What information does a loan officer use when considering a loan?
• Debt to Income Ratio: The loan officer will look at your ability to repay the loan by using your debt to income ratio. This ratio is found by comparing the debts you owe to the amount of money you earn. This helps the loan officer determine if you can afford to make the payment. • Credit Report: A credit report is obtained from a credit bureau to show your past record of repayment. To protect the interests of all members in the credit union, we want to ensure the loan will be repaid. • Work Record: When applying for a loan, you should bring a copy of your paycheck for income verification. • Past Experience with the Credit Union: If you have had previous credit union loans, loan officers will examine your repayment record.