Time is money. But how much time can an applicant afford to wait to get a loan approved? Most credit unions understand that speed is a critical factor when it comes to approving loans. Empower has a fully automated loan management system that allows them to approve a loan in as little as 72 hours without losing any documents or jeopardizing compliance. Empower recently released an infographic that shows the average time it takes for their team to approve a loan. The process of getting a loan is relatively straightforward.
Also, when applying for a Syracuse loan from Empower Federal Credit Union, you will get help with your online loan application. Apply online, expect a call the next day, and review the application the same day; approval is not binding; you need to go to the branch and meet with a loan officer for final approval and sign documents at the department and get the check. This whole process takes a total of 2 days.
How Long Does It Take To Get Your Loan Approved?
The time it takes to approve an application has a lot to do with the documentation you provide. In most cases, if you give underwriters everything they need, they can be swift. The lengthy application and approval times are because not everyone applying for a loan has the required documentation on hand. When this happens, it usually takes several days out of one’s workweek to get all of it together. You must have your bank statement payment information before submitting your application. Also, the underwriters will require adequate time to research your data and document it in their system.
The approval process with Empower is as quick as it is efficient. However, underwriters still need to assess each application on its merits carefully. As a result, times vary between customers. The good news is that the more information you provide the union with, the quicker your application will be assessed. The necessary information includes providing payslips, bank statements, and other financial documents that show your income and spending over time
As soon as the union has all the information, you should know if your loan has been approved within two business days. When it comes to loan applications, Empower looks at the credit history of potential borrowers and their ability and likelihood to repay. The credit union considers the affordability and strength of the repayment plan and several other factors.
To ensure that the underwriters make credit decisions based on comprehensive information and not just a credit score, they need to review your application thoroughly. While this process may take longer than other lenders, it is worth the wait. Some customers whom other lenders have declined for reasons beyond their control often get approved by Empower.
How Is Empower Unique?
Empower makes it easy to apply for a loan online or in person. Borrowers can expect a fast decision and a hassle-free experience. Empower has also taken the following steps to streamline its loan application process:
- They use technology to gather information about borrowers and their creditworthiness. You have to fill out a simple form, and they’ll take it from there.
- If you don’t have time to complete an application all at once, you can save it and finish it later on your computer or mobile device.
- They work with multiple lenders to give you more personal loans, auto loans, and mortgage refinancing options.
- They are committed to serving all creditworthy customers, including those with no credit history or less-than-perfect credit. If you have bad credit, that doesn’t mean they’ll automatically turn you down. They may be able to help you find alternative financing options through their lending partners.
To be approved for a loan by Empower, a member must have:
- A credit score of at least 600
- No delinquencies in the last two years.
- No open bankruptcies or foreclosures.
- A debt-to-income ratio that is less than 40%.
- Have been on time with their rent or mortgage for the past 12 months.
- Are not currently enrolled in debt management or credit counseling plan.
- If you meet those criteria, loans can be approved in as little as 24 hours.
The typical loan application process is broken. Borrowers spend hours filling out paperwork, only to be told they’re not approved or can’t get the rate they wanted. And the entire process can take weeks.
If you’re wondering how long it will take Empower to review your application and decide on your loan, the answer depends on the amount of money you request and your credit score. If your credit score is good enough, you should get approval in one or two business days. If your credit isn’t quite there yet, it may take longer. Regardless of your situation, any time frame given is an estimate.