Written by Amanda Push | Edited by Jessica Sain-Baird and Xiomara Martinez-White | Reviewed November 29, 2023
| Lender | APR range | Loan terms | Loan amounts | Minimum credit score | Best for... |
|---|---|---|---|---|---|
 | 8.99% - 18.00% | Up to 180 months | Starting at $250 | Not specified | Borrowers with military ties |
 | 7.99% - 17.99% | 12 to 60 months | $600 to $50,000 | 700 | Good credit borrowers |
 | Starting at 8.99% | 24 to 84 months | $500 to $50,000 | Not specified | Fair or bad credit borrowers |
 | Starting at 11.79% | 12 to 60 months | $1,000 to $100,000 | Not specified | Same-day funding |
Read more about how we chose our picks for best credit union personal loans.
If you need to borrow money, credit union personal loans can be an excellent choice because of their affordability and individualized customer service. Credit unions often restrict membership by location, employer or other factors, making them more personalized to your needs. Credit unions also cap personal loan annual percentage rates (APRs) at 18%, much lower than many lenders and banks.
| Pros | Cons |
|---|---|
Repayment terms up to 180 months Loan amounts as small as $250 Option to use co-applicant Doesn't charge origination fees | Only available to those with military affiliations Must become member first to apply for loan APR, terms and amounts depend on loan use |
Navy Federal Credit Union allows the following consumers to become members:
| Pros | Cons |
|---|---|
Option to apply with co-borrower Offers small loans under $1,000 Flexible loan amounts and repayment terms | Borrowers with fair or bad credit won’t qualify Must be member to receive loan Can take up to two business days to receive loan funds |
PenFed Credit Union offers competitive APRs, terms and borrowing amounts to consumers with good credit scores. Conveniently, you can apply for a PenFed loan before becoming a member, though you’ll need to join if you ultimately want to accept a loan. However, with a required minimum credit score of 700, consumers with fair or bad credit likely won’t qualify. PenFed loans can be used for a variety of reasons, including home improvement, transportation, medical and dental expenses, debt consolidation, vacations, taxes and much more.
| Pros | Cons |
|---|---|
Option to add a co-borrower Flexible repayment terms and borrowing limits Can easily become a First Tech member by joining partner organization online | May require membership fee to partner organization to join First Tech Must be member to receive loan Unclear personal loan credit requirements |
While First Technology Federal Credit Union doesn’t state its exact credit score requirements, they advertise that they offer loans to borrowers with a variety of credit backgrounds. On top of that, if you don’t have a great credit score, you can apply for a joint personal loan. While First Tech has fairly narrow criteria for most of its membership categories, the credit union does open eligibility to anyone who joins the Computer History Museum or Financial Fitness Association.
If you’re looking to join First Tech, you’ll need to meet one of the following requirements:
| Pros | Cons |
|---|---|
Wide range of loan amounts Offers debt protection plan in case of death, disability or unemployment Same-day funding | No physical branches Unclear credit requirements for personal loans No option for cosigner or co-borrower |
Alliant Credit Union can provide same-day funding the very day you apply for a personal loan. With other lenders, it can take several days before your money is deposited. Another notable feature is the credit union’s optional debt protection plan, which helps cover your loan in the event of death, disability or involuntary unemployment. Unfortunately, if your credit isn’t so hot, Alliant doesn’t provide the option to bring in a cosigner or co-borrower to up your chances for loan approval. And while Alliant provides clear criteria regarding membership, it’s much more vague around its credit requirements for personal loans.
Alliant allows anyone to join the credit union if they become a member of Foster Care to Success, a nonprofit that aids teens in foster care who are close to aging out of the system. You can also join if you meet these requirements:
Getting approved for a personal loan at a credit union can be challenging since you’ll need to meet criteria to both become a member of the financial institution and get a loan. If you don’t qualify with a credit union, consider applying for a personal loan with a bank or online lender.
Generally, you’ll want a credit score of at least 640 to qualify for a loan, but the credit score requirement will vary by lender. You can check your credit score for free through LendingTree’s platform.
Credit union loans work like personal loans from a bank or online lender. The biggest difference is that you likely will have to become a member of the credit union first. You can check if you prequalify for a loan, then if you prefer its rates and fees, you can proceed with the loan process.
