Personal Loan Requirements

Applying for a new personal loan at Greater Nevada Credit Union is easy, and you can make it even easier (and faster) by knowing and understanding personal loan requirements before you apply online or by phone.

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Qualifying for a Personal Loan

Personal loans are a convenient funding option to cover many different purposes like debt consolidation, home improvements, special events, and more. Personal loan requirements may vary by individual, but in general, the following things will be needed by Greater Nevada’s lending team during the application process.

The minimum personal loan amount you can borrow is $1,000, and maximums vary depending on your credit score.

Personal loan terms are flexible up to 60 months.

Have a copy of your driver’s license or other state-issued ID ready to show when you prepare your application.

A letter from your employer, pay stubs, and/or bank statements can help serve as proof of employment and income verification.

The simplest way of verifying your residence is by sharing recent statements from local utility companies.

We’ll need to pull a copy of your credit report to verify your credit score. Interested to see where you stand with your credit report? Members can take advantage of our free My Credit Health feature within Digital Banking offering a powerful one-stop-shop to access your credit score, credit monitoring, credit score simulator, financial tips, and more. All of this without impacting your credit score, and all online.

Your monthly expenses, including any existing debt payments, will be used to calculate your debt-to-income ratio and will be a key point of consideration when you apply for a personal loan.

How do I qualify for a personal loan?

To qualify for a personal loan, take time to ensure your personal finances are in good condition. That means checking your credit score (and taking steps to improve it, if needed), paying down debt to improve your debt-to-income ratio, and gathering documents you’ll need for the application process: bank statements, personal identification, and employment pay stubs, to name a few.

What credit score would I need to get a personal loan?

Many lenders require fairly decent credit scores–somewhere in the mid-600s at minimum–for personal loans. However, a less-than-perfect credit history doesn’t automatically preclude you from getting a personal loan with Greater Nevada. Remember, the better your credit score, the more likely you are to get a better interest rate and increase the maximum amount you could borrow.

What is the easiest way to get a personal loan?

You can apply for a personal loan at most banks and credit unions. However, credit unions tend to offer better rates to members.

The simplest way to get a personal loan at Greater Nevada is by applying online. You can also call us to talk with a member of our team in person. We’re always happy to walk you through the process or answer your questions!

What can I use a personal loan for?

Unlike most other loans, personal loans may be used for just about anything. Make value-adding home improvements, fund a major vehicle repair, or even consolidate multiple sources of debt to simplify your finances.

Looking for a more specific loan, or even a credit card? Our credit union offers many ways to fund projects, homes, vehicles, and more. Contact us to learn more about financing and get started.