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Updated
Name | APR | Min Credit score | Max loan amount |
---|---|---|---|
PenFed Credit Union personal loans | 6.49% to 6.49% | 650 | $20,000 |
Navy Federal Credit Union personal loans | 7.49% to 7.49% | Varies | $50,000 |
Alliant Credit Union personal loans | 6.24% to 6.24% | 640 | $50,000 |
Consumers Credit Union Signature loan | 11.49% to 11.49% | 700 | $40,000 |
Teachers Federal Credit Union Personal Loans | 7.99% to 7.99% | Varies | $35,000 |
Unlike many other lending institutions, credit union are nonprofits. This means their end game isn’t making profits for its shareholders, but instead providing its members with more competitive services.
Because of this, you’ll need to become a member before you can qualify for a personal loan from a credit union. Some credit unions offer membership to limited groups of people, so be sure to check if you qualify.
Credit unions can offer low rates because of the way they’re structured.
Credit unions have a strong focus on their community of members and use a democratic approach when electing a board of directors. This board provides general oversight of the credit union’s functions and keeps the best interest for the credit union’s members in mind when making decisions.
Because credit unions are nonprofit, their earnings are put back into the members’ pockets — usually in the form of lower interest rates, reduced fees and better terms. This means that you may end up paying less for a personal loan from a credit union than you would from a bank or online lender.
While the exact type of personal loan you can get from a credit union will depend on what the credit union offers and your credit, most usually have a combination of three different personal loan types:
The APRs on unsecured personal loans are often higher than secured loan rates. If you’re able to provide some kind of collateral you may want to consider getting a secured loan. Your creditworthiness affects the APR you are offered, so if you have a poor credit rating you may want to postpone your plan of getting a loan until you repair your credit.
If you feel you might have problems in making timely repayments, consider how a personal loan would fit into your budget. Making late payments will have you paying additional fees and can damage your credit.
To get a personal loan from a credit union, you first need to become a member. Each credit union has different stipulations for joining, this is called the field of membership. Eligibility can be determined by many factors – where you live, your employer, your family and any sort of activity within the community where the credit union operates. Once you’re a member, there will be certain requirements when applying for a personal loan, such as:
Credit union | Other loan types offered |
---|---|
Navy Federal Credit Union |
|
PenFed Credit Union |
|
Alliant Credit Union |
|
Consumers Credit Union |
|
San Diego County Credit Union |
|
Teachers Federal Credit Union |
|
State Employees Federal Credit Union |
|
If you’re already a member of a credit union, than applying for a personal loan may be a good idea. If you’re looking into becoming a member, competitive loan interest rates may be the deciding factor.
However, you should still compare your other loan options. Credit unions may take longer to process your application, and you may not qualify for as much as you would with an online lender. Take your time, and remember: the best loan is the one that keeps your payments low while covering your financial needs.
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I have a life line loan for $225. They usually take that out on the 3rd. My family deposited $175 on Monday. Will my bank take it?
Hi Katon,
Thank you for getting in touch with finder.
To verify deposits in your account, it is best to double check that directly with your bank. If you’re inquiring about the direct debit with your life line loan, please note that your lender will only take out your monthly repayment on your agreed date which is the 3rd of each month.
I hope this helps.
Please feel free to reach out to us if you have any other inquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
I was approved for a short term loan from my credit union the manager said the funds were in my account I didn’t check while I was there but when I got home later that day it was showing that the funds were not put in my account it was saying actual balance instead of available what did the credit union do wrong cannot contact them until the next business day
HI Lisa,
Thanks for leaving a question.
Generally, the process of moving the funds into your account depends on a couple of things. 1. The mode of payment that the credit union would use. 2. If the funds would go through a bank before it reaches your account, you may also need to consider the bank’s processing time. You may want to directly contact your credit union for you to see where in the process your approved loan is and how long before it would reflect on your account. Hope this helps.
Cheers,
Reggie
Will doctor bill that was sent to collection stop u from obtain a personal loan .
Hi Lilma,
Thank you for your question.
Even if you have a bill for collection, but you meet all the eligibility criteria of the loan you’re applying for, you should be okay. If you like to apply for a loan with a credit union, make sure you are a member or part of that CU and also meet other eligibility requirements.
In case you are looking for other loans in the market, we’ve listed some of the loan products that you can compare.
Hope this helps.
Cheers,
May
If i pay off all my debt will i be able to qualify for a loan from a credit union?
Hi Peedub47,
Thanks for your inquiry
Qualifying for a personal loan from a credit union will depend on factors such as the state you are located at, your affiliation to organizations such as the Armed Forces, Department of Defense Coast Guard or National Guard. being debt free will definitely increase your chances of getting approved for a loan. On the page you have opened, please answer a few questions to filter the options suited for you. Of course, if you pay off your debt, you’ll have a bigger chance of approval since paying off your debt will add a good mark on your credit history.
Hope this information helps
Cheers,
Arnold
How can I get a small loan with no bank account and work for cash but can have the people I work to verify for me just trying to get on my feet and pay back a small loan and build credit?
Hi Dallas,
Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
There are lenders that offer no bank account loans so it’s still possible for you to get a short-term loan. Comparing these lenders is the best way to find a deal that matches your needs.
If you have minimal credit history, there are secured credit cards that can help build you credit and push your credit score up.
Hope this information helped.
Best regards,
Rench