Loan Application-Press Here

Qualifying Criteria
To qualify for a loan, a member must meet the criteria below. Depending on the type and amount of the loan, there may be other requirements. Membership alone doesn’t entitle you to a loan.

To qualify for a District Government Employees Federal Credit Union loan, you must:

• be a member in good standing
• maintain a share balance of at least $50 plus one monthly payment
  (not available for withdrawal)
• maintain all other Credit Union loans current (no delinquency)
• have legal capacity to enter into a binding agreement
• demonstrate an ability to save and repay the loan
• submit a complete application and current payroll statement
• show favorable employment and credit history

If a member has filed a previous bankruptcy, two years with a good credit rating must elapse before a loan can be granted if there was no loss suffered by the Credit Union. If the Credit Union suffers a loss as a result of bankruptcy, the member will not be eligible for consideration of future credit or as a co-maker for other members’ loans.

Loan Application and Approval
When filling out the loan application, please be sure to answer all the questions completely and accurately and to supply a copy of your pay statement. This will speed up the processing of your request. We may need more information for some loans. Ask the loan department for details before beginning the application process.

To assist in the determination of creditworthiness, your credit union obtains a credit report on every application that is submitted. This report summarizes your credit history. It also gives an update on current obligations.

Loan Denial
The Credit Committee has the right to deny any loan based upon the information you provided on the loan application. In addition, they use normal sources of credit information as well as their own judgment as a basis for this decision. Any member denied a loan may contact a loan officer to discuss the reasons for denial.