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Lake Trust Credit Union Personal Loans Calculator & Overview

Carla Soto
Updated 10 Aug 2023
Fact checked

Lake Trust Credit Union logo

Lake Trust Credit Union was chartered in 1944 and is based in Brighton, Michigan. They have $1.6 billion in assets, and have more than 167,000 members. They provide a full range of financial services like free checking accounts, VISA credit cards, competitive loan rates, mobile banking, and high-yielding CDs.

Personal loans can come in many shapes and sizes, but some lenders may restrict their use. If you’re thinking about applying for a Lake Trust Credit Union personal loan be sure that your repayments are on time each month and throughout the life of the loan. See your potential repayments with the Lake Trust 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.

An overview of Lake Trust Credit Union personal loans

Personal loans from Lake Trust Credit Union are one way to solve your financial problems. They come in many different forms, but the most popular use for them is debt consolidation and large purchases like homes or cars. If you need more information on how a Lake Trust CU personal loan works, check out this article.

These are the key features and benefits of a Lake Trust Credit Union personal loan:

  • Loan amounts: $500 minimum
  • Loan terms: 120 month or single payment term
  • Loan fees: $0 application fee
  • Loan option: without collateral (unsecured)
  • Repayment frequency: monthly or single payment term
  • Interest rates: from 9.00% to 21.60% APR

Requirements for a Lake Trust Credit Union personal loans

You must be a member of Lake Trust Credit Union to be eligible for a personal loan. Here are the criteria you must meet to become a member:

  • You live, work, worship, or attend school in Lake Trust Credit Union recognized counties.
  • You are a family member of a Lake Trust Credit Union member.
  • You are a current or former employee of Lake Trust Credit Union recognized establishments, businesses, or institutions.

Lake Trust CU does not have a list of eligibility requirements for potential loan applicants. However, here’s the general expectation among most lenders:

  • You are 18 years of age or older. Provide at least two forms of government-issued identification such as passport or drivers license.
  • 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.

 

Lake Trust Credit Union personal loan calculator

Loan Amount

$20,000

Term

3 months

Lake Trust Credit Union

Lake Trust Credit Union personal loans

Estimated Month Repayments
Interest Rate
5.25%
APR
Repayment Period
12 months
to 120 months
Loan Amounts
$500
to $20,000
It's time to start putting those big plans into motion. We're here to lend you a hand, whether you're fixing up your home, planning a large event, or need funding for another purchase.

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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 Lake Trust Credit Union personal loans

Pros

  • No application fee.
  • Borrow as low as $500.
  • Up to 120 monthly payments.

Cons

  • No information on maximum loan amount.
  • There is no clear list of borrower criteria.
  • Credit score and income requirement undisclosed.

Frequently asked questions

Do I need collateral to secure a personal loan from Lake Trust Credit Union?

No, you don’t need collateral to apply for a Lake Trust Credit Union personal loan.

How much does Lake Trust Credit Union offer for its personal loans?

Qualified applicants can borrow as low as $500.

What are my options for repaying the full loan amount from Lake Trust Credit Union?

Up to 120 monthly payments or single payment terms

What are the potential rates for a personal loan from Lake Trust Credit Union?

Interest rates start from 9.00% and go up to 21.60%.

What are the factors that will affect my application for a personal loan from Lake Trust Credit Union?

Lake Trust Credit Union will look into your credit history, job security, amount borrowed, and loan term. These are the factors that can influence the decision regarding your loan application.

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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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