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Loan FAQ

How do I apply for a loan?
For consumer loans and credit cards you can apply online or call us at 804-748-3081 and press option 2 to set up an appointment with one of our Loan Experts. You can also email us at loans@peoplesadvfcu.org

Do you pull credit when I apply for a loan?
Yes, we pull credit for every loan application.  This is a “no judgment” process.  We want to make sure we are giving you real time accurate advice based on your situation.  Everyone’s financial situation is different and we want to help you be financially successful! 

If I apply online, what will happen next?
A Loan Expert will contact you to complete the loan application process within 24 hours on a day the credit union is opened (exceptions on loan applications submitted after 3pm EST).   If you apply on a day we are closed, you will be contacted the following business day. We are eager to loan you the money you need!

How does the loan process work after I'm approved?
Your Loan Expert will forward your loan paperwork to our Loan Processing Team.  We have the best processing team in the business and they are excited to help you complete finalize your loans.   

Your Loan Processor will contact you to either schedule your closing or let you know of any additional documentation we need from you prior to scheduling a loan closing. You can email or fax any documents into the Loan Processing Department. If those options don't work for you, you can drop your documents off to any PAFCU branch and they will make sure to get them into the Loan Processing Department.

Loan Processing Contact Information:
loanprocessing@peoplesadvfcu.org
Fax number: 804-733-6081. 


What documents will I need to gather before the loan closing?
Here are some general guidelines for documents needed to close a loan. The credit union reserves the right to ask for additional documentation not listed below. When your loan is sent to processing, you will be contacted with documents needed specifically for your loan.

  • Personal Loans/ Debt Consolidation Loans (Unsecured):
    • Credit card statements showing payoff amounts, payoff addresses, and full account numbers
  • Auto Purchase from a Dealer:
    • Buyer’s Order or Bill of Sale from your dealership
    • Copy of your new insurance showing your deductibles for comprehensive and collision insurance and Peoples Advantage Federal Credit Union listed as lienholder
  • Auto Purchase from a Private Seller:
    • Copy of the title and seller’s registration
    • Copy of seller’s state ID
    • 15 day payoff on any outstanding loans against the collateral
    • Copy of your new insurance showing your deductibles for comprehensive and collision insurance and Peoples Advantage Federal Credit Union listed as lienholder
  • Refinance from another institution:
    • 15 Day Payoff Letter from previous finance company
    • Copy of the vehicle registration
    • Copy of your new insurance showing your deductibles for comprehensive and collision insurance and Peoples Advantage Federal Credit Union listed as lienholder
  • Personal Loan Using your Vehicle as Collateral:
    • Copy of your title (original will be needed at closing)
    • Copy of vehicle registration
    • Copy of your new insurance showing your deductibles for comprehensive and collision insurance and Peoples Advantage Federal Credit Union listed as lienholder

* If you are self-employed we may need two years’ business & personal tax returns.

Does PAFCU offer payment protection products that can be added to protect me in the event that: (my vehicle breaks down; I total the vehicle in an accident; I go out on disability leave from work; or I pass away?)

Yes, PAFCU offers Credit Life and Disability protection at great rates. These products are very beneficial and the majority of our members do elect to have the peace of mind of knowing that their loan and credit is protected.

PAFCU also offers a very competitively priced Guaranteed Asset Protection (GAP) policy that the majority of borrowers purchase on their vehicle loans. This product generally covers the difference in what you owe on your loan and what your insurance company will pay out if your vehicle is totaled in an accident.

Additionally, we offer mechanical breakdown coverage (extended warranty) that you can purchase to cover car repairs in the event your vehicle were to have a mechanical failure.

Please be sure to ask your Loan Expert about the benefits of these valuable products!

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Where our mission is to enable the underserved, unbanked, and no credit population to build and fulfill dreams by taking the Peoples "Advantage".