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Redstone Federal Credit Union Personal Loans Calculator & Overview

Carla Soto
Updated 10 Aug 2023
Fact checked

Redstone Federal Credit Union logo

Redstone Federal Credit Union or RFCU was chartered in 1951 and is headquartered in Huntsville, Alabama. RFCU has members of approximately 600,000, and has assets of over $7.5 billion. They offer a full line of banking services, including loan and deposit services, payment solutions, investment management, and financial planning.

If you want to take out a loan, shop around and read the fine print before signing the dotted line. Does a Redstone Federal Credit Union personal loan appeal to you? Figure out how much you can afford to return monthly and how long it would take for you to repay the entire amount. Let the Redstone Federal Credit Union personal loans calculator reveal your EMIs (equated monthly installments).

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.

A quick guide to personal loans from Redstone Federal Credit Union

A personal loan, like one from Redstone Federal Credit Union, typically has lower rates than credit cards. Look at the features and benefits so you can figure out if they fit your personal expectations and payment preferences:

Listed below are the main features and benefits of a Redstone Federal Credit Union personal loan:

  • Loan amounts: maximum $50,000
  • Loan terms: up to 72 months
  • Origination fee: $0
  • Prepayment penalty: $0
  • Interest rates: starting at 9.79% APR
  • Loan options: without collateral

Requirements for a Redstone Federal Credit Union personal loan

Redstone Federal Credit Union personal loans are available for members. If you want to join, there are many ways to qualify for membership:

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

 
Redstone Federal 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 (driver’s license, social security number, other state-issued IDs)
  • Proof of address (utility bill, property tax receipt, home insurance copy, mortgage statement, lease or rental agreement)
  • Employment and/or income verification (paystubs, tax returns, bank statements)
  • Minimum credit score of 600 while other lenders require a score of 700 and beyond
  • Minimum debt-to-income ratio of 36% while other lenders approve those with a ratio of 50% or higher

 

Redstone Federal Credit Union personal loan calculator

Loan Amount

$20,000

Term

3 months

Redstone Federal Credit Union

Redstone Federal Credit Union personal loans

Estimated Month Repayments
Interest Rate
3.88%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$10,000
to $150,000
With a personal loan from Redstone, you'll have the freedom and flexibility you need to set your plans in motion.

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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 Redstone Federal Credit Union personal loans

Pros

  • No origination fee
  • No prepayment penalty
  • High borrowing limit for qualified borrowers
  • Easy online application
  • Collateral not required

 

Cons

  • Must be a member to obtain a loan
  • Credit/income requirements not listed
  • No information about minimum loan amount

Frequently asked questions

How much does Redstone Federal Credit Union offer for its personal loans?

Qualified borrowers of a Redstone Federal Credit Union personal loan can receive funds as high as $50,000.

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

The loan from Redstone Federal Credit Union can be repaid for up to 72 months.

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

Potential rates for a Redstone Federal Credit Union personal loan can start at 9.79% APR.

Can I apply for a Redstone Federal Credit Union personal loan if I have a low credit score?

There are many factors that go into approval for a Redstone Federal Credit Union personal loan. One of these is your creditworthiness, so if you have a low credit score then it might be difficult getting approved. If you want to get the best deal possible, work to improve your scores.

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

You can call 800.234.1234 to find out more about Redstone Federal 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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