apply online or call our lending hotline at (855) LIV-GR8R to move you from dreaming to doing. Our secure application portal ensures your private, personal information stays that way.

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8. Explore All Options with Our Friendly Lending Experts

Our local team of consultants have heard almost every question imaginable, and they’re ready to walk you through the steps to choosing a loan based on responsible lending practices to find the right option to meet your personalized needs.

What are the Benefits of a Loan With a Credit Union?

Competitive Interest Rates

Greater Nevada offers interest rates that compare positively with other financial institutions not only in Nevada, but across the nation.

Improved Credit Score

A loan with Greater Nevada is not just a transaction. It’s a chance to also strengthen your credit and your financial future with on-time payments that get reported to the major credit bureaus.

Flexible Loan Terms

Whatever your stage of life, we will work to try and find you a loan with monthly payments you are comfortable with.

Variety of Loan Options

From boat, car and home loans to those that help kickstart your education or career, we’re here for you.

GNCU is Not-For-Profit

Unlike banks, which answer to corporate shareholders, we only answer to our member-owners.

Local Decision Making and Support

Questions about the loan process? Feel free to call us. We’re here to help.

Are credit unions easier to get loans from?

Most financial institutions across the nation will have a baseline of requirements, from examination of your credit report to seeking a detailed history of your employment, income and other debts. Beware of those that do not, such as payday lenders, who may charge extremely high interest rates with unreasonable terms. Working with a credit union means you are working with a team of local professionals who care about your financial health and that of the community. In summary, obtaining a loan from a bank vs. a credit union is likely a similar experience, but you reap more feel-good benefits when you work with a credit union.

How much can you borrow from a credit union?

As with many questions related to credit union personal loans, it depends largely on the type of loan you are seeking. Other than exploring our different loans on our website, we suggest you give our local lending team a call to see what options are available for your needs.

How do I ask for a credit union loan?

As detailed above, the eight steps to asking for a credit union loan are follows:

Determine loan needs
Check your credit score
Compare loan types
Decide whether a credit union is right for you
Can you meet the credit union membership requirements (not necessary for application, but for moving forward with the loan)
Gather pertinent documents
Call or apply online
Work with a consultant for guidance on next steps

What credit score do you need for a personal loan at a credit union?

While there is no set credit score to obtain a loan, generally speaking a score of 600 or higher is the minimum needed to borrow money from a reputable lender. Of course, the higher the credit score, the better your chances of getting a loan at a better rate.

Is it better to get a loan from a bank or credit union?

The answer to this is a matter of opinion, but we humbly suggest that working with a locally-based community organization that puts its members first is a far superior experience to the alternative, which is to work with a corporation that answers to shareholders. In general, the interest rates and terms you find at a credit union are favorably comparable to what you will find at a traditional bank.

Greater Nevada is here to help you every step of the way when it comes to handling your money. These resources will help make your experience a fully-informed one.

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