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SchoolsFirst FCU Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 10 Aug 2023
Fact checked

SchoolsFirst Federal Credit Union logo

SchoolsFirst Federal Credit Union was formed in 1934 and is headquartered in Tustin, California. SchoolsFirst FCU has a membership of over 1.2 million, and holds $26.9 billion in assets. They provide personalized services including higher interest rates on savings and lower rates on personal loans, new and used auto loans, and HELOCs.

Personal loans can be a convenient way to acquire funds for almost all of your personal needs, but you must confirm whether you can afford the monthly installments or not. A personal loan from SchoolsFirst Federal Credit Union can be a good option. The question is, ‘How much do you have to pay, monthly or overall?’ Let the SchoolsFirst FCU personal loans calculator do the work for you.

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.

SchoolsFirst FCU personal loans at a glance

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

Here’s a breakdown of the key features and benefits of a SchoolsFirst Federal Credit Union personal loan:

  • Loan amounts: minimum $100; maximum $50,000
  • Loan terms: up to 60 months
  • Loan fees: $0 application fee; $0 prepayment penalty
  • Repayment frequency: monthly
  • Interest rates: from 7.00% to 18.00% APR
  • Loan options: without collateral
  • Required credit score: 580 to 669

 

Requirements for a SchoolsFirst FCU personal loan

A SchoolsFirst FCU 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 SchoolsFirst FCU recognized counties
  • Is a family member of a SchoolsFirst FCU member
  • Is a current or former employee of SchoolsFirst FCU recognized establishments, businesses, or institutions

SchoolsFirst FCU 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.

 

SchoolsFirst FCU 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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SchoolsFirst FCU

SchoolsFirst Federal Credit Union personal loans

SchoolsFirst Federal Credit Union personal loans
Estimated Month Repayments
$597 Inclusive of fees
Interest Rate
4.75%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$500
to $50,000
Go to site
The Credit Union has something for everyone, from someone who is financially savvy to a person who just needs basic services.
Featured
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.
Featured
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 SchoolsFirst FCU personal loans

Pros

  • Wide range of borrowing limits
  • Borrow a small amount for as low as $500
  • Qualified borrowers can receive up to $50,000
  • Lower rates compared to those from other lenders
  • Pay zero fees for application or early payoff
  • No collateral required
  • Considers applicant with fair credit

 

Cons

  • Available to members only
  • Borrower criteria and requirements unclear

Frequently asked questions

How much does SchoolsFirst FCU offer for its personal loans?

Qualified borrowers of a SchoolsFirst FCU personal loan can receive funds as high as $48,000.

What are my options for repaying the full loan amount from SchoolsFirst FCU?

The loan from SchoolsFirst FCU can be repaid for a period between 1 year and 5 years.

What are the potential rates for a personal loan from SchoolsFirst FCU?

Potential rates for a SchoolsFirst FCU personal loan can start from 8.99% up to 17.99%.

Does Bank Name charge any loan fees?

No. SchoolsFirst FCU personal loans do not have origination or application fees, prepayment penalties, or late payment fees.

Do I need to submit collateral for a SchoolsFirst FCU personal loan?

No. Personal loans from SchoolsFirst FCU are unsecured and do not require collateral.

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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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