Credit Union Loan
What is a Credit Union Loan?
Credit union loans offer member-based lending with lower fees, more flexible terms, and a more personal approach than traditional banks. Because credit unions are not-for-profit institutions, they often pass savings on to members through lower interest rates and fewer fees. While you typically need to become a member before applying, the trade-off is access to more favorable lending terms and a more relationship-driven experience.
Loan Details
Max. Loan Amount
$500 – $50K
Loan Term
3 – 20 years
Interest Rates
3% – 12%
Speed of Funding
1 – 2 months
Loan Requirements
Membership
Must become a member
Credit Score
Holistic review
Time in Business
Varies
Pros
- Low interest rates
- Low fees
- Easier to qualify than banks
- Flexible repayment terms
Cons
- Slower funding timeline
- Hard to find the right credit union
- Lower-tech application process
How To Apply for a Credit Union Loan
With our simple online application, the process is quick and easy.
Find a Credit Union
Search for the right credit union that serves your area and industry.
Become a Member
Join the credit union so you can access their lending products.
Apply and Receive Funding
After approval, funds are deposited directly into your account.