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Category: Personal Loans

Application & Approval

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If my loan is approved, how and when do I receive the funds?
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If my loan is approved, how and when do I receive the funds?
Loan documents are signed in MutualBank financial centers. For loans that do not have residential property as collateral, funds are available at document signing.
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If I have limited credit history, can I still get approved for an auto or personal loan?
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If I have limited credit history, can I still get approved for an auto or personal loan?
We understand that at some point you may need to apply for your first loan and have limited to no credit history. Our goal is look at the total application and provide answers on what we can approve. In all cases, we provide you with information as quickly and completely as possible.
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If my credit is pulled to evaluate whether my loan will be approved, will my credit score be negatively affected by it?
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If my credit is pulled to evaluate whether my loan will be approved, will my credit score be negatively affected by it?

While it’s true that credit inquiries, which may be created any time a lender or business reviews your credit report, can lower your score, that’s not always the case. It’s important to make a distinction between two different kinds of inquiries: soft inquiries and hard inquiries. 

Hard inquires
When you apply for a loan or credit, the lender will pull your credit report and that will result in a hard inquiry: the type that may actually have a negative effect on your credit score. Hard inquiries will stay on your credit report for 24 months, but will be calculated within your score for only 12 months. The one exception is applying for mortgage and car loans, which generally gives you up to 45 days to shop around, with all inquiries within that period counting as one for credit score calculation purposes. 

Soft Inquiries
If you check your own credit report or score, you create a soft inquiry. That type of inquiry will not hurt your credit score. Other instances of soft inquiries may include when an employer or landlord checks an applicant’s credit score. Soft inquiries are only visible to the version of your credit report that you see as a consumer. They are not visible to lenders, employers or any other business entity pulling your credit with or without your authorization. More importantly, soft inquiries are not included in your credit score and don’t harm it.

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How can I track the status of my loan application?
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How can I track the status of my loan application?

One of our bankers will contact you shortly after we receive your application, and you can plan on phoning or emailing them directly. However, if you don’t have their contact information available, you can email click to e-mail and we will follow up to answer your questions.

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Are there states in which MutualBank cannot offer personal loans? Why?
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Are there states in which MutualBank cannot offer personal loans? Why?
Yes. As a state chartered bank, we may only offer loans to individuals who reside in the states we have offices. Currently, that is Indiana and Michigan.
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What are some common reasons why auto and personal loans are not approved?
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What are some common reasons why auto and personal loans are not approved?

A few (but not all encompassing) reasons include:

  • The credit bureau report showing the applicant’s payment history indicates that loans have not been paid on time, or that there are collections reported for other unpaid debt.
     
  • The ratio of the applicant's debt to their income, including the new loan amount, is too high.
     
  • The loan amount on the application exceeds the loan-to-value guideline in our underwriting guidelines.
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Who makes the decision regarding whether my loan application is approved or not?
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Who makes the decision regarding whether my loan application is approved or not?
MutualBank has many experienced and qualified lenders. Whether you apply online, on the phone, or in person, our goal is to get your application to a qualified lender as soon as possible. Sometimes that will be the one of our bankers in your local financial center, and sometimes that will be a lender focused on responding to online applications.
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What factors contribute to the approval of an auto or personal loan?
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What factors contribute to the approval of an auto or personal loan?
MutualBank has established underwriting guidelines that look at the financial capacity and history of applicants. These guidelines include the applicant’s history of making payments on other loans and credit cards, their stability of income, and their amount of total debt compared to income.
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Are there any personal loan application fees?
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Are there any personal loan application fees?
No, there are no application fees for personal loan applications.

 

 

These questions and answers are provided for general information only and may not be completely accurate in every situation. The information provided is not legally binding on MutualBank or any of its affiliates or subsidiaries. For assistance with specific questions regarding your account(s), please contact us.

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