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Q&A: Borrowing Money from Aspire

May 30th 2014 by
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We want to help you achieve your dreams. We have a lot of products that can help you do that and we know you probably have a lot of questions about how it all works.

Below you’ll find the most frequently asked questions about loans.

How do I qualify for a loan with Aspire?

Must be 18 years old, US Citizen, and have a stable income. After filling out an application, our underwriters will review your information to determine eligibility.

Why can’t I find out right away if I’m approved for my loan?

We try not to keep you waiting too long; most loans are approved within 24-48 hours.  All applications need to be reviewed by the underwriters and sometimes there is additional information we need to help make the decision on the loan.

Why do I have to be joined on a loan just because I’m on a joint membership?

Each loan is attached to a membership account. If you would like to open an individual loan, you can do so by opening a separate account.

What steps should I take in repairing my credit?

In order to repair your credit we have a wonderful program in place called a “Credit Report Review.” One of our knowledgeable staff will review your credit report and give you tips on how to improve the score. We also have a Credit Builder loan, where you actually are paying the loan first, and once the loan is paid in full, we advance the money to you. It is really a loan in reverse!

Who is Midwest Loan Services (MLS)?

Midwest Loan Services (MLS) was founded in 1992.  They specialize in mortgage sub-servicing by partnering with credit unions interested in offering their members additional benefits and services.  Midwest has been the sub-servicer of Aspire’s mortgage portfolio since September 1, 2009.

What is Cross Collateral?

Cross collateral is when the Credit Union can repossess a member’s automobile if the member has another loan (auto, personal, etc.) that is delinquent. The Credit Union can also transfer money from any share account to offset a delinquent loan or negative share account.

Why can’t I change my loan due date?

Due to federal regulations, we set a payment date for both unsecured loans and lines of credit.

How is my loan payment applied?

The interest is satisfied then the remainder of the payment is applied to the principal balance.

We’ll wrap up our Q&A series with a post about the benefits of membership. Stay tuned!

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