Digital Federal Credit Union (DCU) personal loans review

Open-ended financing tailored to your needs with discounts for some members.

finder.com’s rating: 4.5 / 5.0

★★★★★

  • Best for parents looking to use some of the funds to pay for their kid’s college tuition.
  • Pick something else if you don't want to open a DCU checking account.
No reviews yet. Write a review

$100,000

Max. Loan Amount

9.24% to 18%

APR

Not stated

Min. credit score

Details

Min. Loan Amount$200
Loan Amount$100,000
APR9.24% to 18%
Interest Rate TypeFixed
Min. credit scoreNot stated
Loan termUp to 5 years
Turnaround Time1 to 2 business days

Review by


Anna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.

Expert review

Digital Federal Credit Union is ideal for parents looking to take out a personal loan for their own needs, as well as to help cover the cost of school for their child. It’s one of the only personal loan providers that allows you to use the funds for college expenses.

Plus, it offers an extremely wide range of loan amounts — from just $200 all the way up to $100,000. And it doesn’t charge any origination fees.

But rates start relatively high. And you’ll need to become a member of the credit union after you apply if you decide to take out the loan.

Don’t think DCU is right for you? Compare your other options below.

How much will this loan cost me?

DCU personal loans come with rates that run from 9.24% to 18% APR. There’s no origination fee, but you might have to pay a fee of $25 to $35 if you miss a repayment.

You can borrow between $200 and $100,000 with terms as long as five years. Use the calculator below to see how much a DCU personal loan might cost you, based different loan amounts, terms and rates.

Monthly repayments calculator

Calculate how much you could expect to pay each month
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare business loans now
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

How does it work?

Not everyone can qualify for a 9.24% to 18% or $100,000 loan. The minimum rate includes a 0.5% APR discount that’s only available to Plus or Relationship Checking members who sign up for autopay.

Even if you qualify for the rate discount, you need near-perfect credit and a low debt-to-income ratio to qualify for the lowest rate and highest loan amounts.

DCU now offering deferment on new loans

DCU has started offering the option to defer payments for up to 60 days on all loans made after March 25, 2020. This option was announced in response to the coronavirus outbreak and is available until further notice.

However, interest still adds up as soon as your loan is disbursed, so make payments if you can. Otherwise you’ll end up with higher monthly payments and a larger loan amount than you originally signed up for.

What do I need to qualify?

DCU doesn’t have many hard eligibility requirements to apply for a personal loan. You just need to live in the US and join DCU before or after you apply. To be eligible for membership, you must meet one of the three following criteria:

You can find a list of eligible employers, organizations, communities and condo associations on DCU’s website.

What information do I need to apply?

You will need a few basic pieces of information to complete a personal loan application:

  • Social Security number
  • Date of birth
  • Member number (optional)

You may need to submit proof of income, employment or residence after DCU processes your initial application.

Pros

  • Funds can be used for college
  • No origination fee
  • Wide range of loan amounts
  • Live chat on website

Cons

  • Not much information available online
  • Lowest rates only available to Plus and Relationship members
  • Must become a DCU member to borrow

See other personal loan providers

1 – 6 of 6
Name Product Filter Values APR Min. credit score Loan amount
LightStream personal loans
Finder Rating: 4.8 / 5: ★★★★★
LightStream personal loans
7.49% to 25.99%
Good to excellent credit
$5,000 to $100,000
Borrow up to $100,000 with low rates and no fees.
PenFed Credit Union personal loans
Finder Rating: 3.6 / 5: ★★★★★
PenFed Credit Union personal loans
7.99% to 18%
580
$600 to $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
Upgrade
Finder Rating: 4 / 5: ★★★★★
Upgrade
8.49% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
Best Egg personal loans
Finder Rating: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
600
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Credible personal loans
Finder Rating: 4.3 / 5: ★★★★★
Credible personal loans
4.60% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.
Freedom Debt Relief
Not rated yet
Freedom Debt Relief
N/A
N/A
Starting at $4,000
Freedom Debt Relief works to help people with unmanageable, unsecured debt get back on their feet.
loading

Is DCU legit?

Yes, DCU is a federal credit union, meaning that it has to meet standards set by the National Credit Union Association (NCUA) — like charging no more than 18% interest on loan products.

It uses SSL encryption to protect any information you send through its website. And it doesn’t share your information with other companies for anything other than everyday business purposes.

DCU reviews and complaints

BBB accredited No
BBB rating A
BBB customer reviews 1.4 out of 5 stars, based on 25 customer reviews
Trustpilot Score 2.8 out of 5 stars, based on 6 customer reviews
Customer reviews verified as of 19 October 2020

DCU only has a handful of online reviews and most are complaints about its poor customer service. However this doesn’t mean you’ll necessarily have a bad experience. Most customers write reviews when they’re extremely pleased with or angry with a company.

How do I apply?

You can apply online, over the phone or in person at your local branch. Here’s how to start your online application:

  1. Go to the DCU website and navigate to thePersonal loanspage. ClickApply now.
  2. Follow the directions to complete the online form with your personal information, including Social Security number.
  3. Select eitherContinue with coapplicantorContinue without coapplicant.
  4. Review and submit your application.

What happens after I apply?

DCU will reach out to you with an offer and request documentation, typically within 24 hours. After you submit your documents and any additional information — and are approved — you will be able to review and sign your loan documents.

How do repayments work with DCU personal loan?

You can repay your loan several ways but you might want to consider signing up for automatic repayments so you don’t have to take the time to pay off your loan each month. If you have a Plus or Relationship Checking Account signing up for autopay can get you a hefty 0.5% discount off your APR.

If you notice any mistakes in your account or have any questions, reach out to DCU customer service by calling 800-328-8797. And if you won’t be able to make a repayment, get in contact as soon as possible. Otherwise, you may have to pay a late or returned payment fee of $25 to $35.

Want to learn about more lenders? Check outour credit union loans guideor visitour personal loans pageto learn more about how borrowing works in general.

Frequently asked questions

Personal loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
u003cpu003eWe analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.u003c/pu003eu003cpu003eRead the u003ca href=u0022https://www.finder.com/personal-loan-provider-ratings-methodologyu0022u003efull methodology of how we rate personal loan providersu003c/au003e.u003c/pu003e

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site