Loan Shadowing

This entire past month, I’ve been spending time in different areas of Michigan First Credit Union learning about how we help our members with their financial needs. So far, I have spent time with tellers, member services, financial service representatives, team leaders, receptionists, loan processors and other areas of lending, as well as different areas of marketing.

There is SO much I’ve learned from these areas and from everyone that I’ve sat with. 

 Mike, the super friendly loan FSR I had the pleasure of shadowing! 

Mike, the super friendly loan FSR I had the pleasure of shadowing! 

I’ve most recently spent time in the lending area and learning about loans and loan processing. I’ve learned A LOT of valuable information that I think is worth sharing with you when it comes to loans.

FOR STARTERS – I learned there’s a lot of dissecting when deciding whether a loan will be given or not given.

For example, what you plan to do with your loan might be considered in making a decision. Not that any of this is for sure (I am not an underwriter), but you may be more likely to get a loan to pay off other bills than to get a tattoo.

Another piece of advice I learned about loan approval here at Michigan First is your credit score alone will not determine whether or not you get a loan. You can have a “not so great” credit score but still be loan-worthy. A big portion of getting approved for a loan is your history with Michigan First. If you’ve been good while you’ve been banking here, your past isn’t likely to come back and haunt you.

Michigan First values their members and THEIR relationship with us. Not their past relationship with a former financial institution.

Another consideration in the approval decision is showing you’re also invested in the loan by making a down payment or offering collateral. Huh? What is collateral? This is something of value you offer to give the lender if you don’t repay your loan. For example, with a car loan, the car is the collateral.

And while I did learn a lot about loans and banking, I also learned that EVERY person has their own individual and unique story.

Working with the lending team, I was extremely touched that Michigan First truly does treat each person as an individual and spends a lot of time working with members on their specific situation or need.

I’m looking forward to learning more here at Michigan First and spending time in other areas of the credit union. Hopefully what I've learned has helped you out a little bit too :).


Talk to you soon! 

Vicky :)