Loan amounts and interest rates
You can take out a personal loan worth between $ 1,000 and $ 50,000 from Service Credit Union. The APR range on these loans starts at 7.49%, which is a higher minimum than other comparable lenders. A 0.75% discount is included in these advertised rates, but is only available if you have a checking account with Service.
Advantages and disadvantages
How Service Credit Union Personal Loans Work
Service Credit Union personal loans are unsecured loans, which means that they don’t require any collateral, like a house or a car, to get them.
The service allows you to take out a loan for a multitude of reasons, including, but not limited to, vacations and travel, medical bills, debt consolidation, and auto repairs. Check with the credit union to see if your desired loan target qualifies.
You must enter personal information, including your social security number, income, and date of birth to apply for a personal loan from Service. Before becoming a member, you can apply for a loan, but you must open an account before you can accept your loan and receive your funds.
The approval process takes around 24 hours, and once your loan application is approved, you might even be able to get your money the same day.
To contact Service’s customer service, you can use their online chatbot, send an email or fax, or call them 24 hours a day, 7 days a week. The service also offers well-rated apps on Apple stores. and Google Play if you want to manage your loan on the go.
What credit score do you need for a Service Credit Union personal loan?
There is no minimum credit score required for a Service Credit Union personal loan, according to a Service customer service representative. Having said that, you will likely qualify for a better rate with a higher credit rating.
To get your credit report from one of the three major credit bureaus, use annualcreditreport.com. You can get your report for free once a week until April 20, 2022. Although you will not receive your credit score on this report, you will get information about your credit and payment history. By examining your credit report, you can spot errors and determine where you can improve.
You can get your score free of charge on your credit card statement or online account. You can also buy it from a credit reporting agency.
When you apply for a Service Personal Loan, the credit union will do a serious credit investigation. Thorough investigation gives the lender a complete view of your credit history, but can negatively affect your credit score. Other lenders allow you to check your rates without impacting your credit score.
After you accept the loan, your payments (or lack thereof) will appear on your credit report. Regular payments can help improve your credit score, while late or missing payments can lower your score.
Is Service Credit Union trustworthy?
Service Credit Union has received an A + reliability rating from the Better Business Bureau. The BBB measures reliability by examining a company’s response to customer complaints, honesty in advertising, and transparency of company practices.
The credit union does not have a history of recent scandals or controversies. Between the excellent BBB Service rating and the clean history, you might feel comfortable borrowing from the lender.
How Service Credit Union Stacks Up
Service Credit Union and Navy Federal have the same starting APR, but the Service rate assumes you have a checking account and qualify for the 0.75% discount. The Alliant rate starts at over 1% lower. You can get a smaller loan with Navy Federal than with Alliant or Service.
It is more difficult to qualify to become a member of the Federal Navy than of Service or Alliant, because you are only eligible if you are an active member or veteran, as well as an employee or retiree of the Department of Defense. . Family members of these groups are also eligible.
You can join the Service if you have served in the army or in the Ministry of Defense or if you work in associations or qualified organizations. You can also qualify by joining the American Consumer Council for free with a promo code. The easiest way to become an Alliant member is to join Foster Care to Success, and Alliant will cover your $ 5 membership fee.
Frequently Asked Questions
Is Service Credit Union legitimate?
Yes, Service Credit Union is a legitimate financial institution insured by the National Credit Union Administration. The service also offers
, home loans and credit cards, among its various financial products.
Is it difficult to get a personal loan from a credit union?
Getting a personal loan from a credit union is not difficult. While you probably need a strong credit rating and the rest of your finances are in good shape, loans from a credit union are as accessible as loans from banks or other online lenders. Your choice can come down to the type of financial institution you feel most comfortable with.
Is a credit union a good place to get a personal loan?
Borrowing from a credit union is a great option for getting your personal loan. Credit unions often have great customer service, and their rates are capped at 18% by the NCUA. You will likely need to become a member of the credit union to accept your loan offer, but many credit unions make it relatively easy to qualify for membership.
How much can you borrow from a credit union?
The maximum amount you can borrow from a credit union depends on where you are looking to get a loan. With Service, you can get a loan of up to $ 50,000, provided your finances are healthy. Many other credit unions on our list of the best credit unions for personal loans also allow you to borrow up to $ 50,000.