How to apply
There are different ways to apply for a loan at Mountain America. You can use its app, apply online, visit a branch, or call its customer service line at 1-800-748-4302. The types of loans include the following:
Personal loans
Mountain America provides personal loans, also known as signature loans. With interest rates at 8.24% APR and repayment terms up to 60 months, these loans do not require application fees or collateral.
Requirements
Before you fill out the application, you must have the following information and documentation on hand:
You must submit your social security number, along with other contact information;
You must have a driver’s license number or state-issued ID;
You must present an ID which proves you live in Salt Lake County/Duchesne County/Wasatch or Uintah County;
You must be part of a MACU member’s immediate family or work for/volunteer for a Select Employer Group (SEG) or an affiliated association.
Business loans
Mountain America provides a variety of business loans. For instance, its small business loan is unsecured with no collateral. It may be used for amounts ranging from $10,000 to $50,000 and has a variable APR based on creditworthiness that ranges from 6% to 6.5% over the prime rate and 1% foreign transaction fee. Credit approval is required for all business loans and MACU membership eligibility. The different types of business loans offered by Mountain America include:
Small business loans
Equipment loans
Business acquisition loans
Construction loans
Secured lines of credit
Commercial real estate financing
Requirements
You need to become a business member to qualify for a MACU business loan. You can become a member if you meet any of the following criteria:
You live in Salt Lake County, Utah
Your company signs up as a select employer group
You are a personal MACU member
Although the credit union's website does not mention document requirements, it is good to have the following information and papers on hand when applying for a business loan.
Returns on personal and corporate income;
Income statement and balance sheet;
Bank statements, both personal and business;
A photocopy of your driving license;
Documents related to licensing and lease for your business;
Documents related to incorporation;
A resume that demonstrates relevant managerial or business experience.
A project report if you are applying for a commercial construction loan
Vehicle loans
Mountain America provides low-interest financing for cars, trucks, SUVs, trailers, RVs, boats, ATVs, and motorbikes, among other new and used vehicles. The different types of vehicle loans available at MACU include:
New and used auto loans
RV loans
Travel trailer loans
Motorcycle loans
Dirt bike loans
ATV loans
UTV loans
Boat loans
Personal watercraft loans
Snowmobile loans
Requirements
To begin a vehicle loan application, you do not need to be a member. However, to complete the process, you must first qualify for Mountain America Credit Union membership. A minimum credit score of 700 for a new car loan and 600 or higher for a used car loan is required to apply for these loans. Before you fill out the application, along with your complete contact information, you must have the following documentations:
Your social security number;
Your driver’s license number;
Your VIN, mileage, accessories and other relevant information (for auto and RV loans).
Home loans
On new acquisitions and construction loans, Mountain America offers a free assessment with a maximum of one per household. The following are the different types of house loans offered by MACU:
Conventional mortgages
Construction loans
First-time homebuyer loans
FHA loans
VA loans
Mortgage refinance
Lot and land loans
Jumbo loans
Rural housing loans
Mini mortgage loans
Reverse mortgage loans
Home equity loans
Requirements
The requirements to qualify for home loans may vary by lenders, but they typically include information and documents related to a borrower’s income and credit history and debt-to-income ratio. You must have the following information and documentation on hand before filling out the application: (Additional information may be necessary based on an individual's particular situation):
Recent pay stubs;
Recent W-2 form;
Tax returns for the last two years;
Recent bank statement;
Proof of down payment;
Apart from that, borrowers are required to adhere to the additional guidelines depending on the loan they apply for. To learn about all the details, contact the support or study the conditions of each loan on the site.
The application process may vary depending on the loan you choose, but in general, you need to follow these steps to apply for a loan.
Personal/vehicle loan
Visit the Mountain America Credit Union website and select the Personal loan from the Loans & Cards category;
Click on the loan you want to apply for, then click on Apply today;
For application processing, keep your personal contact information, SSN, and driver's license handy;
Enter your email address, a promo code (if applicable), and then click Get started, implying that you agree to the Electronic Communications and eSignature Disclosure's terms and conditions;
On the next window, check if you are a current Mountain America Credit Union member;
Choose your application type now from the loan options available;
Fill in the requested amount, choose the loan purpose and loan duration from the drop-down menu if you're applying for a signature loan;
You will be directed to fill in the principal applicant information, your employment information, and other pertinent information;
You'll now be asked to check your responses and the disclosures. Click on the check box to affirm your acceptance of the same, and then click on Save and continue.
You'll now go over your application and if no changes are needed, click on Submit.
Within 24-48 hours of submitting your application, it will be reviewed, and a MACU representative will contact you.
Business/home loan
To apply for a business or home loan, the applicant has to first submit their details, and then the company will contact them for further assistance. To submit your details follow the steps below.
Visit the Mountain America Credit Union website and select the Business section. Choose the loan you want to apply for from the Loans category;
Click on Schedule appointment, choose the branch nearest you, select a program type and then click on Continue;
Select the appointment type and click on Continue;
Select the date and time, click on Continue;
Provide your contact details and answer the prompts that appear on your screen. Schedule it by clicking the button.;
Wait for them to contact you with additional information.
Another way to apply for a home loan is through the online application form on the website. You can login with your Mountain America Credit Union account or your guest account login with your email and password. As an example, for conventional mortgage loans, once you click on Apply now, you will be directed to the Getting started window.
Start by entering your full name, phone number, marital status, and home address. To proceed, click the continue button;
Verify if you’re applying for the loan with another applicant, review and confirm by clicking on the Continue tab;
In the following steps, describe the type of property you're looking for as well as the finance you'll need;
Select the property type and use of property from their drop-down menu and click on Continue;
Enter your purchase price and continue by answering the remaining questions as they come on the screen;
Enter your SSN and date of birth now, review the information, and click on Continue;
You'll now be prompted to provide information about your assets and the accounts you'll use to pay for your down payment and closing charges. Link your accounts to import this information automatically to make things easier. Click on Start this section; you may not need to upload statements later if you link your accounts now;
Enter your demographic details by clicking on Start this section;
Review all information and click on Continue;
The final steps require you to fill in your current address and verify some relevant details and then click on Continue;
Do a final review of your application and submit it by clicking on I confirm;
Confirm which loan option you’re interested in, fill in your estimated credit score and click on Continue;
Read the disclosure currently displayed on the screen and click on Submit, to complete your application;
Your application will be evaluated, sent to underwriting for processing, and then accepted or declined based on the information provided.
Application details
MACU typically approves applications immediately. However, in some cases, depending on the loan type and the requisite approval, it could take up to 24 hours or longer.
Reasons for rejection
Mountain America reserves the right to reject an application due to misrepresentation of income proof, forged proof of domicile, negative credit history, etc.
