Prepare For Your Loan
Looking for a loan? It’s always good to know a few things before you call us or meet with your FCC team. Here’s some information to help you get started.
How We Make Lending Decisions
There’s a lot to consider in a loan application. Here are the top three things that affect our decision process.
1. Prior credit history
We look at your character, experience and how you and your business have performed in the past. This includes:
- assessing your planning and financial skills
- determining your credit rating with an Equifax report
- confirming your personal and business integrity with a Customer Declaration
2. Repayment ability
We review your past and projected financial performance and any off-the-farm income to improve the likelihood of loans being repaid. Your past performance is a good indicator of how you’ll perform in the future
3. Security
To ensure your loan is covered, we consider your collateral as your secondary source of payment. We assess the value of the provided security and any commitment to other lenders.
How to Apply for an FCC Loan
Contact a Financial Services Representative
A Financial Services Representative can process most personal property-type loans like livestock or equipment over the phone. The amount of information you'll be asked to provide will depend on the size and type of loan you're looking for. Call 1-888-332-3301 or email an FCC Financial Services Representative for more information.
Talk to your Relationship Manager
Your local Relationship Manager can help you with all loan types. Call 1-888-332-3301 or find an FCC office near you to set up an appointment.
Loan Checklist
Have these items ready before you meet with your Relationship Manager. If you find a financial term you’re not familiar with, look it up in our financial glossary:
- net worth statement PDF (1.2 KB)
- past income tax returns and/or accountant prepared financial statements
- government issued photo identification
- recent pay stub or written employer verification (if some of your income is generated off-farm)
Insure the most important asset – you. Find out why you need Loan Insurance.
