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PeoplesChoice Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 10 Aug 2023
Fact checked

PeoplesChoice Credit Union logo

PeoplesChoice Credit Union is a state-chartered credit union founded in Saco, Maine. PeoplesChoice holds $300 million in assets and has approximately 20,000 members. Their personal banking products and services are as follows: credit cards, CDs, and IRAs, home loans, auto loans, and personal loans.

A personal loan, like one from PeoplesChoice may be an attractive option if you need money quickly without putting up collateral. But before you dive in headlong, you should know how much you’ll have to pay each month. The PeoplesChoice Credit Union personal loans calculator can be a helpful tool in determining this.

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.

PeoplesChoice Credit Union personal loans at a glance

It is important to know about the features and benefits of a personal loan from PeoplesChoice Credit Union. Read on to find out if any of the items below correspond to what you’re looking for in a personal loan:

  • Loan amount: undisclosed (will be based on applicant’s creditworthiness and income requirements)
  • Loan term: 60 months maximum
  • Loan fees: $0
  • Interest rates: from 8.00% to 18.00% APR

Requirements for a PeoplesChoice Credit Union personal loan

A PeoplesChoice 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 PeoplesChoice Credit Union recognized counties
  • Is a family member of a PeoplesChoice Credit Union member
  • Is a current or former employee of PeoplesChoice Credit Union recognized establishments, businesses, or institutions

PeoplesChoice 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 your living situation: 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 DTI ratio for approval (lower than 40%). However, these requirements aren’t set in stone.

 

PeoplesChoice 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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PeoplesChoice Credit Union

PeoplesChoice Credit Union personal loans

PeoplesChoice Credit Union personal loans
Estimated Month Repayments
$608 Inclusive of fees
Interest Rate
5.99%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$1,000
to $20,000
Go to site
Perhaps you want to make a large purchase, finalize a home improvement project or need assistance with a short-term financial hurdle. Whatever the reason, PeoplesChoice offers affordable personal loan products to fit every budget.
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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
29.90%
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 PeoplesChoice Credit Union personal loans

Pros

  • No application fee
  • No prepayment penalty
  • Can apply online

Cons

  • No clear information about loan amount and loan term
  • More competitive rates compared with those from other lenders
  • Immediate funding

Frequently asked questions

Why a personal loan from PeoplesChoice Credit Union?

A personal loan from PeoplesChoice Credit Union can be used for almost anything including the following: debt consolidation, home improvements, educational funding, and paying off higher interest loans.

How much does PeoplesChoice Credit Union offer for its personal loans?

PeoplesChoice Credit Union did not specify the minimum and maximum amount that applicants can borrow from them.

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

The loan from PeoplesChoice Credit Union can be repaid for a period of up to 5 years.

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

Potential rates for a PeoplesChoice Credit Union personal loan can start from 8.00% up to 18.00%.

What number do I need to call to ask about personal loans from PeoplesChoice Credit Union?

You can call 207.282.4156 to find out more about PeoplesChoice Credit Union personal loans.

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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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