Important disclosure

Credit Union 1 Illinois Personal Loans Overview

Carla Soto
Updated 19 Aug 2023
Fact checked

Credit Union 1 Illinois logo

Credit Union 1 Illinois, formerly known as Chanute Military Credit Union, was founded in 1958. Today, it serves almost 100,000 members and has $1.035 billion in assets. This Illinois-based credit union offers a full range of products and services for personal banking, including loans, savings and checking accounts, investment management, and financial planning.

If you’ve determined why you need the money and that getting a loan is in your best financial interest, you’ll need to think about how much you can realistically afford (and pay back). So before you finalize your application for a Credit Union 1 Illinois personal loan, let the CU1 personal loans calculator provide you an estimate of your monthly repayments.

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.

Credit Union 1 Illinois personal loans at a glance

Credit Union 1 Illinois (CU1) personal loans are also called signature loans. They can be used to consolidate debt, pay for back-to-school expenses, take a vacation, fix your car, cover unforeseen bills, and much more. With a fixed rate and loan term, repayments can be easy on your budget.

What you need to know about the features and benefits of a Credit Union 1 Illinois personal loan:

  • Loan amounts: minimum of $1,000; maximum of $48,000
  • Loan terms: 12, 24, 36, 48, or 60 months
  • Loan fees: $49 processing fee
  • Interest rates: from 8.74% to 11.704% APR

Requirements for a Credit Union 1 Illinois personal loan

A CU1 personal loan is exclusively for members. As you complete a Credit Union 1 Illinois online application, the system will determine your eligibility to become a member. If you are not eligible to join CU1, all you have to do is make a $5 donation for the Credit Union 1 Educational Development Association (CU1EDA).

There is no available information on borrower criteria for a CU1 personal loan. Typically, most lenders have a general expectation among potential loan applicants. These are the following:

  • Proof of identity: Submit a copy of government-issued IDs such as driver’s license, passport, or birth certificate to prove that you are at least 18 years old and with a permanent US address.
  • Capacity to pay: For employed individuals, submit pay stubs or employer contact information; for self-employed individuals, submit bank statements or tax returns.
  • High credit score: The minimum is at least 600; ideally, a score of 700 is better.
  • Low DTI ratio: It should be lower than 40% although some lenders will approve those with a debt-to-income ratio of up to 50%.

Credit Union 1 Illinois personal loan calculator

Loan Amount

$20,000

Term

3 months

Credit Union 1 (Illinois)

Credit Union 1 (Illinois) personal loans (Up to 36 months)

Estimated Month Repayments
Interest Rate
5.99%
APR
Repayment Period
1 month
to 36 months
Loan Amounts
$500
to $48,000
Better banking for all of us.
Credit Union 1 (Illinois)

Credit Union 1 (Illinois) personal loans (Up to 48 months)

Estimated Month Repayments
Interest Rate
6.24%
APR
Repayment Period
36 month
to 48 months
Loan Amounts
$500
to $48,000
Better banking for all of us.

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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.

Pros and Cons of Credit Union 1 Illinois personal loans

Pros

  • Lower rates compared to credit cards and other credit union
  • Flexible repayment terms
  • Easy online application
  • No collateral required

Cons

  • The maximum borrowing limit is lower than those from other lenders
  • No information on credit score requirement
  • No information on rate discounts for automatic payments
  • No information on debt protection plans

Frequently asked questions

What can I use the Credit Union 1 personal loan for?

You can use the funds from a Credit Union 1 personal loan in almost any way you want. Use the money for debt consolidation, living expenses, or large purchases. It can be used for home renovations, car repairs, medical bills, school tuition, or taxes/legal fees.

What are the repayment terms for a Credit Union 1 personal loan?

You have between 12 and 60 months to repay your personal loan from Credit Union 1.

What is the interest rate for a Credit Union 1 personal loan?

Potential rates for a Credit Union 1 Illinois personal loan can range between 8.74% and 11.70%.

Will I have to pay application or origination fees?

You have to pay a one-time $49 processing fee when you apply for a Credit Union 1 Illinois personal loan.

Where can I find the online banking for Credit Union 1?

You can log in to your online account at the Credit Union 1 Illinois website.

Is Credit Union 1 Illinois Mobile Banking available?

Yes. You can access CU1 Mobile Banking from any Internet-enabled phone, tablet, or handheld device.

What number do I need to call to ask about personal loans from Credit Union 1 Illinois?

You can call 800.710.7359 to find out more about Credit Union 1 personal loans.


Video: Personal loan with Credit Union 1 Illinois

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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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