When it comes to finding the best credit union loans, it's important to do your research. We've evaluated 10 personal credit union loans based on membership requirements, loan amounts, repayment terms, fees, and APRs. It's also important to note that if you get a personal loan from a federal credit union in certain states, you'll have an APR limit of 18%. A personal loan can be a great way to consolidate other loans, pay for emergency expenses, or finance a home improvement project.
Credit unions like PenFed offer competitive APRs to borrowers with excellent credit histories. However, borrowers with lower credit scores may not get the same rate as they would with an online lender. If you get a personal loan from a state-authorized credit union, the state will set the maximum APR. Credit-building loans are another type of credit union loan that can help you increase your credit score.
The maximum APR is capped by the NCUA, so if your credit isn't in the best shape, you might get a lower rate than with some online personal loan lenders. When considering credit union personal loans, there are several important points to keep in mind. Credit unions typically offer lower APRs than online lenders, but they may have stricter membership requirements and smaller loan amounts. Additionally, if you get a personal loan from a federal credit union in certain states, you'll have an APR limit of 18%.