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DFCU Financial Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 19 Aug 2023
Fact checked

DFCU Financial logo

DFCU Financial is a state-chartered credit union established in 1950 and its headquarters are in Dearborn, Michigan. It has more than 200,000 members and $6 billion in assets. DFCU Financial offers a broad range of financial products such as loans, insurance, credit cards, Certificate of Deposit (CDs), and individual retirement accounts (IRAs).

A personal loan can help you get over a financial hump, cover an unexpected expense, pay down debt faster, or make a big-ticket purchase. Although the application process is relatively simple, you should know what to expect beforehand to avoid any surprises. So before you decide that a DFCU Financial personal loan is what you need, let the DFCU Financial personal loans calculator reveal how much your EMIs (equated monthly installments) will be.

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 DFCU Financial personal loans

With a DFCU Financial personal loan, you can receive the funds you need to accomplish almost any of your financial goals. Use the money for car repairs, home renovations, credit card payments, or debt consolidation. Qualified borrowers are eligible for higher loan amounts and competitive rates.

Here’s a breakdown of the key features and benefits of a DFCU personal loan:

  • Loan amounts: From $1,000 to $10,000
  • Loan terms: Up to 60 months
  • Loan fees: $0 application fee; $0 prepayment penalty
  • Repayment frequency: Fixed monthly payments
  • Interest rates: Starts at 15.24% APR

Requirements for a DFCU Financial personal loan

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

  • If you live in Michigan’s Lower Peninsula
  • If you work in Michigan’s Lower Peninsula
  • If you attend school in Michigan’s Lower Peninsula
  • If you go to church in Michigan’s Lower Peninsula
  • If you volunteer in Michigan’s Lower Peninsula

The criteria for getting a personal loan from DFCU Financial are not listed online. However, most lenders expect applicants to meet the following requirements:

  • You are 18 years of age or older. Provide at least two forms of government-issued identification such as passport or certificate of citizenship.
  • You are a US citizen or resident. Provide a copy of a voter registration card or auto insurance that lists your address.
  • You have consistent and steady monthly income. Common forms of income verification include pay stubs, 1099 forms, or income tax returns.
  • You have a good credit standing. Aim to maintain a minimum credit score of 600. Ideally, a credit score of 700 can result in lower APRs, higher loan amounts, or a more reasonable repayment term.
  • You have a good debt-to-income ratio. Most lenders expect applicants to have a DTI ratio of 40% or lower.

 

DFCU Financial personal loan calculator

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

$10,000

Term

3 months

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DFCU Financial

DFCU Financial personal loans

DFCU Financial personal loans
Estimated Month Repayments
$348 Inclusive of fees
Interest Rate
15.24%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$1,000
to $10,000
Go to site
For life's expected and unexpected expenses.
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Wells Fargo

Wells Fargo personal loans

Estimated Month Repayments
$303 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
$424 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 DFCU Financial personal loans

Pros

  • No collateral
  • No application fee
  • No prepayment penalty
  • Quick loan approval process
  • Cashback rewards available

Cons

  • Low borrowing limits compared to those from other lenders
  • $20 charge for late payments beyond 15 days
  • Final rates can change at any time prior to loan closing

Frequently asked questions

What can I use the DFCU Financial loan for?

DFCU Financial personal loans can be used for almost any worthwhile purpose. It can fund major purchases, emergency expenses, or any financial goals. Use it for your dream honeymoon, college tuition, or home renovation.

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

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

What is the least and most I can borrow with a personal loan from DFCU Financial?

DFCU Financial offers personal loans between $1,000 and $10,000.

Will the loan proceeds be subject to application or origination fees?

DFCU Financial personal loans have no application or origination fees.

If I return the money early, will I be charged?

DFCU Financial personal loans don’t have prepayment penalties.

What are the possible rates for a DFCU Financial personal loan?

DFCU Financial personal loans can have an APR that starts at 15.24%.

How frequently should I make loan repayments?

DFCU Financial personal loans have to be repaid on a monthly basis.

Video: DFCU Financial – your loans work for you

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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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