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A Consumers Credit Union personal loan is ideal for borrowing a large amount. In this expert opinion, we’ll help you decide if this loan is right for you.
Consumer credit Personal loan
Minimum credit score
$0 – $100,000
12 – 60 months
- Larger loan amounts available
- Co-signers accepted
- No prepayment penalty
- Prequalification tool
- Higher interest rates than competitors
- $29 late fee
Complete Consumer Credit Union Personal Loan Review
This personal loan is ideal for: People who want to make large purchases and need a larger loan than many banks offer.
CCU offers unsecured personal loans of up to $100,000 designed to provide you with cash to use as you wish, including debt consolidation. Many financial institutions have loan limits of $40,000 or $50,000.
If your credit score is below 650 or you don’t have a long credit history, you won’t get the best rates. Co-signers can help you get a lower interest rate than you could get on your own with a lower credit score or no credit. Few financial institutions allow you to add a co-signer.
No prepayment penalty
You can make a partial payment or pay the full loan amount at any time without penalty or prepayment charge. This means that any payments made in addition to your regular loan payment are applied to the principal of the loan.
You can check your rate before applying for the loan. The prequalification tool does not affect your credit score. If you choose to apply for a loan later, CCU will request your complete credit report from one or more consumer credit reporting agencies.
What could be improved
Higher interest rates than competitors
CCU’s minimum interest rate is higher than many competitors.
$29 late fee
The credit union charges a late fee of $29. Some financial institutions offer no-fee loans that do not charge late fees.
Car loan rates from the Caisse populaire des consommateurs
While CCU’s unsecured personal loan rates are higher than those of its competitors, CCU’s car loan rates can be quite low and include an automatic payment discount. CCU lets you finance 100% of your car and offers mechanical repair coverage with 24-hour emergency service. CCU also offers a car buying service through TrueCar or through CCU’s partnership at Enterprise Rent-a-Car. Loan rates will depend on the term of the loan and the age of the car.
How to get consumer credit
You can apply for a personal loan online or over the phone. Once you submit your application and qualify, the bank will send the funds to your bank account. To apply for a loan, you must provide:
- Applicant must be 18 years of age or older
- Valid, unexpired ID issued by the U.S. government (federal or state)
- Social Security number
- The last two recent payslips
CCU also requires additional documents when applying for a loan.
- Tax declarations for the last two years
- Five references, with telephone numbers and addresses
- Two utility bills showing your home address
This is all pretty standard except for the reference requirement. That’s a bit further than most other lenders (unless you have a bad credit history, in which case it’s more common).
How to Become a Member of Consumers Credit Union
To get a loan, you must become a member of Consumers Credit Union. Anyone can become a member by paying a one-time $5 membership fee and joining the Consumers Cooperative Association. You must also deposit and maintain a minimum of $5 in your savings account/membership share.
Alternatives to consider
It is important to shop around for the best loan rates. CCU’s minimum interest rates are higher than many competitors, so if you have excellent credit, you can get better rates elsewhere.
- If you are looking for a personal loan up to $100,000 and want a lower rate, then SoFi is a good alternative. SoFi is known for its no-fee lending products and consumer-centric business model.
- Upstart is another alternative with lower interest rates. However, the maximum loan amount is $50,000, which is half that of the CCU.
$5,000 – $100,000
Fixed: 7.99-23.43% APR (with all discounts)
$1,000 – $50,000
5.40% – 35.99%
* Disclaimer for Upstart Loans
The full range of available rates varies by state. The average 3-year loan offered to all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646, including an origination fee of $626. The APR is calculated based on the 3-year rates offered in the last month. There is no down payment or prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
* SoFi Personal Loans Disclaimer
The fixed rates of 7.99% APR to 23.43% APR APR reflect the 0.25% automatic payment discount and a 0.25% direct deposit discount. SoFi rate ranges are effective as of 8/22/22 and are subject to change without notice. Not all rates and amounts are available in all states. See personal loan eligibility details. Not all applicants qualify for the lowest rate. The lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates shown above and will depend on a variety of factors including your credit rating, 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 automatic monthly debit from a savings or checking account. The benefit will cease and be forfeited during periods when you do not pay by direct debit from a savings or checking account.
A Consumers Credit Union personal loan is right for you if:
CCU offers a wide range of personal loans that you can apply for. These include unsecured and secured personal loans (which require the use of collateral), motorcycle loans, car loans, and recreational loans. CCU is for you if:
- You want to make major purchases and need a large loan.
- You need a co-signer for a loan.
- You want a loan with no prepayment penalty.