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Consumers Credit Union personal loans review

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While loan amounts start low, interest rates are relatively high.

  • Best for borrowers looking for a small-dollar loan from a federal credit union.
  • Pick something else if you have excellent credit — you can likely get lower rates elsewhere.

$40,000

Max. Loan Amount

11.99% (starting at)

APR

700

Min. Credit Score

Details

Product NameConsumers Credit Union Signature loan
Min. Loan Amount$500
Max. Loan Amount$40,000
APR11.99% (starting at)
Interest Rate TypeFixed
Min. Credit Score700
Late Fee$29
Maximum Loan Term6 years

Expert review

Anna Serio

Review by


Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

Expert review

Consumers Credit Union’s personal loans might be a good option if you need to borrow small amounts or want to apply with a cosigner. It’s one of the few credit unions to offer membership to residents of all 50 states by paying a small $5 membership fee. And you don’t need to be a member before applying.

However, its rates start a lot higher than the competition — even if it does offer a 0.5% autopay discount. And it requires five personal references — among several other documents — after submitting your application.

Not sold on Consumers Credit Union? Compare other options below.

First, am I eligible?

To qualify for a Signature Loan from Consumers Credit Union, you must meet a few basic requirements:

  • Be the age of majority in your state.
  • Have good credit.
  • Be willing to become a member.
Consumers Credit Union might also consider other factors like your income and monthly debt obligations when you apply. For any personal loan, you’ll also need to show that you can afford repayments.

To become a member of Consumer Credit Union, you simply need to become a member of the Consumers Cooperative Association by paying a one-time $5 membership fee at the end of your loan application.

Pros

  • Existing membership not required to apply
  • Autopay discount of up to 0.5%
  • Coapplicants accepted
  • Available in all 50 states

Cons

  • High starting rates
  • Disorganized website
  • Requires five personal references

Compare other personal loan providers

Updated December 7th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

How do I apply?

You can apply online by following these steps:

  1. Go to the Consumers Credit Union Website and click Loans in the main navigation bar.
  2. Select Personal Loans.
  3. Scroll down and click Loan Application.
  4. Fill in your basic personal information, then click Next.
  5. Select the type of loan you want, the loan amount, how much you can afford to repay each month and the number of applicants. Click Next.
  6. Add in more personal details, including your birthday and Social Security number. Click Next.
  7. Answer questions about your employment and provide any additional info you’d like Consumers Credit Union to know about. Click Submit.

What information do I need to apply?

To make the application process quick, have the following information on hand:

  • Social Security number
  • Gross monthly income
  • Employer contact information

What happens after I apply?

After you submit your application, a Consumers Credit Union representative will get in touch within 24 hours to complete the process. At this point, they’ll ask you to provide proof of income, proof of residence, recent tax returns and five personal references.

More about Consumers Credit Union loans

How do repayments work with Consumers Credit Union?

Now that you have your loan, consider signing up for autopay. You’ll not only score a discount on your interest rate, but you won’t have to worry about getting slapped with a $29 late fee. Keep an eye on your loan balance and bank account. If you have questions, reach out to customer service at 877-275-2228.

To compare more lenders and learn how personal financing works, read our personal loans guide.

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