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Sound Credit Union business loans review

Financing from with APRs capped at 10.15% — but only for Washington State businesses.

Bottom line: Sound Credit Union is a nonprofit financial institution that serves residents and businesses located in the state of Washington. Business owners or residents of the state can take advantage of relatively low rates. But customer service is hard to contact — and it isn’t the best funding option for some. Get our 30-second take or read the full review.


Min. Amount$500
Max. Amount$50,000
Loan TermUp to 72 months
APR6.15% to 10.15%
Requirements2+ years in business, eligible for membership


  • Low maximum APR of 10.15%
  • Small loans available
  • No origination fee


  • Loans over $50,000 are available, but must apply in person
  • Long terms come with high rates
  • Customer service difficult to reach

Our take on Sound Credit Union small business loans

Sound Credit Union serves residents and businesses located in Washington state. It offers several types of business financing, including unsecured term loans. These can be a great option for covering small expenses — its term loans start as low as $500. And with rates that top out at 10.15%, it’s less expensive than what you’d find with most microlenders. Just know that we weren’t able to verify these rates in October 2021, so there may be a slight difference in the APR you receive.

But Sound Credit Union won’t help you in your startup phase, or if you live outside of Washington. You’ll need to be around for at least two years and live near a branch to qualify. To top it off, online applications are only available for loans of $50,000 and under. Businesses that need more will have to reach out directly to Sound Credit Union.

Business term loan rates, fees and terms

Sound Credit Union offers interest rates from 6.15% to 10.15%. And because there are no application, origination or prepayment fees, your annual percentage rate should be the same as your interest rate. However, we were not able to confirm rates in October 2021.

Your business can borrow up to $50,000 with a term loan. And while Sound Credit Union offers SBA loans, business lines of credit and loans for commercial real estate, there is no information online about how much you can borrow or what you can expect to pay.

Our calculator can help you estimate potential costs, but call Sound Credit Union for more details.

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Sound Credit Union has limited options compared to these lenders

Sound Credit Union may be a good choice for an established business based out of Washington. But for startups or businesses in need of more funding, consider one of these online lenders.

You can get started by selecting your loan amount, annual revenue, time in business and personal credit score range.

Name Product Filter Values Loan amount APR Requirements
Biz2Credit business loans
Finder Rating: 4.7 / 5: ★★★★★
Biz2Credit business loans
$25,000 – $6,000,000
Starting at 5.99%
6+ months in business; $100,000+ monthly revenue; 500+ credit score
Get only the capital you need through secure, prescreened lenders with this highly rated company offering SBA, expansion, working capital and other loans.
OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★
OnDeck short-term loans
$5,000 – $250,000
As low as 35%
600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
A leading online business lender offering flexible financing at competitive fixed rates.
Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★
Fora Financial business loans
$5,000 – $500,000
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.
Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★
Fundbox lines of credit
$1,000 – $150,000
Not stated
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.

Compare up to 4 providers

Sound Credit Union reviews and complaints are limited

Customers haven’t said much about Sound Credit Union online. It only has a few negative Better Business Bureau reviews, and no Trustpilot page. However, several of its branches have Yelp reviews. Customers complain that its online banking service is difficult to use and feel that the whole process of setting up an account or paying off a loan was unnecessarily clunky.

We also had a difficult time getting in touch with customer service — it took eight minutes to get through to a representative when writing this review. And when updating this review in both June 2020 and October 2021, we weren’t able to speak to someone to confirm any product details.

It isn’t all bad, though. A few customers really appreciate the personalized service they found at Sound, especially after switching over from big banks.

How to qualify with Sound Credit Union

There are no minimum revenue or personal credit score requirements. But your business will need to meet these two criteria to qualify:

  • In business at least two years
  • Eligible for membership

Sound Credit Union membership eligibility

Business owners must be eligible for Sound Credit Union membership as an individual to become a business member.

  • Work, live or go to school in Washington
  • Work for one of its select employer groups
  • Be related to someone who meets one of the above requirements

Online applications offer limited access to funds

You can apply for a Sound Credit Union business loan online, over the phone or in person at your local branch. Applying in person is typically the quickest option: You can often get a response within 24 hours. Otherwise, it can take two to three business days to hear back.

Online applicants may only be eligible for business loans up to $50,000. Generally, factors like your credit score, revenue and time in business affect your loan amount, interest rates and terms. So while there are no minimum credit requirements, you’ll need to have a personal credit score of at least 700 to be eligible for the largest loan.

Like with most credit unions, longer loan terms typically lead to higher interest rates. These loans are generally unsecured. But if your business needs a larger loan, Sound Credit Union typically asks businesses to back the loan with an asset like equipment, inventory or real estate.

No matter which application route you choose, you’ll need to provide business and personal tax returns, bank statements, profit and loss sheets and business licensing. Other documents may also be required.

What industries does Sound Credit Union work with?

Sound Credit Union doesn’t disclose which industries are eligible for its loan program. However, you may have a hard time qualifying if your industry is considered high risk. These can include industries like trucking, construction, lending and gambling.

Sound Credit Union doesn’t have unique benefits

This isn’t a negative. If you want to work with a credit union, then Sound Credit Union may be a good choice for your business. But if you’re after large loans or special features, you should consider a different lender.

Sound Credit Union is a legitimate lender

Sound Credit Union is a member of the National Credit Union Association (NCUA), which means it meets certain federal standards — like charging no more than 18% in interest. It also takes steps to protect your account by using technology like transport layer security (TLS) and multifactor authentication. And it conducts annual security audits.

Our business loans guide will help you compare Sound Credit Union against other lenders.

Business loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.

Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.

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