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Commonwealth Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 19 Aug 2023
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Commonwealth Credit Union logo

Commonwealth Credit Union was established in 1951 with just $2,700 in assets and 122 members. Today, this state-chartered credit union is the second-largest credit union in Kentucky, with more than $1.27 billion in assets and over 100,000 members. CCUKY offers a full range of financial services like free checking accounts, VISA credit cards, competitive loan rates, and mobile banking.

With its slogan We CU Differently®, CCUKY strives to meet the financial needs of its members from across Kentucky and beyond. So if you’re thinking, ‘How can I get a personal loan from Commonwealth Credit Union?’, start by using the Commonwealth Credit Union personal loans calculator. It can reveal your potential loan repayments which you can adjust based on your desired loan amount or capacity to pay.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

A quick guide to Commonwealth Credit Union personal loans

Commonwealth Credit Union offers unsecured personal loans with reasonable monthly payments and lower rates than what many other lenders offer. It can be used for home renovations, auto repairs, and even getaways. You can use the funds for debt consolidation or to attend to unforeseen costs in life.

Here’s a breakdown of the key features and benefits of a Commonwealth Credit Union personal loan:

  • Loan amounts: $250 to $50,000
  • Loan terms: up to 84 months
  • Loan flexibility: easy online application and quick approval process
  • Interest rates: APR from 7.99% to 10.40%
  • No collateral required

Requirements for a Commonwealth Credit Union personal loan

Personal loans are only available to Commonwealth Credit Union members. If you want to join, make sure you meet any of the following requirements:

  • Live, work, attend school, or worship in 25 counties throughout Central Kentucky and the Louisville Metro Area
  • An immediate family member of a CWCU current member

Commonwealth Credit Union does not specify their requirements. However, most lenders expect applicants to meet the following criteria and provide documents for the following:

  • Proof of identity (that you are 18 years of age or older)
  • Proof of residence (a recent utility bill or a copy of your lease or other rental agreement)
  • A copy of government-issued ID (e.g. driver’s license)
  • Have a minimum score of around 600 to qualify; if a higher credit score is required, you may need a co-signer or co-borrower
  • Have a debt-to-income ratio of 40% or lower
  • Evidence of steady source of income (recent tax returns, monthly bank statements, pay stubs)
  • If self-employed: provide tax returns or bank deposits

Commonwealth Credit Union personal loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
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Loan Amount

$20,000

Term

3 months

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Commonwealth Credit Union

Commonwealth Credit Union personal loans

Commonwealth Credit Union personal loans
Estimated Month Repayments
$617 Inclusive of fees
Interest Rate
6.90%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$3,000
to $20,000
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Wells Fargo

Wells Fargo personal loans

Estimated Month Repayments
$606 Inclusive of fees
Interest Rate
5.74%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$3,000
to $10,000
Go to site
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Eastman Credit Union personal loans (Shared Secured Personal Loan)

Estimated Month Repayments
$848 Inclusive of fees
Interest Rate
29.90%
APR
Repayment Period
12 months
to 12 months
Loan Amounts
$1,000
to $20,000
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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

FREQUENTLY ASKED QUESTIONS

How much can I borrow from a CCU personal loan?

CCU offers personal loans between $250 and $50,000.

How long do I have to repay the full loan amount at CCU?

CCU offers personal loan terms for up to 84 months.

Does Commonwealth Credit Union provide rate discounts for automatic payments?

There is no information on APR discounts for automatic payments for CCU personal loans.

Do I have to go to the nearest branch to submit my application?

No, you don’t have to. CCU offers an easy online application process to ensure qualified borrowers receive funding as early as possible.

Can I apply for a CCU personal loan if I have a low credit score?

It is best to improve your credit score before applying for a Commonwealth Credit Union personal loan. This will improve your chances of getting approved.

Video: Commonwealth Credit Union – member assistance loan program

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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