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Credit Union of Richmond Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 19 Aug 2023
Fact checked

Credit Union of Richmond logo

Credit Union of Richmond, formerly known as the Richmond Postal Credit Union, was founded in 1923. It is the oldest continuously open credit union in the country. This Virginia-based financial cooperative offers personal banking products and services such as savings and checking accounts, credit cards, CDs, and IRAs, home loans, auto loans, and personal loans.

There are many reasons to get a personal loan, like an unexpected hospital bill or a necessary car repair. If you’ve decided a personal loan from Credit Union of Richmond is the right financing option, run the numbers to see if you can afford to take on debt. Let the Credit Union of Richmond personal loans calculator show you how much you should potentially pay for.

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 Credit Union of Richmond personal loans

Credit Union of Richmond offers personal loans at a competitive rate for eligible applicants. Get the money you need to purchase a car, plan a wedding, or pay for medical bills. Use it for home renovations, school tuition, or debt consolidation.

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

  • Loan terms: up to 84 months
  • Interest rates: from 7.74% to 18.00% APR

Requirements for a Credit Union of Richmond personal loan

To apply for a Credit Union of Richmond personal loan, you must first become a member. You have to meet any of the following eligibility criteria:

  • If you live in the Richmond Metropolitan area
  • If you work in the Richmond Metropolitan area
  • If you attend school in the Richmond Metropolitan area
  • If you go to church in the Richmond Metropolitan area
  • If you volunteer in the Richmond Metropolitan area

Credit Union of Richmond doesn’t have a list of what a borrower’s criteria should be. However, most lenders expect applicants to meet the following requirements:

  • You are at least 18 years old (provide a copy of your government-issued IDs such as certificate of citizenship, driver’s license, passport, or military ID)
  • You are a US resident (provide a copy of a recent utility bill, lease or rental agreement, or mortgage statement)
  • You have a good credit history – minimum of 600 is acceptable although 700 or higher is ideal.
  • You have a debt-to-income ratio of less than 40%.
  • You have a valid and active bank account.
  • You have proof of steady employment – provide a copy of paystubs, W-2s and 1099s, or an employer statement.
  • If you have a business or a self-employed individual, provide income verification such as tax returns, bank statements, annuity statements.

Credit Union of Richmond 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

Change
Credit Union of Richmond

Credit Union of Richmond personal loans

Credit Union of Richmond personal loans
Estimated Month Repayments
$624 Inclusive of fees
Interest Rate
7.74%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
1000
to $20,000
Go to site
Credit Union of Richmond, formerly Richmond Postal Credit Union is known for our amazing interest rates on vehicles. We offer a large variety of loan options, VISA credit cards and home mortgages.
Featured
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.
Featured
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.

Pros and cons of Credit Union of Richmond personal loans

Pros

  • Longer repayment terms compared to other lenders
  • Lower starting rates compared to other credit unions
  • Easy online application

Cons

  • No information on borrowing limits
  • Applications are restricted to those living or working in Richmond Metropolitan area
  • The lender doesn’t make its full eligibility criteria clear

Frequently asked questions

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

Credit Union of Richmond does not specify the loan amount you can borrow.

How long do you have to pay back a Credit Union of Richmond personal loan?

You have up to 84 months to repay your loan from Credit Union of Richmond.

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

Potential rates for a Credit Union of Richmond personal loan can range from 7.74% up to 18.00% APR.

How can I apply for a personal loan from Credit Union of Richmond?

You have to be a member of the Credit Union of Richmond to be eligible to take out a personal loan from the institution.

Where can I find online banking for the Credit Union of Richmond?

You can log in to your online account at the Credit Union of Richmond website.

Is Credit Union of Richmond Mobile Banking available?

Yes. You can use Credit Union of Richmond Mobile Banking on any phone, tablet, or handheld device that can connect to the Internet.

What number do I need to call to ask about personal loans from Credit Union of Richmond?

You can call 804.355.9684 to find out more about Credit Union of Richmond personal loans.

Video: Credit Union of Richmond – loans for all your needs

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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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