How can I get a loan from a credit union?

To get a loan from a credit union, you must first determine which credit unions you’re eligible to join. Unlike with a bank or an online lender, you have to be a member of a credit union to get any of their financial products, including personal loans. You may qualify by living or working in a certain area, by having a relative who is a member, or by making a small one-time donation to an organization.

Next, you’ll have to consider the available options carefully and join the credit union with the best loan. The most important factors to consider include the loans’ APRs and fees, the amount of money you can borrow, and the length of the payoff period.

Lastly, fill out an application and wait to hear back. Many credit unions will let you apply online, but you can also apply in person with a credit specialist or submit an application over the phone in some cases. It usually won’t take more than a few days to get a decision.

How to get a loan from a credit union:

1. Find credit unions in your area. WalletHub’s credit union search tool can help you find credit unions that you may qualify to join. Several are open to anyone who makes a small one-time donation.
2. Compare the credit unions’ personal loans. Visit the credit unions or look at their websites to see the terms of their personal loans. Compare things such as the APRs, fees, available loan amounts, and lengths of time available for payoff. Ask about any minimum credit score or income requirements. Use these factors to determine the best loan for you.
3. Join the credit union. Joining is typically free, but you might have to open an account with a small deposit.
4. Apply for the personal loan. Most credit unions allow you to apply in person, but you’ll likely have the option to apply online as well. You might even be able to apply by phone. Make sure you fill out everything accurately on the application, or that could hold up the approval process.
5. Wait for approval. In most cases, you’ll have your loan approved and funded within 7 business days. But it all depends on the lender.

It’s not too hard to get a personal loan from a credit union, as long as you meet their qualifications. However, you shouldn’t entirely rule out banks and online lenders. Many of them have enticing offers for personal loans as well.

Notable Credit Union Personal Loans: