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Service Credit Union may approve your loan within 24 hours of receiving your application, but its starting APR is higher than comparable credit unions. Thebest personal loanfor you depends on your credit score, which will determine what you qualify for and can lower your rate.
Service Credit Union Personal Loans Overview
Service Credit Union's personal loans are unsecured loans, which means they don't require any collateral, like a house or car, to get.
Service allows you to take out a loan for a multitude of reasons, including, but not limited to, vacation and travel, medical bills, debt consolidation, and auto repairs. Check with the credit union to see if your desired loan's purpose qualifies.
You need to input personal information, including your Social Security number, income, and date of birth to apply for a personal loan with Service. Before becoming a member, you may apply for a loan, but you have to open an account before you can accept your loan and receive your funds.
The approval process takes about 24 hours, and after your loan application is accepted, you may 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, seven days a week. Service also has well-reviewed apps on the Apple and Google Play stores if you want to manage your loan on the go.
Service Credit Union Personal Loan Amounts and Interest Rates
You can take out a personal loan valued between $1,000 and $50,000 with Service Credit Union. The APR range on those loans starts at 9.74% (including reduction), which is a higher minimum than other comparable lenders. A .75% rate reduction is included in these advertised rates, but it's only available if you have a checking account with Service.
Service Credit Union Personal Loan Credit Score Requirements
There's no minimum credit score required for a personal loan from Service Credit Union, according to a Service customer service representative. That said, you'll likely qualify for a better rate with a higher credit score.
To get your credit report from one of the three major credit bureaus, use annualcreditreport.com. You can get your report for free once per week through April 20, 2022. While you won't receive your credit score on this report, you'll get information about your credit and payment history. While reviewing your credit report, you can spot errors and figure out where you can improve.
You can obtain your score at no cost on your credit card statement or online account. You can also purchase it from a credit reporting agency.
When you apply for a Service personal loan, the credit union will perform a hard credit inquiry. A hard inquiry gives a lender a complete view of your credit history, but might 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 show up on your credit report. Consistent payments can help improve your credit score, while late or missing payments may lower your score.
Compare Personal Loan Rates
Service Credit Union Personal Loans Pros and Cons
Service Credit Union Personal Loan Pros
- Wide range of loan amounts. You can borrow between $1,000 and $50,000 with Service, making it a perfect option whether you need a bit of cash to tide you over or more money for a bigger expense.
- No prepayment penalties. You might have to pay this fee with other lenders.
- Fast approval process and funding. The approval process generally takes about a day and you can get your funds the same day your loan is accepted.
- The credit union has a top-notch Better Business Bureau trustworthiness rating. The BBB rates the credit union an A+ in trustworthiness, and Service has no recent controversies.
Service Credit Union Personal Loan Cons
- High minimum APR. Service's lowest APR is higher than similar credit unions, and its lowest rate is only available for borrowers with excellent credit who also have a checking account with the credit union. The checking account qualifies the borrower for a .75% rate discount, which is included in the advertised rates.
- Need to be a member to get loan.While this is slightly annoying, joining is pretty easy. If you've served in the military or Department of Defense or work at qualifying associations or organizations, you'll qualify. If that doesn't apply to you, you can join the American Consumer Council for free with a promo code.
Are Service Credit Union Personal Loans Trustworthy?
Service Credit Union has received an A+ rating from the Better Business Bureau. The BBB determines ratings by looking at a business' response to customer complaints, honesty in advertising, and transparency about company practices.
The credit union has no history of recent scandals or controversies. Between Service's great BBB rating and clean history, you might feel comfortable borrowing from the lender.
Service Credit Union and Navy Federal have the same starting APR, but Service's rate assumes you have a checking account and qualify for the .75% rate discount. You can get a smaller loan with Navy Federal than with Alliant or Service.
It's harder to qualify for membership with Navy Federal than with Service or Alliant, as you're only eligible if you are active military member or a veteran, as well as an employee or retiree of the Department of Defense. Family members of those groups also qualify.
You can join Service if you've served in the military or Department of Defense or work at qualifying associations or organizations. You can also qualify by joining the American Consumer Council for free with a promo code. The easiest way to become a member of Alliant is to join Foster Care to Success, and Alliant will cover your $5 joining fee.
Service Credit Union Personal Loan Frequently Asked Questions
Are Service Credit Union personal loans legitimate?
Yes, Service Credit Union is a legitimate financial institution insured by the National Credit Union Administration. Service also offers checking accounts, home loans, and credit cards, among its various financial products.
Is it hard to get a personal loan from Service Credit Union?
It isn't hard to get a personal loan from a credit union. While you'll likely need to have a solid credit score and the rest of your finances in good shape, loans from a credit union are as accessible as loans from banks or other online lenders. Your choice may boil down to which type of financial institution you feel most comfortable with.
Is Service Credit Union a good place to get a personal loan?
Borrowing from a credit union is a great option to get your personal loan. Credit unions often have excellent customer service and have their rates capped at 18% by the NCUA. You will likely have 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 with Service Credit Union?
The maximum you can borrow from a credit union depends on where you're looking to get a loan. With Service, you can get a loan up to $50,000, provided your finances are in good shape. Many other credit unions on our best credit unions for personal loans list also allow you to borrow up to $50,000.
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
Compliance Associate
Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, whichensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.
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