Frequently asked questions

How do I apply for and compare loans with MoveCU?

All you have to do is fill out the application on our website. At the start of the process after you give us your initial information, you will be given an array of loan offers so you can compare and select the best one for your situation. If you find a loan you like, continue on and complete the application to get your loan!

How long does it take to get a loan or credit card from MoveCU?

Because we work with a variety of different credit unions, all of which are separate entities, it is difficult to give a hard answer to this question. We can tell you that the process to get a loan is extremely quick, with most loans being funded within hours, and at maximum a few days, depending on both loan type and credit union.

How long does it take to fill out an application from MoveCU?

We pride ourselves in making our application as quick and easy as possible. Completion from start to finish should only take a few short minutes if you have your I.D. and any required documents (such as your car title if you are getting an auto refi, etc.) ready.

Does looking at MoveCU offers affect my credit score?

No. MoveCU utilizes what is called a “soft inquiry” in order to show you offers. This type of credit inquiry is done without affecting your credit score. However, if you decide to accept an offer, your credit score will be affected, just as it is affected any time you apply for any loan or request for credit.

Can I use my phone, tablet, or computer to apply?

Yes, our application process is easy to use and complete from any device!

Does MoveCU sell or give personal data to other parties?

No, unlike other online platforms we do not resell data. We will only provide your personal data to the credit union with which you accept a loan offer, and only IF you accept the loan offer. All other data provided to us is used strictly by us and provided to and accessible by no one else but MoveCU employees with a legitimate business need to know in accordance with applicable laws and regulations.

Does MoveCU keep or sell personal data?

Federal and state regulations may require that we store completed loan requests for various periods of time. In order to comply with these requirements, we may be unable to delete your information from our database until the expiration of the applicable period. However, we do not store or utilize your personal information such as Social Security number (SSN), data of birth (DOB), address and phone number beyond legally required compliance.

How do you ensure personal and/or sensitive data is kept secure and private?

Your security and privacy is very important to us. To make sure you stay protected, we utilize a tightly regualated system of cryptography algorithms, firewall protection, top-of-the-line security technology, and 256-bit encryption (a higher standard than many banks) to protext your data and any and all transmissions between your browser and our web server, including when you send your personal financial information to us. To read more about this, visit our security page.

What is the difference between a bank and a credit union?

Banks are for-profit institutions, meaning any profit they generate goes to benefit their stockholders. So unless you hold stock in that bank (and generally a large amount of it) that doesn't mean you.

Credit unions, on the other hand, are not for profit, meaning all profit generated goes back into the organization in the form of better rates, lower fees, and frequently also dividends - all of which benefit you, the member (and also "owner").

Because of this difference in business model, credit unions often offer lower loan rates and less fees - and banks often just can't compete. Credit unions also typically rank higher in customer satisfaction than banks.

Is my money safe with a credit union?

Yes, just as bank deposits are insured up to $250,000 by the FDIC, your credit union deposits are insured up to $250,000 by the National Credit Union Association (NCUA).

Can I join more than one credit union?

Yes, you can join as many credit unions as you would like. Just like with banks, there are no federal or state restrictions on joining more than one credit union.

Do credit unions offer the same services as banks?

On average, credit unions offer the exact same services as banks, including options and opportunities for a variety of loans, savings accounts, investment services, and online banking. Occasionally a smaller credit union will offer a few less services than the big banks, but then with current availability and accessibility of new technologies, this is less true every day.

What is credit union membership?

Credit unions, unlike banks, require membership to be eligible for any of their loan, savings, or investment opportunities. Why? Because federal rules require it to maintain a "not for profit" status. However, these membership qualifications are often very loose, even at times being as simple as living in a certain area. Being a member is a good thing though. As credit unions are "member-owned," becoming a member means any profits made by the credit union are returned to you in the form of lower lending rates, member dividends, and other member-specific perks. This is not true for banks.

I'm not a member of a union or any organizations - can I still join a credit union?

It's true that in the past, you frequently had to be a member of an actual union or shared occupation to join a credit union. While this is still true at some credit unions, many credit unions have broadened their membership requirements considerably, often allowing requirements as loose as living in a certain location.

How can credit unions offer lower interest rates than banks?

Credit unions are not for profit institutuions, which means the profits they make are reinvested into their members. This is done in the form of lower lending rates, member dividends, and other member-specific perks. This is unlike banks, who are more focused on trying to turn a profit to pay back any earnings to their investors (or stockholders).

What is the difference between a state and a federal credit union?

A federal credit union (FCO) is a credit union regulated and supervised by the National Credit Union Association (NCUA). State credit unions instead adhere to state-specific regulations and guidelines.

What is the difference between a not for profit and a for profit institution?

Profits from not for profit institutions are returned to members. As not for profit institutions, credit unions, for example, use their profits to reinvest in their members by offering lower lending rates, member dividends, and other member-specific perks. Profits from for profit institutions are given to shareholders (stockholders).

What about online lenders and car dealerships? Do credit unions offer better loan rates than them too?

Just as banks benefit shareholders (stockholders) and investors, so do online lenders and car dealerships. That means credit unions average lower loan rates than them all, because when a credit union turns a profit it doesn't go to an investor - it goes to YOU (a part owner) in the form of better loan rates, member dividends, and other member-specific perks.

