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Consumers Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 19 Aug 2023
Fact checked

Consumers Credit Union logo

Consumers Credit Union was established in 1951. Its headquarters can be found in Kalamazoo, Michigan. As of 2021, it has over 100,000 members and $1.4 billion in assets. Consumers Credit Union provides personalized services including higher interest rates on savings and lower rates on personal loans, new and used auto loans, and HELOCs.

A personal loan, like any other loans, is a commitment to pay EMIs (equated monthly installments) for the specified term of the loan, which means that it will be an added expense in your future budget, along with interest. The question now is: Can you afford to take out a loan from Consumers Credit Union? You can figure out how much you should pay through the Consumers Credit Union personal loans calculator.

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.

An overview of Consumers Credit Union personal loans

Consumers Credit Union offers secured and unsecured personal loans with competitive rates. Use the funds to handle major life expenses or to consolidate higher-interest debt. You can also use it to fix up your house, buy a new car, or pay for medical bills.

Listed below are the main features and benefits of a personal loan from Consumers Credit Union:

  • Loan amounts: Between $1,000 and $100,000
  • Loan terms: From 12 months to 120 months
  • Loan fees: No application fee, no prepayment penalty
  • Interest rates: 11.99% APR for secured loans; 9.99% APR for unsecured loans
  • Income requirement: Minimum of $6,000 annually
  • Credit score requirement: 700 minimum

Requirements for a Consumers Credit Union personal loan

To apply for a Consumers CU personal loan, you must first become a member. You are eligible to join Consumers Credit Union if you live, work, or attend post secondary school in the Lower Peninsula of Michigan.

You can apply for a personal loan either online or by phone. To apply for a loan at Consumers Credit Union, here’s what you need to know:

  • You must be 18 years or age or older
  • You must have a valid, unexpired U.S Government (Federal or State) issued ID
  • You must provide your Social Security number
  • You must provide the last two recent pay stubs

Consumers CU also requires additional documents when applying for a loan:

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

Consumers Credit Union personal loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$20,000

Term

3 months

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Consumers Credit Union

Consumers Credit Union personal loans

Consumers Credit Union personal loans
Estimated Month Repayments
$837 Inclusive of fees
Interest Rate
28.90%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$2,000
to $100,000
Go to site
Loan rates a cut above the rest
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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
Checking and savings accounts and credit cards for your everyday business expenses and cash management.
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Eastman Credit Union

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
Go to site
ECU offers extraordinary products & services that make life just a little easier.

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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

What are the minimum and maximum loan amounts from Consumers Credit Union?

You can borrow between $1,000 and $100,000 from Consumers Credit Union.

What is the maximum period to repay a Consumers Credit Union personal loan?

You have between 12 and 120 months to repay your personal loan from Consumers Credit Union.

Does Consumers Credit Union charge any fees for its personal loan products?

Consumers Credit Union personal loans don’t have application fees and prepayment penalties. However, there is a $29 late payment fee for bills not paid on time.

What is the interest rate on a personal loan from Consumers Credit Union?

Potential rates for Consumers Credit Union secured and unsecured loans start at 11.99% APR and 9.99% APR, respectively.

What credit score do I need to qualify for a Consumers Credit Union personal loan?

A credit score of at least 700 for loan applicants at Consumers Credit Union.

Video: What do I need to apply for a loan at Consumers Credit Union?

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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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