Kindred Credit Union personal loans and lines of credit review
- APR Range
- 7.20% - 16.20%
- Loan Amount
- $5,000 - $35,000
- Loan Term
- 1 - 5 years
Our verdict
Get a competitive rate on a personal loan or line of credit, but only if you have good to excellent credit.
Kindred Credit Union offers personal loans and lines of credit to residents of Ontario. You can choose from a fixed or variable interest rate depending on your needs, and you'll get a competitive rate provided your credit score is in good shape. Loan terms of up to 5 years are available, while a line of credit provides flexible access to funds as needed.
But you must have a solid credit score to qualify, so borrowers with bad credit will need to consider other options.
Best for: People with good to excellent credit.
Pros
-
Competitive rates
-
Choose from a fixed or variable rate
-
Pre-approval available
Cons
-
Ontario only
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Bad credit not accepted
-
You need to book an appointment to apply
What is Kindred Credit Union?
Kindred Credit Union is a member-owned financial cooperative headquartered in Kitchener, Ontario. It offers a wide range of personal banking products and services to its members, including chequing and savings accounts, credit cards, mortgages, personal loans and investments. Kindred Credit Union also provides an online banking platform and mobile app.
Is Kindred Credit Union legit?
Kindred Credit Union was founded in 1964 as the Waterloo County Mennonite Credit Union. Known as Kindred Credit Union since 2016, it operates 8 branches across Ontario and has over 27,000 members.
Finder Awards
In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada based on customer satisfaction feedback. In 2024, we completed the Finder: Personal Loans Best-in-Class Awards, which recognizes the best personal loan brands in Canada based on our data-driven methodology.
Finalist: Best-in-Class
Kindred Credit Union was a finalist in the Best Personal Loan Traditional Lender (Provincial) category in the Finder: Personal Loans Best-in-Class Awards 2024.
Features of Kindred loans
| Feature | Personal loan | Personal line of credit |
|---|---|---|
| Loan amount | Not specified | Not specified |
| Loan term | 1 - 5 years | Open |
| APR | 7.20% - 13.60% (fixed)8.20% - 16.20% (variable) | Varies |
| Serviced provinces | Ontario | Ontario |
| Eligibility requirements | Valid recurring income | Valid recurring income |
What are the interest rates for Kindred loans and lines of credit?
The interest rate on a fixed-rate personal loan from Kindred Credit Union ranges from 7.20% - 13.60%. If you apply for a variable-rate loan, the minimum rate is the Kindred prime rate plus 1% and the maximum rate is the Kindred prime rate plus 9%. The current prime rate is 6.70%. Your rate depends on your personal financial situation.
Line of credit interest rates are not listed on the Kindred website. The rate you get will vary depending on factors such as your credit score, income and history with Kindred Credit Union.
What we like about Kindred Credit Union loans
- Competitive rates. Kindred offers competitive personal loan interest rates starting at 7.2%. Learn more about low interest loans.
- Fixed or variable rate. Choose between the security of a fixed interest rate and the flexibility of a variable rate.
- Get pre-approved. Kindred Credit Union offers personal loan pre-approval, allowing you to get a better idea of the loan amount and rate you could qualify for before you apply for a loan.
- Flexible. Lines of credit from Kindred Credit Union are revolving, which means you can access funds up to a pre-approved credit limit as needed.
What to watch out for
- No online application. You can’t fill out an online form to apply for a Kindred Credit Union loan. You will instead need to schedule an in-person, video or phone appointment with a Kindred representative.
- Bad credit not accepted. You’ll likely need to have good to excellent credit to qualify for a loan. Learn more about the best bad credit loans.
- Ontario only. You must be a resident of Ontario to become a Kindred member.
Alternatives to Kindred Credit Union personal loans
What do Kindred reviews have to say?
Kindred Credit Union reviews vary from one branch to another but are generally positive. Those who left positive reviews commented on factors like friendly and helpful customer service and Kindred’s contribution to community initiatives.
Summary of Kindred reviews
| Feature | Details |
|---|---|
| Trustpilot | No Kindred Credit Union reviews available |
| Review score varies between branches | |
| BBB accreditation | No Kindred Credit Union reviews available |
| BBB rating | N/A |
| BBB reviews | No Kindred Credit Union reviews available |
| Reviews as of | March 4, 2024 |
What are Kindred Credit Union’s loans?
There are two main types of loan you can apply for through Kindred Credit Union:
- Personal loan. Kindred personal loans provide access to a lump sum you can use for just about any purpose. Choose a fixed or variable interest rate, and terms range from 1 - 5 years. Personal loan pre-approval is available, and you can set up pre-authorized payments to repay your loan.
- Personal line of credit. Kindred provides access to a revolving line of credit whenever you need funds to pay for unexpected bills or large expenses. The amount of credit you can access depends on factors such as your credit score and income.
Other loans offered by Kindred include student loans, HELOCs and affordable housing loans.
Can I use a Kindred Credit Union personal loan for debt consolidation?
Yes. You can use a Kindred Credit Union personal loan for just about any purpose, including debt consolidation. You can use a personal loan to consolidate multiple unsecured debts with high interest payments into a loan with a lower rate and a single monthly payment.
Can I get Kindred loans with bad credit?
You typically need good to excellent credit to qualify for a loan from Kindred Credit Union. Like other traditional lenders, Kindred doesn’t offer loans to bad credit borrowers. So if your credit score isn’t in great shape, you may need to consider a lender that offers bad credit personal loans.
Eligibility requirements of Kindred loans
Kindred Credit Union doesn’t list any specific loan eligibility requirements online. However, you generally need to meet the following criteria to qualify for a credit union loan:
- Be 18 years of age or older
- Be a Canadian citizen or permanent resident
- Have a good to excellent credit score
- Earn a steady income
How to get a Kindred Credit Union loan
You can apply for a Kindred Credit Union loan in one of two ways:
- Visit your nearest branch, or
- Book an appointment to speak with a Kindred lending specialist in-person, over the phone or via video chat
Bottom line
If you have good credit, live in Ontario and want a personal loan or line of credit, Kindred Credit Union is a competitive option. Compare Kindred with loans from other lenders before deciding where to apply.
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