Know the Ins and Outs of the Lending Process

Walking up colorful steps.

You’ve determined you have a loan need. Great! We love helping members. Whether it’s for auto, home improvements, tuition or a getaway retreat, we’re here for your life’s financial needs. But what happens after you complete and submit an application? Read on to learn about the lending process and what you can expect.

After your loan is submitted whether in person, by mail, over the phone or online, you will be assigned to one of our lending experts, giving you personalized service. Their focus is to help you meet your goals! They will speak with you to get a better understanding of your borrowing needs.

Next, is the underwriting process. Your credit history, income, and debt obligations will be reviewed. We want to make sure you are borrowing responsibly to avoid possible financial woes after receiving the loan. Your financial health will always be our number one priority. Depending on your loan needs, you may be asked to provide additional verification, such as pay stubs if you do not have direct deposit with Viriva. Loans, such as a home equity, may require property appraisals and title searches.

Once we compile all of the necessary documents, we will speak with you about your options. Loan approval, the amount of the loan, monthly payments and rate, is determined on an individual base. You may have several options available to you, depending on what your goals are. If approved, we will go over the terms of the loan with you. However, if additional requirements are needed, we’ll help you understand your unique situation and make recommendations of what steps you can take to help you meet your goal.

The last step is the loan signing and funding process. Some loans may be signed electronically through email with funds available to you on the same day. Depending on your loan type, we will either deposit the funds directly into your Viriva account or provide it to you in the form of a check.

Taking out a loan can be a big decision. As your financial partner, we’re here to guide you and ensure you are comfortable with your choice. Contact us today about your borrowing needs.