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Credit Union Loans

How to Get a Credit Union Loan

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Credit union loans are among the most competitive loans available. How can you get one? You’ll need to become a member before you qualify for a credit union loan. Find out what it takes to get a credit union loan.

How Credit Unions Work

If you’ve never used a credit union, you may think they’re the same as banks. There are plenty of similarities, but credit unions are nonprofits owned by their customers. These characteristics often help credit union loan rates stay low.

Credit union loans come in a variety of flavors, but small institutions might have fewer options:

Becoming a Member

Before applying for a credit union loan, you have to become a ‘member’. As long as you meet their criteria you’re in. You’ll often qualify by sharing characteristics with other members such as where you work or where you live.

If you need to find a credit union that will accept you, try the credit union search tool.

Applying

Contact the credit union and let them know you’re interested in borrowing money. Applying for membership is usually very quick and easy. Once you’re a member, you can apply for the loan.

Like bank loans, credit union loans usually require you to prove your creditworthiness. You’ll need to prove you can repay the loan or use a co-signer.

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