Adam McCann, Financial Writer
To get a personal loan from a credit union in Minnesota, first search for local credit unions that offer personal loans, then compare their terms and get pre-qualified if possible. Next, become a member of the credit union, submit an application for a personal loan, and wait for approval and funding. Aside from the membership step, the process of getting a loan from a credit union in Minnesota is actually pretty similar to getting a personal loan from any other type of lender.
How to Get a Personal Loan From a Credit Union in Minnesota
- Find credit unions. Search for credit unions in your state.
- Compare personal loans. Narrow down your choices based on APR ranges, fees, loan sizes, payoff periods and more.
- Get pre-qualified. Some credit unions may allow you to pre-qualify for a loan, which will show you your approval odds and the rates you might get if approved.
- Pick a loan. After comparing offers and checking for pre-qualification, pick the loan that works best for your needs.
- Become a member. Most credit unions will require you to become a member before applying for any financial products. You should be eligible to join most credit unions in the area where you live, work or go to school. Membership usually involves opening an account with a very small deposit.
- Apply for a loan. Credit unions may offer applications online or over the phone, but one advantage is that you can also typically apply in person with a loan specialist.
- Wait for a decision. You will typically find out if you are approved or denied within a few business days.
- Receive your funds. Assuming you are approved, you should usually receive your money in your bank account within 7 business days of applying (or a bit longer if you choose to get it by check).
Finally, it's important to note that if you get a personal loan from a federal credit union in Minnesota, it will have an APR cap of 18%. If you get a personal loan from a state-chartered credit union, the maximum APR will be set by the state instead.
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