Who We Are
The Consumer Loans Department is here to provide loans for just about anything that doesn't pertain to real estate property. Consumer loans are approved for products such as automobiles, recreational vehicles, motor homes, campers, boats, motorcycles, computers, and many other products. For rates, please check the Consumer Loan Rates page under "Financial Rates" in the menu to the left. That is where we'll be keeping you up to date on our most current and up-to-date loan rates!
There will be more Frequently Asked Questions as the most common ones trickle in!
Frequently Asked Questions
Below is a list of frequently asked questions. Because this website is still under construction, a question listed may not have an answer linked to it.
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I was turned down for a loan. Does this mean I can't get a loan?
In most cases, absolutley not! When we are forced to deny a loan application, it is formally termed "adverse action". The term sounds terrible but really all it means is that we turned down a loan. So when an "adverse action form" is filed with a denied application, it means that we must state and document why we denied that application.
Keep in mind here, we only turn down an application, never the applicant! In other words, we can't turn down a member, only the application they submit under the terms and circumstances they document. This means that if your application for a loan is denied, it was a matter of not being able to grant a loan with what was provided on the application.
The best thing you can do is request to speak with the loan officer that reviewed your application, review the adverse action form for what the cause of denial was, or both. We want your business and will be more than happy to sit down with you and explain what you can do to get that loan. In most cases, you may need a co-applicant or co-signer. In other cases, you may need to take some time to pay off some debts and clean your credit report. Whatever the case, you are entitled to a reason for denial, and some basic advice to get you that loan.
My SIRCFCU financed vehicle is fully insured. Why have I received a notice that if I don't insure my vehicle that you would charge for your own insurance and/or apply penalty fees?
Usually this is a matter of miscommunication. As you know from the loan contract you signed into, your vehicle must be insured at all times so long as Superior Iron Range Community Federal Credit Union has a lien on that vehicle. Furthermore, unless the vehicle is over seven (7) years old and the loan balance is under $3,000.00, the vehicle must be insured by a Full Coverage plan. If the vehicle is over seven years old and has a loan balance of under $3,000.00 you are not required to have full coverage insurance on the vehicle, but it must still be insured. If you will be pursuing a parking insurance plan, please consult a loan officer before doing so.
It's possible that you do in fact have your vehicle properly insured and you still received the letter in question. This means that we do not have proof of insurance. Most of the time we get this automatically from your insurance agent. And if we haven't, contact your insurance agent and they should be able to do the running and get it to us for you. What we require is some form of proof of the policy you have, what term it is valid for, what vehicle it insures, for whom the policy is for. Your deductibles for comprehensive and collision need to be $500.00 or less. and it must list Superior Iron Range Community Federal Credit Union as the first secured party and/or lienholder. If any of these things are missing from a proof of insurance that we receive, we cannot file them and must send the letter you received.
Please contact the telephone number listed on your letter you've received if, after reading it, you are still uncertain as to how to proceed. They will work with you to resolve the problem.
More questions will be added on a regular basis, so stay tuned for new items!
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