Consumer Credit Union Personal Loan Review

Main advantages

Large loans

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.

Co-signers accepted

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.

Prequalification tool

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.

Comments are closed.