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Lafayette Federal Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 4 Sep 2023
Fact checked

Lafayette Federal Credit Union logo

Lafayette Federal Credit Union was founded in 1935 and is based in Rockville, Maryland. They have $1.60 billion in assets, and over 55,000 members. For personal banking, they offer financing services including deposit and checking accounts, loans and credit cards, mortgages, insurance, and payment solutions.

When you’re in a tight spot financially, it can be hard to find an alternative that will work for your situation. A personal loan, like one from Lafayette FCU, can be a practical solution because it does not involve putting any assets at risk and offers quick cash relief. Curious about your potential repayments? Use the Lafayette Federal Credit Union personal loans calculator to see your estimated 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.

An overview of Lafayette Federal Credit Union personal loans

When it comes to paying for large expenses like a costly home repair or a funeral, it can be tough to come up with all the money you’ll need to cover the bill — especially if your emergency fund can only get you so far. Read on to find out if a personal loan from Lafayette Federal Credit Union is what you need to help you settle your finances.

Here’s what you need to know about personal loan from Lafayette FCU:

  • Loan amounts: minimum $500; maximum $50,000
  • Loan terms: 84 months maximum
  • Interest rates: start at 8.99% APR
  • Discounts: 0.25% rate discount for automatic payments
  • Online application: yes

Requirements for a Lafayette Federal Credit Union personal loans

A Lafayette Federal Credit Union personal loan is only available to current members and employees. If you are not yet a member, there are different ways to join. Membership is available to anyone who:

  • Lives, works, worships, or attends school in Lafayette Federal Credit Union recognized counties
  • Is a family member of a Lafayette Federal Credit Union member
  • Is a current or former employee of Lafayette Federal Credit Union recognized establishments, businesses, or institutions

To make sure your Lafayette Federal Credit Union personal loan application will proceed smoothly, submit a copy of the documents below:

  • Loan purpose and information, including desired loan amount and loan term
  • A clear copy of your photo ID and verification of address
  • Identification information, including ID type, number, state, date of issue, and expiration
  • Contact and reference information, including name, date of birth, member number, phone number, email, and physical address
  • Financial information, including gross monthly income and monthly expenses
  • Employment details including two most recent pay stubs
  • For self-employed applicants or business owners: proof of source of income such as bank statements for the past three months or the latest tax return

 

Lafayette 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

Change
Lafayette Federal Credit Union

Lafayette Federal Credit Union personal loans

Lafayette Federal Credit Union personal loans
Estimated Month Repayments
$627 Inclusive of fees
Interest Rate
7.99%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$500
to $50,000
Go to site
Do it all right here for less at your credit union. Enjoy a lifetime of member benefits, discounts and exceptional service that only credit union membership can provide.
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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
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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 Lafayette Federal Credit Union personal loans

Pros

  • Borrow as low as $500 for personal expenses
  • Borrowing limit can be as high as $50,000
  • Low rates and flexible terms for qualified borrowers
  • 0.25% rate discount for automatic payments
  • Fast online application process

Cons

  • Final interest rates unclear
  • No information on minimum repayment term length
  • Credit score and income requirement undisclosed

Frequently asked questions

What can I use the Lafayette Federal personal loan for?

Use a Lafayette Federal personal loan for almost any purpose, whether for debt consolidation, home improvement projects, vacation expenses, and more.

How much can I borrow from Lafayette Federal?

You can borrow between $500 and $50,000.

What is the minimum and maximum repayment term for a Lafayette Federal personal loan?

Terms up to 84 months.

What is the interest rate for a Lafayette Federal personal loan?

Potential interest rates can be as low as 8.99% APR.

Does a Lafayette Federal personal loan come with a rate discount?

Yes, there is a 0.25% APR discount if you set up automatic payments.

Video: Banking Without Bankers – Lafayette Federal

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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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