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Consumers Credit Union Personal Loan Review: Loan Amounts Up to $100,000 and Flexible Terms

Review Updated
David Chang, ChFC®, CLU®
Author: David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
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A Consumers Credit Union Personal Loan is an excellent choice if you need to borrow a large amount with a reasonable APR. These loans are especially great if you want a long term length, but would like to avoid prepayment penalties in case you want to pay it off early. If that sounds like you, read on to learn if a Consumers Credit Union Personal Loan is the right choice for you.

Consumers Credit Union Personal Loan

Great for: People who want to make large purchases and need a larger loan than many banks offer.

Logo for Consumers Credit Union Personal Loan
Rating image, 3.5 out of 5 stars.
3.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Minimum Credit Score
Varies
Loan Amounts
$0 - $100,000
APR Range
10.49% and up
Term Length
12 - 60 months

Consumers Credit Union offers a variety of options for borrowers depending on their financial situation. Perks like cosigners, no prepayment penalties and large loan amounts are just a few of the upsides.

  • Larger loan amounts offered
  • Cosigners accepted
  • No prepayment penalty
  • Prequalification tool
  • Interest rates higher than that of competitors
  • Late fee of $29

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
7.99% - 24.99%
$2,500 - $40,000
660
7.80% - 35.99%
$1,000 - $50,000
300

Full Consumers Credit Union Personal Loan review

This personal loan is a good fit for: People who want to borrow a large amount and need a loan that's bigger than what most banks offer. 

Top perks

Large loans

CCU's limits on unsecured personal loans can be as high as $100,000. For comparison, many financial institutions have loan limits of $40,000 to $50,000.

Cosigners accepted

If your credit score is below 650 or you don't have a long credit history, then you won't get the best rates. In this case, cosigners could help you get a lower interest rate than you could get on your own. Not many financial institutions allow you to add a cosigner.

No prepayment penalty

You can make a partial payment or pay the full loan amount at any time with no prepayment penalty or fee. This means that any payments made in addition to your regular loan payment are applied toward the loan principal. This is another solid perk that sets CCU apart from other lenders.

Prequalification tool

You can check your rate before you apply for the loan without affecting your credit score. Only if you choose to apply for a loan will CCU run a hard inquiry on your credit history.

Membership required but no ongoing fee 

Unlike other credit unions, you don't have to live in a certain state or pay monthly fees to join. The only requirement is to open a savings account and deposit $5.

What could be improved

Interest rates higher than competitors

CCU's minimum interest rate is higher than many competitors. Although CCU offers bigger loans, if your main concern is borrowing at the lowest cost, you might find cheaper personal loans elsewhere. 

Late fee of $29

The credit union charges a late fee of $29. Some financial institutions have no-fee loans that don't charge late charges.

Consumers Credit Union Auto Loan rates

While personal unsecured loan rates from CCU are higher than its competitors, CCU's auto loan rates can be fairly low and include an autopay discount. CCU allows you to finance 100% of your car and offers mechanical repair coverage with 24-hour emergency service. CCU also offers a car-buying service through TrueCar or purchase through CCU's partnership at Enterprise Rent-a-Car. Loan rates will depend on the length of the loan and the age of the car.

How to qualify for a Consumers Credit Union Auto Loan

You can apply for a personal loan either online or by phone. Once you submit your application and qualify, the bank will send you the funds to your bank account. To apply for a loan, you must be 18 years or older and submit:

  • Valid, unexpired U.S Government (Federal or State) issued ID
  • Social Security number
  • Last two recent pay stubs

CCU also requires the following documents when applying for a loan:

  • Tax returns from the past two years
  • Five references, complete with phone numbers and addresses
  • Two utility bills showing your home address

This is all pretty standard except for the reference requirement. That's a step further than most other lenders go (unless you have a poor credit history, in which case it's more common).

How to become a Consumers Credit Union member

To get a loan, you must become a member of Consumers Credit Union. Anyone can become a member by paying a one-time $5 membership fee, which CCU reimburses as a $5 deposit in your savings account, unless you're joining to refinance a loan or joining indirectly.

A Consumers Credit Union Personal Loan is right for you if:

  • You want to make large purchases and need a large loan.
  • You need a cosigner for a loan.
  • You want a loan with no prepayment penalty.

FAQs

  • When you're prequalifying, CCU will do a soft pull, which won't impact your credit score. If you're approved and you decide to proceed, however, CCU will do a hard pull which can affect your credit score. 

  • Yes, CCU is insured by the National Credit Union Administration (NCUA). If you open a savings or checking account with it, your money will be insured up to $250,000.