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Polish & Slavic Federal Credit Union Personal Loans Calculator & Overview

Carla Soto
Updated 10 Aug 2023
Fact checked

Polish & Slavic Federal Credit Union or PSFCU logo

Polish & Slavic Federal Credit Union or PSFCU was founded in 1967. It is the largest ethnic credit union in the US, and is headquartered in Brooklyn, New York. PSFCU has more than US$2.035 billion in assets, and has over 108,000 members. They offer a full range of products and services for personal banking, including personal loans, investment management, and financial planning.

Taking out a loan, like one from the Polish & Slavic Federal Credit Union, can be a huge financial choice. You have to understand the pros and cons of this borrowing decision. Start by getting an approximation of your monthly payments. The Polish & Slavic Federal Credit Union personal loans calculator can help you figure this out.

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.

General facts about Polish & Slavic Federal Credit Union personal loans

As with any other lender, Polish & Slavic Federal Credit Union has its own set of loan features and benefits. See if any of these listed below matches your personal expectations and payment preferences:

What you need to know about the basic features and benefits of a Polish & Slavic Federal Credit Union personal loan:

  • Loan amounts: up to $10,000
  • Loan terms: up to 60 months
  • Origination fee: $0
  • Prepayment penalty: $0
  • Interest rates: starting at 11.49% APR

Requirements for a Polish & Slavic Federal Credit Union personal loan

You must be a member of Polish & Slavic Federal Credit Union to be eligible for a personal loan. Here are the criteria you must meet to become a member of Polish & Slavic Federal Credit Union:

  • You live, work, worship, or attend school in Polish & Slavic Federal Credit Union recognized counties
  • You are a family member of a Polish & Slavic Federal Credit Union member
  • You are a current or former employee of Polish & Slavic Federal Credit Union recognized establishments, businesses, or institutions

The criteria for applicants of a personal loan from Polish & Slavic Federal Credit Union are undisclosed. However, here’s what lenders typically require:

  • Proof of identity (that you are 18 years of age or older)
  • Proof of residence (a recent utility bill or a copy of your lease or other rental agreement)
  • A copy of government-issued ID (e.g. driver’s license)
  • Have a minimum score of around 600 to qualify; if a higher credit score is required, you may need a co-signer or co-borrower
  • Have a debt-to-income ratio of 40% or lower
  • Evidence of steady source of income (recent tax returns, monthly bank statements, pay stubs)
  • Evidence of steady source of income (recent tax returns, monthly bank statements, pay stubs)

 

Polish & Slavic Federal Credit Union personal loan calculator

Loan Amount

$20,000

Term

3 months

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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 Polish & Slavic Federal Credit Union personal loans

Pros

  • No application fee
  • No prepayment penalty
  • 0.25% rate discount for automatic payments

Cons

  • No information on minimum borrowing limit and loam term
  • Low maximum loan amount
  • High base interest rate

Frequently asked questions

What are the minimum and maximum loan amounts for a Polish & Slavic Federal Credit Union personal loan?

Polish & Slavic Federal Credit Union offers personal loans of up to $10,000.

What are the repayment terms for a Polish & Slavic Federal Credit Union personal loan?

The repayment terms of a personal loan from Polish & Slavic Federal Credit Union are between 36 and 60 months.

Does Polish & Slavic Federal Credit Union charge an origination fee on their personal loans?

No, Polish & Slavic Federal Credit Union personal loans do not have an origination fee.

Does Polish & Slavic Federal Credit Union charge a prepayment penalty on their personal loans?

No, Polish & Slavic Federal Credit Union personal loans do not have a prepayment penalty.

What interest rates does Polish & Slavic Federal Credit Union personal loan offer?

Interest rates for a personal loan from Polish & Slavic Federal Credit Union start at 11.49%.


Video: Message from the PSFCU VP (Taken from the YT channel Orland Park Chamber of Commerce)

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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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