Often, a little goes a long way. For those in need of extra cash for an emergency, such as a leaking roof or misfunctioning car, there is the option to apply for a loan. However, since it's still up to the lending institution to ultimately approve or reject the request, set yourself up for success by checking out the tips below.

What to Do Before You Apply For a Loan

1. Understand Your Financial Situation

Before receiving assistance, you will need to show proof of your ability to pay the money back. This can include pay stubs from a steady job or the signature of a co-signer with more substantial resources. Smaller loans are also more likely to be approved, so when reviewing your bank information, see if there are other ways to cut back spending to reduce the amount of additional funds you will need.

2. Go With a Trusted Lender

Before beginning the application process, find a reputable and trusted lender. Longevity is usually a good sign since institutions which have been around for many years have generally made it so far by providing value to their customers. Doing research online and asking friends and family for recommendations may also help narrow your search.

3. Check on Your Credit Score

Your credit score shows potential lenders how regularly you have paid back debt in the past and, therefore, is a large factor in their decision. A good score is usually considered to be 690 or higher; excellent credit is 720 and above. Even if you do not plan to apply for a loan in the near future, make an active effort to boost this number by paying bills on time and disputing any errors. 

In need of extra funds? Visit the team at Mohave Community Federal Credit Union in Kingman, AZ. For more than 60 years, they have been trusted as the leading credit union in the area, providing premier financial aid. Whether you're interested in opening up a savings account or need to apply for a loan, their member-owned union is dedicated to making the process simple. To learn more about their services, visit them online or call (928) 753-8000 to learn more about their loan process.