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Consumers Credit Union business lines of credit review

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Revolving lines with low starting rates — for a select handful of businesses.

  • Best for personalized lines from a local credit union.
  • Pick something else if your business isn’t based in Wisconsin or Illinois.

$50,000

Min. Amount

Details

Product NameConsumers Credit Union business lines of credit
Min. Amount$50,000
Loan TermVaries
APRStarting at 1.5%
RequirementsAt least two years in business, located in Wisconsin or Illinois, business member of Consumers Credit Union

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Consumers Credit Union lines of credit could be best for businesses looking to finance a large, ongoing project. It offers a hands-on, personalized application process — but no online application. Its lines of credit start larger than the competition, especially those from online lenders.

But you’ll likely want to look elsewhere if your business is new or needs money the next day. The limited states it services also makes it difficult to qualify. If your business is located outside of Wisconsin or Illinois, or if you don’t want to provide collateral for your loan, compare other business loan options.

First, do I qualify?

To qualify for a Consumers Credit Union line of credit, your business must meet these requirements:

  • Business member of Consumers Credit Union
  • At least two years old
  • Located in Wisconsin or Illinois

How much will this line of credit cost me?

Consumers Credit Union offers secured lines of credit starting at $50,000. It’s a revolving credit line, meaning that your limit renews as you pay off your balance — similar to a credit card.

Revolving credit lines typically come with monthly minimum payments rather than set interest and principal repayments. Variable rates can go as low as 1.5% APR and Consumers Credit Union charges businesses an annual fee of $100 for each year it has the credit line open. Because of this, the exact cost will depend on how much your business takes out, the rate it borrows at and how quickly it is able to pay back the draw.

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Pros and cons

Consumers Credit Union is a solid option for businesses that are technically eligible for membership — and don’t want to apply online.

  • Competitive rates starting at 1.5%
  • Revolving access to funds
  • No set maximum credit limit
  • Startups aren’t eligible
  • No online application
  • Limited information available online
  • Only available in Illinois or Wisconsin

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To see your other options — including standard term loans — select your desired loan amount, annual revenue, time in business and personal credit score. Then click Show loans.

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Consumers Credit Union reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.3 out of 5 stars, based on 24 customer reviews
BBB customer complaints 27 customer complaints
Trustpilot Score 3.2 out of 5 stars, based on 1 customer reviews
Customer reviews verified as of 26 October 2020

While its business lines of credit aren’t mentioned, there isn’t much in the way of positive customer reviews for Consumers Credit Union. The majority of reviews on its Better Business Bureau profile complain of poor customer service. Customers also report issues with accounts getting closed seemingly at random. To its credit though, Consumers Credit Union does reply to these reviews with custom responses.

How do I apply?

Unlike other credit unions, Consumers doesn’t allow businesses to apply for a loan and membership at the same time. If you’re not already a member, reach out to your local branch for more details on how to open an account.

Current members can follow these steps to apply for a line of credit:

  1. Go to the Consumers Credit Union website and click Business, then select Business loans.
  2. Scroll down to the Getting started section.
  3. Click to download the Personal financial statement and Business loan application forms.
  4. Fill out the required fields and print them out. Sign and date both forms.
  5. Call or visit your local branch to get started on the application process.

What documents do I need to apply?

Aside from the personal financial statement and business loan application, what you need to provide depends on your business. These can include:

  • Personal and business tax returns
  • Business bank statements from other banks or credit unions
  • Articles of incorporation
  • State-issued identification

How do repayments work?

Since Consumers Credit Union has a revolving line of credit, you’ll likely have monthly minimum repayments based on your balance. However, you can save on interest by paying off your balance as quickly as possible.

Each year that you have your credit line open, Consumers Credit Union charges a fee of $100. And if you’re late on a repayment, it charges a fee of either $25 or 5% of the payment amount, whichever is greater.

To see how your business can make repayments, check your loan agreement. If you have any questions or problems with your line, you should reach out to customer service as soon as possible or stop by your local branch.

Other types of business financing offered by Consumers Credit Union

Consumers Credit Union offers two other business financing options to its members:

  • Commercial mortgages
  • Equipment financing

For details on how these work and how much your business can borrow, contact Consumers Credit Union.

Line of credit too limiting? You can compare more business loans — including term loans and other types of financing.

Business loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

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.

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