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finder.com’s rating: 3.7 / 5.0
★★★★★
Boeing Employees’ Credit Union (BECU) isn’t just for Boeing employees — it’s one of the few credit unions that offers business services, too. Its secured term loans are ideal for business owners looking to finance a midsize project on the cheap — rates stop well below where many lenders start. But its services are limited to business owners in just three states.
$10,000
Min. Amount
$250,000
Max. Amount
Product Name | BECU business term loans |
---|---|
Min. Amount | $10,000 |
Max. Amount | $250,000 |
Loan Term | 12 to 84 months |
APR | 2.96% to 10.76% |
Requirements | Be a credit union member |
BECU doesn’t have any hard eligibility requirements other than being a business owner and having collateral worth the value of your loan.
To be eligible for membership, your business must meet one of the following criteria:
Boeing Employees’ Credit Union is a Washington-based financial institution with branches in select cities in Oregon and Idaho. It offers a range of business services, including secured term loans. With this option, businesses are required to back their loan with collateral — like equipment, inventory or anything else of cash value. If your business can’t repay the loan, BECU takes that asset to make up for the loss.
Eligible businesses can borrow anywhere from $10,000 to $250,000 with terms from 1 year to 7 years. Fixed rates range from 2.96% to 10.76%. If your account goes into default, your rate might increase to 18%, however. There are no application or origination fees, though BECU charges late and returned check fees of $25 each.
BECU business loans come with some of the lowest rates out there. It also offers a wide range of loan amounts for a credit union — most only provide small-dollar business financing. And by allowing you to back your loan with collateral, it gives your business the chance to potentially qualify for rates or amounts you might not get elsewhere.
BBB accredited | Yes |
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BBB rating | A+ |
BBB customer reviews | 1 out of 5 stars, based on 25 customer reviews |
BBB customer complaints | 62 customer complaints |
Customer reviews verified as of | 13 October 2019 |
Boeing Employees’ Credit Union only has a few reviews, but those that exist aren't great. It doesn’t have a page on Trustpilot — most local credit unions don’t — but several of its branches have Yelp pages, also filled with negative reviews. While its app gets lots of negative reviews, the majority of reviews are about online banking, not lending.
Many of the complaints are about employee incompetence, like transferring money to the wrong account or providing incorrect information. There were only a few reviews from customers pleased with the quality of customer service and the credit union’s low fees.
You can get started on your application by downloading the PDF online. If your business isn’t already a member, you need to join BECU first before applying for a loan. Becoming a member involves scheduling an appointment with your local branch through its website.
You’ll need to download and complete a membership application form and bring your state-issued ID, business tax ID, UBI number and North American Industry Classification System (NAICS) number to your appointment. But first, double-check you meet one of BECU’s business membership requirements.
To qualify for membership with BECU, your business needs to meet one of the following criteria:
Already a member? Follow these steps to get started on the application:
The BECU business loan application is one of the more complicated ones out there. It asks for information about your business and personal assets, as well as details on anyone who has at least 25% ownership in the company. Filling out the application alone might take a few days if you don’t have all of the info on hand, so look elsewhere if you don’t have the time to spare.
The documents you need to provide depends on your business, though BECU might ask to see the following:
In addition to secured term loans, BECU also offers the following business financing options:
Talk to your loan specialist about your repayment options. If possible, ask to sign up for autopay so you won’t have to take time out of your work day to make repayments each month.
Watch your bank account and loan balance. If you have any questions or notice something isn’t right, get in touch with customer service by calling 800-233-2328.
Boeing Employees’ Credit Union offers some of the largest business loans you can get at a credit union with highly competitive rates. Its application is unusually complicated, however, so it’s not a good source for quick funding. Plus, you can only borrow the amount you can back with your business’s assets.
To see how BECU compares to other lenders, read our guide to business loans.
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.