Boeing Employees' Credit Union business loans review “2018” | finder.com

Boeing Employees’ Credit Union business loans review

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Secured term loans up to $250,000 for businesses in Washington, Oregon and Idaho.

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.
Product NameBECU business term loans
Min Loan Amount$10,000
Max. Loan Amount$250,000
APR4.89% to 12.69%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term7 years
RequirementsBe a credit union member
  • Be a credit union member

First, do I qualify?

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:

  • Located in Washington State or an eligible county in Oregon or Iowa .
  • Member of the Northwest Credit Union Foundation.
  • A Credit Union Services Organization (CUSO) anywhere in the US.

What is BECU?

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 4.89% to 12.69%. 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.

What makes BECU business loans unique?

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.

What are the benefits of a BECU business loan?

  • Competitive rates. With APRs ranging from 4.89% to 12.69%, BECU offers some of the most competitive rates out there.
  • Limited fees. BECU doesn’t charge any origination or application fees, so you’ll only be on the hook if your payment is late or doesn’t go through.
  • Wide range of loan amounts. Your business can borrow anywhere from $10,000 to $250,000 as long as you have the assets to back it.

What to watch out for

  • Collateral required. Your business is only really eligible for the amount you’re able — or willing — to back. If you only have assets with a cash value of $10,000 to put on the line, then that’s the most you can borrow from BECU.
  • Limited availability. BECU is primarily limited to business owners in Washington and a few select cities in Idaho and Oregon. Though, Credit Union Service Organizations are eligible for funding no matter where they’re based.
  • Can’t apply or join online. While you can download the membership and business loan applications online, you’ll need to print them out and bring them to a BECU branch in person to get started.
  • Complicated application. This credit union might not be the best option if you’re looking for quick financing or don’t have a lot of time to spend filling out forms.

Compare other business loan providers

Rates last updated November 19th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What do customers have to say about BECU?

Boeing Employees’ Credit Union doesn’t have a strong online reputation as of October 2018, though only a handful of customers have left reviews. It’s been accredited with the Better Business Bureau (BBB) since 1988, which gives it an A+ rating based on factors like time in business and transparency.

However, all 15 reviews on its BBB page are negative, and 40 customers have filed a complaint against the credit union. 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. 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.

How do I apply?

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.

Business membership eligibility requirements

To qualify for membership with BECU, your business needs to meet one of the following criteria:

  • Located in Washington or an eligible county in Idaho or Oregon.
  • Member of the Northwest Credit Union Foundation.
  • A Credit Union Services Organization anywhere in the US.

Steps to apply

Already a member? Follow these steps to get started on the application:

  1. Go to the BECU site and click Business Banking.
  2. Scroll down and click Business Loans.
  3. Select Business Term Loans, then click Contact Us to Apply.
  4. Fill out the required fields with your name, business name, contact information and loan amount before clicking Submit.
  5. Wait for a specialist to get in touch to guide you through the rest of the application process.

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.

What documents do I need to apply?

The documents you need to provide depends on your business, though BECU might ask to see the following:

  • Purchase order or bill of sale for your collateral.
  • Business plan including a two-year financial forecast.
  • Interim business financial statements from the past 60 days.
  • Business financial statements for the past three years.
  • Personal financial statements for all business owners.
  • Business tax returns for the past three years.
  • Personal tax returns for the past two years from all business owners.

Other types of business loans from BECU

In addition to secured term loans, BECU also offers the following business financing options:

  • Business lines of credit. Both secured and unsecured options starting at $10,000 and going up to $100,000. Variable rates range from 7% to 11.25% with no origination fee.
  • Business vehicle loans. Finance up to 100% of a new or used vehicle at fixed APRs ranging from 3.54% to 11.04% and terms up to six years.
  • Commercial real estate loans. Borrow anywhere from $100,000 to $15 million to purchase industrial, commercial or multifamily properties with terms up to 10 years.
  • Small Business Administration (SBA) loans. Government-backed financing that often comes with more competitive rates, flexible repayment terms and larger loan amounts than traditional loans.

I got a business loan from BECU. Now what?

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.

Bottom line

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.

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