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Applying for a loan with CCU can be as simple as going through an online lender. But its website can be difficult to navigate and customer service isn’t always easy to reach.
Consumers Credit Union offers secured and unsecured personal loans, auto loans, consumer mortgages and business loans.
Use one of Consumers Credit Union’s personal loans to go on vacation, buy that Harley you’ve always wanted, consolidate your debt and more:
CCU offers up to 100% financing with terms up to seven years for new and used cars. Rates depend on the age of the car:
Consumers Credit Union offers three different types of business loans to cover gaps in cash flow, finance a new storefront or purchase equipment:
These loans are only available to companies located in Illinois and Wisconsin. You can’t apply online and your business needs to become a member before you can begin the process. The application itself is much more detailed than CCU’s personal loan application, so it might not be ideal for covering an emergency expense.
Read Consumers Credit Union business loan reviewBuying your first house? Looking to borrow against your current one? CCU has options:
With its nationwide availability and online application for many of its products, there are plenty of reasons to borrow from CCU.
Though CCU offers a range of benefits, consider these potential drawbacks before taking out a loan.
How much your CCU loan costs depends on the type of financing you get and whether your loan is backed by collateral. It also offers different rates depending on your loan term — with lower rates going to the shortest terms. If you sign up for autopay, you can get a rate discount of 0.5% for payments made from a Consumers bank account, or 0.25% from an outside bank account.
CCU doesn’t advertise any application or origination fees. Its personal loans don’t come with a prepayment penalty, so you can save on interest by paying off your loan early. And the only fee associated with the business line of credit is an annual fee of $250.
You need to either be a member or willing to join Consumers Credit Union to be eligible for a loan. Before you can become a member of CCU, you must first join the Consumers Cooperative Association, which comes with a $5 membership fee. Joining the credit union also involves opening a share savings account with a minimum $5 deposit.
Borrowers give Consumers Credit Union consistently low ratings as of November 2018. It’s accredited with the Better Business Bureau and gets an A- rating based on factors like its business practices. But it gets less than 2 out of 5 stars based on 18 customer reviews and has had 22 customer complaints filed against it. It also does poorly on Yelp, typically scoring around 2 out of 5 stars.
While customers were mostly pleased with their rates, many complained about the poor quality of customer service. Some also complained about employees making clerical errors that affected their repayments. Still, it wasn’t all bad. One customer said he had the “the best loan experience ever” with CCU.
Generally, yes. While there’s no way to guarantee all of the information you enter online is safe, Consumers Credit Union encrypts all of its pages with SSL technology to make it difficult for hackers to intercept. It also regularly runs tests on its systems to ensure everything is up to date.
If you choose to bank with CCU, your account is federally insured by the National Credit Union Administration for up to $250,000.
With the exception of business loans, you can apply online. If you’re not already a member, you can apply for membership during the application process. Here’s how it generally works:
A CCU representative will reach out to you and walk you through the rest of the application process. You’ll typically need to provide the following documents at a minimum to become a member and apply for a loan:
Aside from being over 18 years old and having a valid government-issued ID, Consumers Credit Union doesn’t advertise any fixed eligibility requirements. However, you’ll have more luck getting approved for a loan with favorable rates and terms if you have good to excellent credit. Most lenders also require you to have a debt-to-income (DTI) ratio below 43% to qualify.
Consumers Credit Union is a nonprofit lender headquartered in Lake County, Illinois. It’s been around since 1930 and has over 100,000 members and $1.2 billion in assets. Like any other credit union, it’s owned by its members who elect an unpaid board of directors. It offers a wide range of financial services beyond loans, including checking and savings accounts, certificates, credit cards and more.
Consumers Credit Union is a solid choice if you’re looking for a one-stop shop for all your financing needs — most of which you can easily apply for online. It also offers a wide variety of secured loans, which can help you qualify for more favorable rates and terms.
However, its customer service doesn’t have a strong reputation and its business loans aren’t as streamlined as other products out there.
Want to see how CCU stacks up to the competition? Read our guide to personal loans to compare other lenders and learn more about how they work.
No-frills term loans between $500 and $40,000 for residents of all 50 states.
Revolving credit lines with rates starting at 1.5% APR for established businesses in Illinois and Wisconsin.
Flexible car loans and refinancing with low rates for residents of all 50 states.