Consumer Loan Options
The following Workout Loan options may be available to members who are unable to afford their monthly loan payment:
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Payment Deferment - If you are one, two, or in some situations, three months behind in your payments, we may be able to defer your payment and extend your loan. |
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Loan Modification - A temporary change in the repayment terms of your loan. |
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Refinance - Obtain a new loan, if you qualify. |
Request a Workout Loan
Please print out our Workout Loan Request Packet and ensure you have completed all requirements before submitting to SDCCU® for review.
You will need the following items when requesting a Workout Loan:
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Workout Loan Program Checklist. |
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Income verification – current pay stub if you are a wage earner, if you are self-employed we need your current P&L, previous year’s tax return and the last three months’ bank statements. |
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Asset verification – current bank investment and retirement statements. |
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Hardship letter – write a letter that explains your situation and how a Workout Loan will help you. Be sure to sign your letter. |
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Signed Hardship Affidavit Agreement.
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Signed Non-Disclosure Agreement. |
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Completed Personal Budget Analysis. |
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Signed Information Release Form. |
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Tax Form 4506-T (request for Transcript of Tax Return). |
Here is what you can expect when starting the process:
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You will be asked to contact a Financial Services Representative, in a branch or by phone, to complete a loan application. |
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You will need to submit a completed Workout Loan Request packet. |
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We will pull your current credit report. |
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You will be required to meet with an SDCCU financial counselor to discuss your budget over the phone or in person. |
You have the right to use a third party, such as a counseling service or attorney, to assist you with this process. A signed consent form is required from you in order for us to speak with them.
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