First Time Borrower FAQ

by | Jun 17, 2024 | Loan Education

June 17, 2024

Do I have to be a member of your credit union to apply for a loan?
Yes. Technically you can apply for a loan and become a member in the process of your loan application, but your loan will not be approved if you do not become a member. 

Can I apply for membership and a Loan at the same time?
We only accept in-person applications for membership, but you can apply for a loan online and once we confirm your membership eligibility, we can help you sign up for membership and process your loan in-person too.

How do I apply for a loan?
You can apply for online for some loan types, but all loans can be applied for in-person at our Spokane location. If you are not in Spokane, we can email and fax loan applications to existing members. Click here to apply for a loan now.

What types of loans do you offer? We are a not-for-profit credit union, and our Loan Officers can help you understand your borrowing options, evaluate your finances, and can give you information on our loans to help you decide on what solution is right for your unique situation. Learn more about our current loan options.

What happens when you pull my credit?
When you apply for new credit, like a car loan, credit card, or mortgage, the lender checks your credit report. This check, called a hard inquiry, occurs when a lender accesses your credit file to decide whether to approve your request. Hard inquiries can affect your credit score, especially if you have too many in a short time. On the other hand, a soft inquiry occurs when you or someone else checks your credit without a specific credit application, and these don’t impact your score.

What happens if I default? Applying for a loan can lower your credit score a bit. But that’s nothing compared to what happens if you can’t repay the loan on time and end up defaulting, which can seriously hurt your credit score. This, in turn, makes it difficult to buy a car or rent an apartment. In extreme cases, you might face wage garnishment, lose your tax refund, have your car repossessed, or even go through foreclosure.

(509) 838-8960
6103 N Astor St.
Spokane, WA 99208