Some information to assist you in applying for a loan. Your loan application and all accompanying documentation should be mailed, faxed, or delivered to your local branch.
A new application is usually only required with your first loan, and will be retained on file. If you have filled out a full application in the past, please start with the Advance Request Form. The Credit Union Specialist will let you know if an update is required.
Loan Application and Request Form - If this is your first request for credit, please complete in full. All information is required for each applicant. If you are applying for joint credit, you must include your co-borrower’s information. (Applicants residing in a community property state, even if married, may apply for individual credit.)
Signed Plan (Loanliner Open-End Plan Signatures document) - This document must be on file in the Credit Union, but is only required to be completed once. The Credit Union Specialist will send you the Plan if it is required.
Member Protection Program contractMPP coverage is not required for any loan, but the signed form is required if this is your first loan request, or if one is not on file for your lending plan.
Proof of Income - Current proof of income may required. The Credit Union Specialist will let you know if proof of income is required. Note: alimony, child support or separate maintenance income need not be revealed if you do not choose to have it considered.
Current State Farm Employees—current pay stub Agents—agent online recap showing Total Payable per Agreement plus Total Awards and Bonuses Co-Borrower/Spouse—most recent pay stub Retirees—direct deposit as shown on bank statement or current pay stub for retirement or social security income as applicable Self-Employed—IRS form 1040, Schedule C or F Part-time Employment—proof of 6 months continuous income Child Support or Alimony—divorce decree with current proof or check stubs Rental—schedule E or current signed lease agreements if prior year Schedule E is not available.
Vehicle Loans -
Pre-approval—Pre-approvals are encouraged – for new or used vehicle purchases! Submit the required forms as above; making a request for the most you think you will need to borrow. You’ll have 90 days to make your deal! Dealer Purchase—signed purchase agreement. For a used vehicle, also submit a Used Vehicle Worksheet or call a CU Specialist to obtain a value through NADA Private Party Purchase—Used Vehicle Worksheet or call a CU Specialist to obtain an NADA value. Refinance—Submit the Used Vehicle Worksheet or call a CU Specialist to obtain an NADA value.
Proof of Vehicle Insurance - All secured loans (i.e. autos, boats, motorcycles, RVs, etc.) are required to maintain insurance listing the State Farm FCU as lien holder. Comprehensive and collision coverage is required (maximum deductible $1,000). Contact your agent to add the Credit Union as lienholder:
State Farm FCU
P.O. Box 7609
Lafayette, IN 47903-7609
Payroll Deduction from your State Farm employee or agent income is available. Please indicate on the Loan Request form if you wish to take advantage of this convenient option.
ACH - Withdrawal from your checking account or other financial institution savings account is also possible. Please submit the ACH Origination Authorization Form to take advantage of this option.
Some members prefer to have payments made directly from a Credit Union share savings account, either temporarily because of vacation, or permanently. This option is often chosen for Share Secured loans. For this option, submit the Periodic Payment Authorization.
If you wish to have your loan proceeds sent by wire transfer (subject to the fees in place at the time of your wire), please make sure we have a current Wire Transfer Authorization Form on file. If the loan proceeds are being sent to a 3rd party such as a car dealer, a new Wire Transfer Authorization form must be submitted, even if you have provided one in the past.
