Best Personal Loans From a Credit Union

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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If you’re considering applying for a personal loan from a financial lender, whether you’re looking to consolidate debt or fund a new home improvement project, you generally have three options for choosing a lender: a bank, an online lender or a credit union.

What lender you ultimately choose will depend on your own financial background, employment history, credit score, income and, of course, the type of loan you are looking for. However, credit unions can be a viable option. As member-owned and nonprofit institutions, credit unions may offer competitive rates and terms.

In this guide, you will learn more about personal loans you can find from credit unions.

LendingTree

You can use LendingTree to help you figure out the type of loan for which you will qualify. (Disclosure: Student Loan Hero is an affiliate of LendingTree). It could match you with up to five lenders depending on your creditworthiness. Note: LendingTree is not a lender and will match you with banks, online lenders, and credit unions.

UNIFY Financial Credit Union

UNIFY Financial Credit Union offers an impressive 3.49% APR on loans over a 12-month term, as well as some pretty flexible loan options, from $500 to $50,000.

You can get a personal loan for debt consolidation, but the debt consolidation loan will come up with a much higher minimum APR. APRs for debt consolidation loans start at 8.74% as of February 27, 2019.

You can’t use a personal loan from UNIFY for education purposes, but you can use it for personal reasons, like taking a vacation.

You can choose a loan term between 12 to 84 months, but if you choose a loan amount that is $2,500 or more, you must take out a loan that is at least 48 months or longer. The lowest advertised APR of 3.49% also includes a 0.25% discount that is applied only if you’re a UNIFY member with automatic payments.

In order to become a UNIFY member, you have to apply either through an employer or join one of the union’s affiliate organizations, which are free. UNIFY savings accounts require a $5 minimum deposit to maintain, and if you want to earn dividends, you’ll need to keep at least $200 in the account. Its regular savings account also requires a $200 minimum balance to avoid a service fee, but its eSavings and Club Savings accounts do not have a minimum balance, other than the $5 to open.

Pros

  • Low APR
  • Flexible loan terms
  • Can borrow from $500 to $50,000

Cons

  • Can’t use the personal loan for education purposes
  • $25 fee if you cancel your loan
  • $25 fee if you have a “dishonored payment” on your loan

If you’re looking for at least a one-year loan that won’t be used for education expenses or debt consolidation, UNIFY’s personal loan offers a very competitive APR.

PenFed Credit Union

PenFed Credit Union is a respected and established credit union that is proud of serving customers since 1935. It has over 1.7 million members and $24 billion in assets and customers in all 50 states, as well as Guam, Puerto Rico and Okinawa.

As with all credit unions, in order to qualify for a personal loan from PenFed, which stands for Pentagon Federal Credit Union, you must become a member of the credit union.

Compared with other lenders that do not have origination fees, PenFed has a competitive APR of 6.49%. There are loan terms from 60 months, and you can use your personal loan for debt consolidation, home repairs, auto repair and even travel and vacation. A personal loan can’t be used for education expenses, but the credit union does offer separate student loan financing.

If you miss a loan payment, you will be subject to a 20% finance charge of $5 minimum/$25 maximum.

Pros

  • None
  • Extensive member discounts once you are a credit union member
  • Immediate access to funds once you’re approved

Cons

  • You will need some kind of military association, either through yourself or a family member, or by joining one of the credit union’s military affiliations
  • If you’re looking for a lot of flexibility in your loan term, you may want to look elsewhere, as PenFed only offers repayment terms of 60 months.

PenFed Credit Union might be an especially smart choice if you or a family member are an active duty member of the military. It offers special services for military members, including resources like dealing with your finances while you are deployed.

Alliant Credit Union

Alliant Credit Union offers personal loans for debt consolidation, home expenses and emergencies with very straightforward terms: There is no collateral requirement if you have an unsecured loan, no prepayment penalties, loan terms are from 12 to 60 months with funding amounts from $1,000 and $50,000, and same-day deposit or mailed checks upon approval are available.

You’ll need to become a member of the Alliant Credit Union in order to qualify for a loan and one great option is to open an online high-rate savings account. If you choose e-Statements, your monthly service will be waived. Alliant Credit Union also provides members with the $5 opening deposit for its high-rate savings account.

