Loan Answers

If I am having financial difficulties with loans or credit cards, where can I get help?

There are several options but the most important is to contact the collections department as soon as possible. They can help you come up with solutions sooner, rather than later when difficulties become extreme problems.


If I make loan payments by payroll deduction what happens to the deduction when the loan is paid?

The funds will go to your savings.


How long do I need to be a member of the Credit Union before I can apply for a loan?

There is no waiting period to make a loan after you become a member. You can join the Credit Union and take out a loan the same day (if you qualify). Click here to apply online.


How long will I wait to see if my consumer loan application is approved?

You should know the same day or possibly the next day dependent upon when we receive the application. If you apply through the Internet or through our 24 hour lending center over the weekend, you will possibly have to wait for a response until the first working day.


What information should I bring with me to apply for a loan?

You should bring information on the collateral, if applicable, and income verification.


How long can you finance?

It is dependent upon the amount financed and the collateral. On auto loans we can go up to 72 months on a vehicle valued at $20,000 or more.


How much can I borrow?

Credit and income are the major factors in how much you can borrow. Another factor is collateral.


Do you offer business loans?

Yes. Click here to find out more.


Can I skip a payment on my loan?

You are allowed to have one 30-day deferral in a calendar year, not to exceed 6 in the life of a loan. You have to have made 4 consecutive timely payments to qualify.


What are the qualifications to borrow money from the Credit Union?

We look at everything -- your credit, work history, income, collateral, etc.


How come the interest paid on my loan varies from one month to the next instead decreasing as the payments are made?

Interest accrues daily on a simple Allegiance Credit Union interest loan. It is based on your daily balance and the amount of days between payments. So 30 days between each payment will accrue 30 days in interest.


How long will it take to be pre-approved?

In most cases pre-approval will be available in 24 hours.