Consumers Credit Union personal loans review “2018” | finder.com

Consumers Credit Union personal loans review

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No-frills term loans between $500 and $40,000 for residents of all 50 states.

A Consumers Credit Union Signature loan could be a solid option if you’re looking to borrow up to $40,000 and prefer working with a nonprofit institution. It offers a user-friendly online application and doesn’t have a prepayment penalty, but you may be able to find more competitive rates elsewhere if you have excellent credit.
Product NameConsumers Credit Union Signature loan
Min Loan Amount$500
Max. Loan Amount$40,000
APR11.99% (starting at)
Interest Rate TypeFixed
Maximum Loan Term6 years
RequirementsHave good credit, willing to become a member and have age of majority.
  • Be the age of majority in your state.
  • Have good credit.
  • Be willing to become a member.

What makes Consumers Credit Union Signature loans unique?

It doesn’t take more than a few minutes to fill out Consumers Credit Union’s application and you don’t need to be a member to get started. Unlike other credit unions that limit membership based on where you live or work, Consumers Credit Union allows residents of all 50 states to join. It’s also one of only a handful of lenders that offers an autopay discount on its personal loans.

And while it doesn’t accept cosigners, you can bring on another applicant if the two of you plan on sharing the funds and the burden of paying them back. Applying with a co-applicant can strengthen your application since Consumers Credit Union considers your combined income.

More about Consumers Credit Union loans

What is a Consumers Credit Union Signature loan?

A Consumers Credit Union Signature loan is a type of unsecured term loan, meaning you don’t have to provide collateral when you apply. You can borrow as little as $500 or as much as $40,000 for a variety of reasons, from making a big purchase to consolidating your credit card debt.

Borrowers can take up to 6 years to pay back the loan with fixed APRs of 11.99% (starting at) . You can qualify for a 0.5% rate discount if you sign up for autopay using a Consumers Credit Union account, or a 0.25% discount if you use an outside bank account.

What are the benefits of a Consumers Credit Union personal loan?

  • Become a member when you apply. You can join and apply for a loan with the same application, saving you an extra step.
  • Autopay discount. Shave up to 0.5% off your interest rate by signing up for automatic repayments using a Consumers Credit Union account.
  • Accepts co-applicants. Apply with your spouse or another willing co-applicant to strengthen your application and share the responsibility of paying back the loan.
  • Online application. Not all credit unions allow you to apply for a loan online, but this one does.
  • No prepayment penalty. Pay off your loan early to save on interest without getting charged for it.

What to watch out for

  • Unclear eligibility requirements. Consumers Credit Union doesn’t mention any hard eligibility requirements, making it difficult to tell if you even qualify before applying.
  • Disorganized website. You have to do some digging to find basic information about Consumers Credit Union’s loans, such as rates and terms.
  • Difficult to get in touch. We had trouble contacting Consumers Credit Union’s customer service team to get answers to general questions.

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Rates last updated December 16th, 2018

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Am I eligible?

To qualify for a Signature loan from Consumers Credit Union, you must:

  • Be the age of majority in your state. The age of majority is the legal age to take out a loan.
  • Have good credit. Consumers Credit Union doesn’t cite a minimum credit score requirement, but you’ll typically need strong credit to qualify.
  • Be willing to become a member. While you don’t need to join before you apply, you’ll have to become a member during the application process.

Consumers Credit Union might also consider other factors like your income and monthly debt obligations when you apply. For any personal loan, you’ll need to show that you can comfortably afford repayments to get approved.

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.

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 along with four personal references.

I got the Consumers Credit Union personal loan. Now what?

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.

Other types of personal loans offered by Consumers Credit Union

In addition to its Signature loan, you can also apply for the following types of personal loans:

  • Motorcycle loans. Finance a new or used motorcycle through Consumers Credit Union with rates starting at 5.74% with autopay and terms up to five years.
  • Recreational vehicle loans. Buy a new or used RV using this secured loan with rates starting at 4.4% with autopay and terms up to 15 years.
  • Secured Collateralized loans. To unlock rates starting at 7.49% with autopay, back your loan with a personal item.
  • Share Secured loans. Back your loan with assets in your savings account to score more competitive rates.

Bottom line

Consumers Credit Union’s Signature loan is one of the easier credit union loans to apply for: Its streamlined application only takes a few minutes to complete. It’s also one of the few credit unions to offer autopay discounts on a personal loan, though its rates start a bit higher than the competition.

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

Frequently asked questions

Anna Serio

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.

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