Do you want to apply for a loan from Cornerstone and you want to know the requirements? If YES, here is a 5-step guide on how to get a loan from Cornerstone. Cornerstone Community Federal Credit Union offers several convenient options for members to apply for a new line of credit. Processing loan payments and paperwork are the primary responsibilities of loan servicers like Cornerstone. But Cornerstone also offers other services to borrowers.
Table of Content
- Benefits of Getting a Loan from Cornerstone
- Types of Loans Serviced By Cornerstone in the United States
- 1. Personal Loans
- 2. What You Need Lines of Credit
- 3. Vehicle Loans
- 4. Investment Loans
- 5. Personal Mortgages
- 1. Know the type and amount of loan you want
- 2. Prepare your documents
- 3. Know your credit score
- 4. Apply for preapproval
- 5. Submit your loan application
Benefits of Getting a Loan from Cornerstone
Cornerstone provides customer service to borrowers who need loan deferment and forbearance. The company also assists borrowers who need to change loan due dates, obtain loan verification letters and set up third-party authorizations. Any individual having trouble making monthly payments, Cornerstone can work with them to avoid defaulting on their loans. It also helps borrowers change their repayment plans or postpone payments if necessary.
Cornerstone is also renowned as one of the few loan servicers that offer in-person help. As a customer, you can walk into their headquarters Monday through Friday during normal business hours to discuss your loans and any questions you might have.
The building’s address is: Board of Regents Building, Two Gateway60 South 400 West, in Salt Lake City, UT 84101-1284. However, if you aren’t close to Salt Lake City, the Cornerstone call centre is open Monday through Friday but is unavailable on weekends. You can speak to a representative by calling 800-663-1662.
Types of Loans Serviced By Cornerstone in the United States
Irrespective of how careful and detailed you are with your money, everyone at some point needs a loan provider to help make things happen. Whether you’re looking to consolidate some debt, take a trip, make a big purchase, buy a home or top up your investments, Cornerstone can help you with lending products that flex to meet your needs.
1. Personal Loans
Cornerstone personal loans are equipped for more than just great rates and flexible terms. Anybody looking to access personal loans can also count on Cornerstone to offer the right loan to fit their budget and goals. Whether you’re itching to travel, make a big purchase or want to pay off those credit cards, Cornerstone can help you get what you need.
2. What You Need Lines of Credit
For instance, if what you need is access to cash at a moment’s notice without the high interest rate of a credit card, Cornerstone can help you with a line of credit. From making purchases to covering overdraft on your cheque account, note that this company can offer you a line of credit that gives you ready cash when you really need it.
3. Vehicle Loans
Any individual seeking to buy a new or used vehicle or RV, should also note that Cornerstone got an excellent financing option for them to consider. The company’s Dealer Finance Program offers competitive rates in a convenient fashion on any vehicle you’d like, whether it’s a new sports car, a vintage automobile, a great deal on a pick up or an RV. According to company profile, you can get approval within hours, hassle-free paperwork and a 7-year financing option.
4. Investment Loans
We all know that sometimes investment opportunities come along before we have the cash on hand to take advantage of them. However, to effectively help Americans get – and stay – on track with their investment strategy, Cornerstone offers RRSP Loans and TFSA Loans. The company’s Wealth Management team can also help you decide and make a concrete choice.
5. Personal Mortgages
Note that whether you want to buy a home or are looking to renew, refinance or move your mortgage to the company, Cornerstone boasts of having varying options that will fit your life, your needs and your goals. Not only do the company offer flexible and competitive mortgages, the companies’ mortgage specialist will come right to your door to make it all happen. It doesn’t get much better – or easier – than that.
Step by Step Guide on How to Get a Loan from Cornerstone
When looking to get a loan from Cornerstone, without even trying you may feel that the process is somewhat daunting. There may be several factors to consider when it comes to taking out a loan from Cornerstone, but the loan process itself doesn’t have to be daunting or complicated. Read ahead for a detailed breakdown on how to get a loan quickly and efficiently from Cornerstone.
1. Know the type and amount of loan you want
The very first step to consider during this process is the type of loan you need. Some types of loans include home loans, auto loans, student loans, personal loans, and home improvement loans. In addition, loans can also be classified as secured, unsecured, fixed rate, and variable rate.
Deciding the type of loan that you want is a crucial step to moving forward in the process of getting a loan. The other factor to consider which are equally important includes loan amount and your current financial standing. The amount you are looking to borrow should be based on the expense you’re trying to cover and your income.
It’s better to determine how much you can spend each month and borrow less than your maximum so you can avoid stretching yourself too thin. Taking out a loan that’s too small can leave you with remaining financial needs, but if you take out a loan that’s too large, you’ll be stuck paying interest on a larger amount than necessary.
2. Prepare your documents
Being prepared can help you scale through this process and get your loans quicker. Having the required documents on hand can make your application go a lot faster — the sooner you can get them in, the sooner you can get approved. Ideally, the documents you need will include:
- State-issued ID. Driver’s licenses or passports.
- Proof of employment. Last three pay stubs or a W-2 form.
- Bank statements. This shows how much money you have and can act as proof-of employment if you work for yourself.
- Social Security number. Cornerstone needs your SSN to check your credit score.
- Employer’s contact information. According to the type of loan you want, you might be asked to present your company’s contact information — and sometimes information about your former employers.
3. Know your credit score
One very important step when seeking a loan from Cornerstone will be checking your credit score. Although a good credit score is not the only factor in getting a Cornerstone loan, your credit score will play an important role in your chances of obtaining a loan and what interest rates you may pay.
Note that if your credit score isn’t as good as you’d hoped for, don’t fear! You have options. Your credit score can be improved in several ways, including making a budget and tracking it. It’s advisable you identify and remove any errors in your credit history. Have it in mind that the act of filing a dispute in and of itself does not change your credit report.
However, if a dispute leads to a change in the information used in your credit report, it could have a positive effect on your credit score. Just keep in mind that information that is corrected but does not factor into your credit, such as your address, will not affect your credit score.
4. Apply for preapproval
Just like many other lenders and loan service firms, Cornerstone offers preapproval. This gives every client a chance to view potential rate and loan term based on the information they have submitted. It also gives them an easier way to compare: they can stack multiple offers against each other to find the best option before their credit score takes a hit. At this point, remember that a preapproval offer isn’t finalized. Cornerstone may change your loan terms after doing a hard pull on your credit.
5. Submit your loan application
If all the above steps have been taken and results achieved, now is the ideal time to submit the loan application to Cornerstone, via email, mail, live chat, or phone. Some borrowers worry that taking out a loan can harm their credit in the long run, but that isn’t necessarily true—in some cases, it can actually help your credit.
If every detail submitted meets the company’s requirement for your loan choice, you can expect to receive the loan amount within a week or so. If you find yourself in the situation of being denied a loan, don’t be disheartened. Ask for details on why your loan was denied for future reference, so you know what steps you can take to improve your application.
Applying for a loan with Cornerstone doesn’t have to be a challenging process. However, with the information presented above, you have a running start. It’s advisable you take your time to go over the details, ask questions, and review your needs. Your preparation, including using this step-by-step guide, will provide you with a solid footing for getting the right Cornerstone loan in a timeline that meets your needs.