However, there are requirements in order to be eligible, such as being an employee or member of select organizations; having a family member who is also a member of the credit union; living or working in a qualifying community near the credit union’s Chicago headquarters; or supporting their partnership organization.

Pros

  • Same-day deposits are available upon loan approval.
  • If you choose to have an online savings account with Alliant Credit Union, you can also earn about a 2.00% APR on your money in that account, with an average minimum balance of $100.
  • The credit union does offer a debt protection program for an additional fee in the event that something happens to you before you pay off your loan.

Cons

  • If you don’t choose the automatic payment option from an Alliant account, your loan rate will be 0.4% higher.
  • The maximum loan term the credit union offers is five years, so if you’re looking for something more long-term, it might not be the best choice for you.

Alliant Credit Union is user-friendly and upfront about its personal loan process. It’s a great option especially if you’re looking for a credit union that also offers a competitive savings account that could help you pay off your loan faster.

Digital Federal Credit Union (DCU)

Digital Federal Credit Union, commonly known as DCU, is the largest credit union in New England and is among the top 20 credit unions in the country. It offers a wide range of services from banking to credit cards to real estate to loans. One of DCU’s mottos is “People Come First,” with services that try to reflect that vision.

DCU’s APR for a personal loan is advertised as low as 7.50%, which does reflect an included 0.50% discount with electronic payment and qualification for Plus or Relationships benefits with a DCU checking account.

DCU’s free checking account does not require a minimum balance or monthly fee, but if you want to earn interest on your account balance, you’ll have to bump up to the dividend account, which charges a $10 monthly fee.

The maximum loan term is up to 60 months for a personal loan and you can borrow up to $100,000 for your loan, but the exact amount will depend on what you qualify for.

Pros

  • You can apply for a loan online 24/7
  • There is a grace period of 15 days within the loan payment due date
  • If you have a one-time situation where you can’t make your loan payment, DCU offers a “Skip a Payment” option that lets you skip a loan payment without affecting your credit score. You’ll have to fill out a form and pay a $25 fee in order to skip a payment, however.

Cons

  • Compared to some financial institutions, DCU’s APR is rather high at 7.50%.
  • DCU does not list a minimum credit score needed to qualify for a loan, so there is no way to know for sure if you qualify or for what terms.

Despite a rather high minimum APR, it is fixed and DCU does offer unique services, such as its Skip-a-Payment option. DCU’s mission is focused on people coming first, and sometimes people do need to miss a loan payment without it ruining their credit, so that’s a refreshing outlook.

First Technology Federal Credit Union

You can use a First Tech Federal Credit Union for a wide variety of reasons, including consolidating debt, paying medical debt or even indulging in your favorite hobby. As a credit union, First Tech primarily serves employees and family members of leading technology companies.

The exact APR that you will have with your personal loan depends on the loan amount as well as the loan term. The lower the loan amount, the lower the APR. For example, if you choose a 24-month loan term, with a minimum loan amount of $500 and a maximum of $35,000, your APR will only be 10.00%. However, if you choose the maximum loan amount of $50,000 and a term of 24 to 84 months, your APR will be as low as 15.50%.

You will need to be an employee or a family member of qualifying technology companies in order to be eligible to become a credit union member, live in Lane County, Oregon or become a member of the Financial Fitness Association or Computer History Museum.

Pros

  • No prepayment, origination, application or annual fees
  • Receive a loan decision within 24 hours

Cons

  • APRs start at 10.00% and may rise depending on how much you borrow
  • $25 late payment fee

First Tech Federal Credit Union offers a longer term than many credit unions, 24 to 84 months, which is a good option if you’re looking to spread out your loan over more time. It also offers the benefit of smaller loan options at a minimum of $500 or larger loans up to $50,000.

 

Interested in a personal loan?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

RATES (APR)loan amount
5.99% – 19.16%1 $5,000 to $100,000
7.98% – 35.99% $1,000 to $50,000
7.99% – 35.97%* $1,000 to $35,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.82% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.

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