How long is a loan Pre-Approval good for?
The loan pre-approval, at the guaranteed interest rate, is good for 30 days.
back to top
Why was my interest rate raised?
The three most common reasons an interest rate would be raised are:
-
A Home Equity Line of Credit rate may fluctuate based on the current prime rate.
-
A Visa Credit Card rate will increase if it becomes more than 60 days delinquent.
-
A Share Secured Loan rate will change when the Share Account rate changes.
back to top
What do you mean by risk based lending?
Risk based lending allows us to offer extremely competitive rates to our most credit worthy members while still being able to help those with less than perfect credit at a very competitive rate. Your interest rate is based on your credit score.
back to top
How can I apply for a loan?
You may apply in person at any AgFed branch, on the phone at 888-451-5626 or online at www.agfed.org.
back to top
How do I qualify for a loan?
We look at every application individually. We base our decision on a member's creditworthiness and their ability to repay the loan. However, each member situation is unique. That is why we offer many different loan programs for our members. We urge you to apply for the loan you are interested in and allow our loan professionals to determine which option is best for you.
back to top
What kind of loan do I need if I have no collateral for a loan?
AgFed offers several types of unsecured loans that require no collateral, such as Signature Loans, LifeLines of Credit and Visa Credit Cards. Information for these loans may be found at the Loans tab on our home page.
back to top
How long does loan approval take?
Normal turnaround time for processing a consumer loan may be up to 24 hours. We make every attempt to make decisions on loan applications in a timely manner.
back to top
Can I get life and/or disability insurance on any type of consumer loan?
The Credit Union has Member Loan Protection available for all of our loans. Our representative will be happy to explain your options when you apply for a loan.
back to top
Do you offer consolidation loans?
Yes, we offer consolidation loans (Personal Loans). For more information, please click the ‘Loans’ tab on the AgFed home page.
back to top
What items do I need to get a loan?
The type of loan being applied for determines the items required for loan processing. An application and verification of income are required for all loan types. For auto financing, we need copies of pertinent documents like purchase orders, invoices, titles, insurance, etc. However, these items would not be necessary for Signature Loans or Visa Credit Cards. For more information about what is required, contact our Loan Department at 202-479-2270 or 800-368-3552.
back to top
Can anyone get a loan from a credit union?
Only members of the Credit Union may apply for loans.
back to top
Can the Credit Union help me with a student loan?
At this time, AgFed does not offer student loans. However, you can apply for a Signature Loan and use the funds for school. These loans are not deferred payment loans.
back to top
How long does it take to get a loan approved once the application has been turned in?
Generally loans are approved the same day, except for Home Equity loans, Second Mortgages and First Mortgage loans.
back to top
When applying for a loan, how much of the process can be done over the phone for a pre-approval of a loan?
The entire process for a pre-approved loan can be completed by phone through our 24 hour Loan Line at 888-451-5626.
back to top
Can I apply for a loan at any branch?
Yes, you may apply for a loan at any AgFed branch, over the phone at 888-451-5626 or online at the ‘Loans’ tab of our home page.
back to top
How can my teenager obtain a loan?
AgFed does not make loans to minors. If your 18-year-old or older child would like to apply for a loan, they will be treated like any other member and have access to all our loans and services.
back to top
How is interest calculated on a consumer loan?
It is a simple interest loan. Take the interest rate, divide by 365 (# of days in a year), multiply by the principal balance (this gives you the per diem), then multiply that by the number of days from payment to payment.
back to top
How will I know if I will need a co-signer? I am just starting out and don't have much of a credit history yet.
Complete a loan application either online or by calling our 24 hour loan line at 888-451-5626. A loan officer will process your request and inform you if a co-signer is required.
back to top