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ESL Federal Credit Union Personal Loans Calculator & Overview

Updated 19 Aug 2023

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ESL Federal Credit Union was chartered in 1920 as the Eastman Savings and Loan Association. This full-service financial institution is based in Rochester, New York. Currently, ESL belongs to the top 1% of national credit unions ranked by assets. They offer an array of products for consumers, including checking accounts, savings accounts, share certificates, loans, credit cards, and business banking services.

Are you contemplating taking a personal loan from ESL Federal Credit Union? A personal loan should only be taken after a thorough assessment of your requirements and already existing loan/repayment commitments. Check how much you’ll be paying, monthly and overall, by using the ESL Federal 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.

General facts about ESL personal loans

ESL Federal Credit Union personal loans can be the right solution for your needs. You can choose from a range of flexible terms, and you can even get loan insurance as added protection. Qualified borrowers receive competitive rates to lower their cost of borrowing.

Here are the key features and benefits of a ESL personal loan:

Loan amounts: $200 to $100,000
Loan terms: 48 to 120 months
Loan fees: $0 prepayment penalty; late fees of 10% of the overdue payment of interest and principal
Interest rates: from 7.95% APR

Requirements for an ESL Federal Credit Union personal loan

Members and employees of ESL Federal Credit Union are the only ones who can apply for a personal loan. If you are not yet a member, you can join if you live in ESL-recognized New York State counties AND meet any of the following requirements:

Live, work, worship, or attend school in the geographic boundaries of the City of Rochester
Have a family member or member of your household who is already an ESL member
Are an employee or retiree of one of these great companies.
Are a member of one of these groups and associations.
Are a member, employee, retiree, or volunteer at ESL-recognized companies, groups, and associations

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

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.

ESL Federal Credit Union personal loan calculator

Loan amount

Term

Provider

Product Information

EST Monthly
Repayment

Interest
Rate

Repayment
Period

Loan
Amounts

Sort loans by

Loan Amount

$20,000

Term

3 months

Change

ESL Federal Credit Union personal loans

Estimated Month Repayments

$626 Inclusive of fees

Interest Rate

7.95%
APR

Repayment Period

12 months
to 48 months

Loan Amounts

$1,000
to $20,000

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Home improvements, the chance to get a lower interest rate by consolidating your debts… there are a lot of ways a personal loan can help you manage your finances.

Featured

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

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Checking and savings accounts and credit cards for your everyday business expenses and cash management.

Featured

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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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 ESL Federal Credit Union personal loans

Pros

A wide range of loan amount
Longer repayment terms
No prepayment penalty
Starting APRs lower than those from other credit unions
Easy online application

Cons

Available to members only
Charges a 10% late payment fee
Credit score requirement undisclosed

Frequently asked questions

What can I use the ESL Federal Credit Union personal loan for?

ESL Federal Credit Union personal loans can be used for almost any legally available reason. The funds can help you accomplish life goals and take care of your family’s finances. Use it to pay for home, school, business, or leisure expenses.

How much am I allowed to borrow from ESL Federal Credit Union?

You can borrow between $200 and $100,000 from ESL Federal Credit Union.

What are my repayment options for an ESL Federal Credit Union personal loan?

ESL Federal Credit Union personal loans can be repaid over a period of 48 to 120 months.

What are the loan fees associated with an ESL personal loan?

ESL Federal Credit Union personal loans have no prepayment penalties. However, a 10% late payment fee on the overdue payment of interest and principal.

What are the interest rates for an ESL Federal Credit Union personal loan?

Potential rates for an ESL Federal Credit Union personal loan can start at 7.95% APR.