Will applying for a personal loan through MoveCU affect my credit?

To simply check the rates and terms you qualify for, MoveCU utilizes a "soft" credit pull. This type of pull does NOT affect your credit score. So look all you want if you are curious to see what personal loan rates and terms you are eligible for through MoveCU! However, if you do choose to move forward after finding a loan you like, there will be a hard credit pull, which is done any time you request a loan of any type from any financial institution.

Do you show offers only related to the lowest rate? What about loan terms?

We're glad you asked! After filling out your information, you will be given access to an easy-to-use personal loan comparer, which will let you easily and quickly compare and contrast terms and amounts YOU qualify for until you find the perfect fit for your situation.

How long will it take for me to get funding?

Though it will depend a bit on the institution you select, you should get funding within a few days, if not within hours, of applying.

Are there limits to what I can use my personal loan for?

Absolutely not! You can use your loan for anything you want. That's why it's personal.

Does MoveCU charge any fees?

MoveCU does NOT charge an application fee or service fee of any sort. Our service is free to all applicants.

Will applying to refinance my vehicle through MoveCU affect my credit?

To simply check the rates and terms you qualify for, MoveCU utilizes a "soft" credit pull. This type of pull does NOT affect your credit score. So look all you want if you are curious to see what rates and terms you are eligible for through MoveCU! However, if you do choose to move forward after finding a loan you like, there will be a hard credit pull, which is done any time you request a loan of any type from any financial institution.

What do I have to do to transfer my auto loan to the new loan?

All you have to do is fill out the application and upload the requested documents on our website. We will take care of the rest FOR you, including paying off your old lender and retitling your car. No calling your old lender. No trips to the DMV. Our goal at MoveCU is always to make it easy for you, and our auto loan refinancing is no exception.

How long will it take for my old loan to transfer to the new rate?

Though we would like this process to be immediate, it does take a little bit of time to transfer the paperwork and vehicle titles from your former institution to your new credit union. However, this process shouldn't take more than a few days.

Does MoveCU charge any fees?

MoveCU does not charge an application fee or service fee of any sort and there is no obligation if you request to see our rates. Our service is free to all applicants. However, each state imposes their own title transfer fee, so there may be a fee related to that depending on which state you reside in. However, this fee is charged by your state, not MoveCU. We will pay the fee for you and integrate it into your final loan amount.

What will I need to refinance my auto loan?

Each lender has different requirements, but for the majority, you will be asked for your driver's license, vehicle registration, and proof of insurance - all of which can easily and efficiently be uploaded to our application via our document uploader.

What is auto refinancing?

Auto refinancing is when you take your existing auto loan, and whether it be because you have a high loan rate, your credit score has improved, or you don't like your current lender, you decide to switch your credit union to a different institution.

Will applying for a credit card through MoveCU affect my credit?

To simply check the rates and terms you qualify for, MoveCU utilizes a "soft" credit pull. This type of pull does NOT affect your credit score. So look all you want if you are curious to see what rates and cards you are eligible for through MoveCU! However, if you do choose to move forward after finding a credit card you like, there will be a hard credit pull, which is done any time you request a loan of any type from any financial institution.

What is the difference between a credit union credit card and a "big bank" credit card?

Generally? Interest rates and perks. On average, credit unions offer lower rates and more perks than the big banks. However, card types like rewards cards, low interest cards and brands like Visa®, Discover®, MasterCard®, and American Express®? That's all the same.

How do I know I'm getting the best rate?

At MoveCU, we take your personal information, and using the rates and qualifications of credit unions around the nation, find you the lowest rates and best terms available to you. No preferential treatment is given to any one credit union. We strictly base it off your eligibility and what will save YOU the most money.

Will I be able to compare multiple credit cards?

YES! After you provide us with your basic information using our form, we will pull the best credit card rates and types YOU qualify for. That way you can compare, contrast, and find the best fit for your specific wants and needs - while knowing you already qualify.

How is MoveCU different than a lending comparison website?

Multiple ways. First, we ONLY work with credit unions. Second, unlike lending comparison sites who take your information, submit it to multiple lenders and then hit you over the head with thousands of phone calls from lenders, we take your information, show you loans YOU qualify for, and then allow you to complete the ENTIRE application process in minutes on our website. No waiting. No third parties. No lender phone calls. No fees or cost to you. Just quick and easy lending, all done through MoveCU.

What is an APR?

APR or annual percentage rate is an annualized representation of your interest rate, or the money you will owe for the money you borrow. Whether it's deciding between credit cards, auto loans or personal loans, APR can help you compare how expensive your transaction will be.

What is a credit score?

Your credit score is a number that represents the risk a lender takes when you borrow money. Both VantageScore and FICO are well-known measures of your overall creditworthiness with scores ranging from 300 (poor) to 850 (exceptional). Regardless of which score your lender uses, the higher the score the better.

What loan term should I apply for?

It is up to you, however, the longer the term the more interest you will pay over the course of your loan.

How many credit cards should I have?

That's up to you. Having an assortment of cards can strengthen your credit score but having too many could potentially increase your overall debt. If you've done well with the cards you have and are looking for one with better rewards, then trade up. The bottom line is to have as many credit cards as you can responsibly take care of.