Review
Updated
Fact Checked
Eric McWhinnie
A Consumers Credit Union Personal Loan is an excellent choice if you need to borrow a large amount with a reasonable APR. These loans are especially great if you want a long term length, but would like to avoid prepayment penalties in case you want to pay it off early. If that sounds like you, read on to learn if a Consumers Credit Union Personal Loan is the right choice for you.
Consumers Credit Union Personal Loan
Rating image, 3.5 out of 5 stars.
3.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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= Fair
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= Poor
= Best
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= Fair = Poor
Minimum Credit Score
Varies
Loan Amounts
$0 - $100,000
APR Range
10.49% and up
Term Length
12 - 60 months
Consumers Credit Union offers a variety of options for borrowers depending on their financial situation. Perks like cosigners, no prepayment penalties and large loan amounts are just a few of the upsides.
- Larger loan amounts offered
- Cosigners accepted
- No prepayment penalty
- Prequalification tool
- Interest rates higher than that of competitors
- Late fee of $29
Compare the best personal loans
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
| Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
|---|---|---|---|---|
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Fixed: 8.99%-29.99% APR (with all discounts)
|
$5,000 - $100,000
|
680
|
|
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.20% - 35.99%
|
$1,000 - $50,000
|
None
|
|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
10.49% to 19.49%
|
$2,000 - $30,000
|
720
|
Full Consumers Credit Union Personal Loan review
This personal loan is a good fit for: People who want to borrow a large amount and need a loan that's bigger than what most banks offer.
Top perks
Large loans
CCU's limits on unsecured personal loans can be as high as $100,000. For comparison, many financial institutions have loan limits of $40,000 to $50,000.
Cosigners accepted
If your credit score is below 650 or you don't have a long credit history, then you won't get the best rates. In this case, cosigners could help you get a lower interest rate than you could get on your own. Not many financial institutions allow you to add a cosigner.
No prepayment penalty
You can make a partial payment or pay the full loan amount at any time with no prepayment penalty or fee. This means that any payments made in addition to your regular loan payment are applied toward the loan principal. This is another solid perk that sets CCU apart from other lenders.
Prequalification tool
You can check your rate before you apply for the loan without affecting your credit score. Only if you choose to apply for a loan will CCU run a hard inquiry on your credit history.
Membership required but no ongoing fee
Unlike other credit unions, you don't have to live in a certain state or pay monthly fees to join. The only requirement is to open a savings account and deposit $5.
What could be improved
Interest rates higher than competitors
CCU's minimum interest rate is higher than many competitors. Although CCU offers bigger loans, if your main concern is borrowing at the lowest cost, you might find cheaper personal loans elsewhere.
Late fee of $29
The credit union charges a late fee of $29. Some financial institutions have no-fee loans that don't charge late charges.
Consumers Credit Union Auto Loan rates
While personal unsecured loan rates from CCU are higher than its competitors, CCU's auto loan rates can be fairly low and include an autopay discount. CCU allows you to 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 purchase through CCU's partnership at Enterprise Rent-a-Car. Loan rates will depend on the length of the loan and the age of the car.
How to qualify for a Consumers Credit Union Auto Loan
You can apply for a personal loan either online or by phone. Once you submit your application and qualify, the bank will send you the funds to your bank account. To apply for a loan, you must be 18 years or older and submit:
- Valid, unexpired U.S Government (Federal or State) issued ID
- Social Security number
- Last two recent pay stubs
CCU also requires the following documents when applying for a loan:
- Tax returns from the past two years
- Five references, complete with phone numbers and addresses
- Two utility bills showing your home address
This is all pretty standard except for the reference requirement. That's a step further than most other lenders go (unless you have a poor credit history, in which case it's more common).
How to become a Consumers Credit Union member
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, which CCU reimburses as a $5 deposit in your savings account, unless you're joining to refinance a loan or joining indirectly.
A Consumers Credit Union Personal Loan is right for you if:
- You want to make large purchases and need a large loan.
- You need a cosigner for a loan.
- You want a loan with no prepayment penalty.
FAQs
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When you're prequalifying, CCU will do a soft pull, which won't impact your credit score. If you're approved and you decide to proceed, however, CCU will do a hard pull which can affect your credit score.
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Yes, CCU is insured by the National Credit Union Administration (NCUA). If you open a savings or checking account with it, your money will be insured up to $250,000.
Our Loans Experts
David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Motley Fool has positions in and recommends Upstart. The Motley Fool has a disclosure policy.
Citi Personal Loan disclaimer:
**Rates as of 10-06-2023 . Your APR may be as low as 10.49% or as high as 19.49% for the term of your loan. The lowest rate quoted assumes excellent credit, and a loan term of 36 months or shorter. Otherwise, a higher rate will apply. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: 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. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may 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 and may affect your credit.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across 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 a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.