Loan Approval Info

Make Sure Your Loan is Approved

Nobody likes getting turned down for a loan. Although Long Island State Employees Federal Credit Union makes every effort to approve all loan requests, it’s sometimes necessary to deny an application — to protect the applicant’s financial health, as well as the credit union’s.

When the credit union denies a loan, it’s because the applicant has either (1) a poor credit history or (2) a high debt-to-income ratio. Your debt-to-income ratio is the percentage of your total debt compared to income. For example, if each month you pay $400 toward debt with a $1,000 gross (before tax) monthly income, your debt-to-income ratio is 40%.

Although there’s no magic ratio to shoot for, a rough guideline is that total debt shouldn’t exceed about 40% of total income. The credit union also weighs other factors, and requirements vary for different loans.

If your loan request gets rejected, here are a few things you can do to improve your chances for approval on your next application:

  • Devise a plan to pay off old loans, including credit card balances, thus reducing your debt-to-income ratio.
  • You may qualify to consolidate your loans and credit card balances into one loan at Long Island State Employees Federal Credit Union; then stop overusing credit cards.
  • Get a handle on your budget by comparing what you spend with what you earn. A budget can help you trim expenses and funnel money toward paying off old debts.
  • Fix your broken credit history. Long Island State Employees Federal Credit Union will work with any member who is sincere about re-establishing good credit.
  • Bolster your income with a second job — temporarily — to help trim your debt.
Copyright 2008 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

Current Rates

Vehicle (New) 2.99%
Vehicle (Used) 3.49%
Personal (Fixed Rate) 9.99%
Home Equity - Variable **Prime floor%

*As low as...based on credit score.
**Prime Floor 4.50%
Click here for more info...


NY State Office Building
250 Veterans Memorial Hwy.
Suite 5A9
Hauppauge, NY 11788

631-291-9160 - Telephone
631-360-3620 - Fax
877-LISEFCU - Toll Free
631-952-6286 - Automated (24/7)

Member Links


Credit Union Shared Service Centers