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Founders Federal Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 19 Aug 2023
Fact checked

Founders Federal Credit Union logo

Founders Federal Credit Union was established in 1961 and is headquartered in Lancaster. It is the largest credit union in South Carolina and is also the 103rd largest credit union in the nation. Founders Federal Credit Union has an A+ health rating and offers financial services such as savings, checking, CDs, loan products, mortgage, and refinancing.

The best personal loan for you will depend on your personal finances, as well as the amount and purpose of the loan. Deciding on the right lender will often depend on what you need. Want to make sure that a Founders Federal Credit Union personal loan is the most practical solution for you? View potential repayments through the Founders 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.

Personal loans from Founders Federal Credit Union in a nutshell

Personal loans from Founders Federal Credit Union are available for members only. The funds can be used for debt consolidation, holiday shopping, medical expenses, or unexpected costs. Qualified borrowers can receive higher loan amounts and lower rates.

Read on to find out about the key features and benefits of a personal loan from Founders FCU:

  • Loan amounts: from $1,000 to $100,000
  • Loan terms: between 1 year and 7 years
  • Repayment frequency: monthly, semi-monthly, weekly, bi-weekly
  • Interest rates: start at 9.90% APR

Requirements for a Founders Federal Credit Union personal loan

Only current members and employees are qualified to take out a Founders Federal Credit Union personal loan. Join now so you can enjoy all the available membership benefits and privileges. You only need to meet any of the following requirements:

  • If you live, work, worship, or go to school in any Founders Federal Credit Union-recognized counties
  • If you are an immediate family member of a Founders Federal Credit Union member or employee
  • If you are a member or volunteer for any Founders Federal Credit Union-recognized business or organization

There is no available information on borrower criteria for a Founders 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.

 

Founders Federal 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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Founders Federal Credit Union

Founders Federal Credit Union personal loans

Founders Federal Credit Union personal loans
Estimated Month Repayments
$635 Inclusive of fees
Interest Rate
8.90%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$1,000
to $100,000
Go to site
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Estimated Month Repayments
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Interest Rate
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APR
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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 Founders Federal Credit Union personal loans

Pros

  • Wide range loan amounts to accommodate borrowers with different needs
  • Funds can be used for a variety of purposes including debt consolidation, credit building, and home projects
  • Flexible repayment terms and frequency
  • Skip-a-Payment option
  • Payment protection plan available

Cons

  • Non-members cannot apply
  • The lender doesn’t make its full eligibility criteria clear
  • No information on credit score requirements
  • No information on loan fees
  • Funding time undisclosed

Frequently asked questions

What are Founders FCU’s minimum and maximum loan amounts for its personal loan products?

You can borrow between $1,000 and $100,000.

What are the repayment terms for a Founders FCU personal loan?

Personal loan terms between 1 year and 7 years.

How much interest can I expect from a Founders FCU personal loan?

Potential rates for personal loans start at 9.90%.

Can I apply for a Founders FCU personal loan if I have a low credit score?

Approval for a Founders FCU personal loan is based on your credit standing and proof of a stable income. If you have a low credit score, work to improve it so you can get the best deal that will help you achieve your financial goals.

Does Founders FCU provide a debt protection plan?

Yes. Founders FCU provides a debt protection program to protect yourself from the financial consequences of losing your ability to pay, due to events such as health emergencies or death.

Video: Loans for all reasons with Founders Federal 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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