How long does it take a CU to make a decision on a loan application?

[Markove]

Hello. What is the average waiting period for a decision to be made by a credit union regarding a loan application from a new member who is also a first time applicant?

 

[Feemar5]

If you have a good savings record it should be quick. Our local credit union give approval to on-line applications in a day.

 

[24601]

Hello. What is the average waiting period for a decision to be made by a credit union regarding a loan application from a new member who is also a first time applicant?

It varies massively from credit union to credit union and depends on the amount being borrowed. Some are more or less on the spot but in the more amateur operations you could be waiting a week or more.

 

[Markove]

Thank you.