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 of 8.47% is higher than many competitors. Some financial institutions have interest rates as low as 4%, less than half that of CCU.
$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.