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Genisys Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 19 Aug 2023
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Genisys Credit Union was chartered in 1936 and is the 5th largest credit union in Michigan. Today, Genisys has over 200,000 members and $2.6 billion in assets. For personal banking, they offer financing services including deposit and checking accounts, loans and credit cards, mortgages, insurance, and payment solutions.

Personal loans can be a more inexpensive alternative to credit cards, allowing you to finance major expenses. So, how to know if a personal loan from Genisys Credit Union is what you need? Use the Genisys Credit Union personal loans calculator to estimate your potential 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.

Genisys Credit Union personal loans at a glance

Personal loans from Genisys Credit Union can help you deal with planned or unexpected expenses, whether for debt consolidation, weddings and vacations, or home improvement projects. The funds can also be used to take care of medical, dental, and surgical bills. Eligible borrowers can enjoy potentially low rates and longer repayment terms.

Here is a roundup of the key features and benefits of a personal loan from Genisys Credit Union:

  • Loan amounts: $50,000 maximum
  • Loan terms: 60 months maximum
  • Interest rates: start at 8.74% APR

Requirements for a Genisys Credit Union personal loan

Only current members and employees are qualified to take out a Genisys 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 to anywhere in the state of Michigan
  • If you live, work, worship, or go to school to any of Genisys Credit Union- recognized counties in Minnesota and Pennsylvania
  • If you are an immediate family member of a Genisys Credit Union member or employee

Genisys Credit Union does not have a specific list of borrower criteria. However, most lenders expect loan applicants to submit documents related to the following requirements:

  • Proof of identity: This is to determine if you’re a United States citizen or permanent resident and if you’re at least 18 years of age. You’ll typically need to present two forms of identification, such as birth certificate, driver’s license, passport, or social security card.
  • Proof of address: This is to determine if you are a permanent US citizen or resident. You can usually use one of the following: utility bill, proof of insurance on your home, lease/rental or vehicle, lease or rental agreement.
  • Proof of capacity to pay: Lenders need to be confident that you will repay the loan. If you are traditionally employed, submit a copy of your pay stubs, W-2s and 1099s, employer statement. If you are a business owner or a self-employed applicant, submit a copy of your tax returns, bank statements, or annuity statements.
  • Good credit score and DTI ratio: Lenders require applicants to meet a certain credit score threshold (beyond 700) and a debt-to-income ratio lower than 40% for approval. However, these requirements aren’t set in stone.

Genisys 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

Change
Genisys Credit Union

Genisys Credit Union personal loans (Special)

Genisys Credit Union personal loans (Special)
Estimated Month Repayments
$608 Inclusive of fees
Interest Rate
5.99%
APR
Repayment Period
12 months
to 48 months
Loan Amounts
$5,000
to $30,000
Go to site
Financial Wellness is part of a well-balanced life. Take your next step on the path to Financial Wellness with the tools found in our Resource Center.
Genisys Credit Union

Genisys Credit Union personal loans (Special)

Genisys Credit Union personal loans (Special)
Estimated Month Repayments
$620 Inclusive of fees
Interest Rate
7.24%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$5,000
to $30,000
Go to site
Financial Wellness is part of a well-balanced life. Take your next step on the path to Financial Wellness with the tools found in our Resource Center.
Genisys Credit Union

Genisys Credit Union personal loans

Genisys Credit Union personal loans
Estimated Month Repayments
$631 Inclusive of fees
Interest Rate
8.49%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$1,000
to $50,000
Go to site
Financial Wellness is part of a well-balanced life. Take your next step on the path to Financial Wellness with the tools found in our Resource Center.
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.
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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
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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 Genisys Credit Union personal loans

Pros

  • Higher borrowing limits than most banks
  • Starting APR is lower than many other credit unions
  • Online application available

Cons

  • No information on minimum loan amount
  • Only members can apply
  • Credit score and income requirement undisclosed

Frequently asked questions

What are the available loan amounts for borrowers at Genisys Credit Union?

Eligible borrowers can receive up to $50,000.

What is the estimated APR of a Genisys Credit Union personal loan?

Potential personal loan rates start at 8.74%.

Can a personal loan from Genisys Credit Union hurt my credit score?

When you apply for a personal loan, a hard check of your credit will be done. You will likely see a short-term drop in your credit score.

What factors will be considered for my loan application at Genisys Credit Union?

Decisions regarding your loan application will depend upon credit qualifications, age of collateral, and AutoPay preference.

How soon can I receive news about the status of my loan application at Genisys Credit Union?

As soon as you have submitted all the required documents, you can get an update on your loan application in as early as one business day.

Video: Personal loans with Genisys

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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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