Dear Member,

Thank you for your interest in a loan with your Credit Union. We do appreciate you doing business with us.
We would like to explain our proceedure:

• If you have Acrobat Reader 5.0 or later, click on the link at the bottom of this page to obtain a printable electronic version of our loan application.
  
• If you do not have Acrobat Reader, visit our credit union to pick up a paper application.

1. Complete the entire loan application by filling out all areas in ink and do not use white out.
   
   Each applicant must list a separate ralative and their address. This is required by regulations from our examiners and allows the Credit Union to make a decision based on the most thorough imformation possible.
   
   
2. A copy of recent paycheck stub(s) from each applicant must accompany the application. If a second income is to be submitted, the applicant must have been employed for a minimum of one year. Pay stubs over 90 days will not be accepted. If you are self-employed, income tax returns for the past two years should be sumbitted.
   
   
3. You must supply the Credit Union with all documents necessary to support your request. For example, if you are applying for a vehicle loan, we must have a copy of the dealer invoice. The Credit Union staff will assist you in determining what information we will need when you apply.
   
   
4. Bring the completed application and requested copies/documents to the Credit Union -OR-
   Fax them to: 217-423-5058 -OR-
   Mail them to: MCSEFU, 902 North Monroe Street, Decatur, Illinois 62522.

1. Obtain a Credit Bureau report on each applicant each time a loan is requested.
   
   
2. Your Income to Debt ratio will be calculated. The Credit Committee will determine your ability to repay the new loan based on your indebtedness at the time of the loan request. For example:

   Your net income per month is $2000. Your total expenses per month are $1000, less utilities, groceries, insurance, etc. Included will be mortgage or rent payments, car payments, other loan payments, credit cards, and the new loan payment.
   Your total debts are then divided into your net income. This must not exceed 1000/2000 = 50%.

3. The Credit Union will review all the information you have supplied. Every effort will be made to approve the loan within our policies and regulations. If for any reason your loan is not approved, you will be notified by mail.

Upon approval each applicant must sign the loan agreement, a wage assignment, the check for the proceeds, and a title correction form, if necessary. Co-makers must sign a co-maker form.

If you have any questions, please contact us for further information. We will be happy to assist you in any way we can.

CLICK HERE To obtain a printable electronic version of our loan application.