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Consumers Credit Union personal loans review
While loan amounts start low, interest rates are relatively high.
finder.com’s rating: 3.8 / 5.0
★★★★★
- 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.
Details
| Min. Loan Amount | $500 |
|---|---|
| Max. Loan Amount | $40,000 |
| APR | Starting at 11.49% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 700 |
| Late Fee | $29 |
| Loan Term | Up to 6 years |
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
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How do I apply?
You can apply online by following these steps:
- Go to the Consumers Credit Union Website and click Loans in the main navigation bar.
- Select Personal Loans.
- Scroll down and click Loan Application.
- Fill in your basic personal information, then click Next.
- 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.
- Add in more personal details, including your birthday and Social Security number. Click Next.
- 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.
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.
Frequently asked questions
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Read the full methodology of how we rate personal loan providers.
Review by
Anna Serio
anna.serio@finder.comAnna 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’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 .