Consumers Credit Union business lines of credit review

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.

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.

Compare other business loan options

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

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.