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Service Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 10 Aug 2023
Fact checked

Service Credit Union logo

Service Credit Union was established in 1957 and is the largest credit union in New Hampshire, This Portsmouth-based non-profit cooperative has more than 321,000 members, and has assets of over $4.5 billion. They offer a full line of banking services, including loan and deposit services, payment solutions, investment management, and financial planning.

Personal loans can be a terrific method to meet unexpected expenses, but you should work out the details so you’re completely clear on fees and other costs for the life of the loan. Are you wondering if you qualify for a loan from Service Credit Union? View your EMIs (equated monthly installments) through the Service 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.

A quick guide to personal loans from Service Credit Union

A personal loan, like one from Service 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 Service Credit Union personal loan:

  • Loan amounts: maximum $50,000
  • Loan terms: between 12 and 60 months
  • Interest rates: starting at 8.99% APR
  • Loan options: without collateral
  • Rate reduction: 0.75% discount for Direct Deposit + checking account

 

Requirements for a Service Credit Union personal loan

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

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

Service 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

 

Service 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

Change
Service Credit Union

Service Credit Union personal loans

Service Credit Union personal loans
Estimated Month Repayments
$617 Inclusive of fees
Interest Rate
6.99%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$1,000
to $50,000
Go to site
Low rates and fast approval when you need the funds
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 Service Credit Union personal loans

Pros

  • Qualified borrowers can receive up to $50,000
  • Lower starting rates compared to those from other lenders
  • Flexible repayment term
  • No collateral
  • Potential rate reduction

 

Cons

  • No information on minimum loan amount
  • Exclusive to credit union members
  • Discounts based on members’ checking account tier
  • $25 fee for each payment skipped
  • Credit/income requirement undisclosed

Frequently asked questions

How much can I borrow from Service Credit Union?

You can borrow up to $50,000 from Service Credit Union.

What are the repayment terms for a Service Credit Union personal loan?

Service Credit Union offers personal loan terms between 12 and 60 months (from 1 year to 5 years).

How much does Service Credit Union charge for its personal loans?

The personal loan rates from Service Credit Union start at 8.99% APR.

Does Service Credit Union offer a discount for auto-payments made on loans?

Yes. Service Credit Union provides up to 0.75% rate discount for members with Direct Deposit + checking accounts.

Can I skip a loan payment?

Yes. As a Service Credit Union member, you qualify to skip a loan payment as long as you are in good credit standing.

Does a Service Credit Union personal loan require collateral?

No. A Service Credit Union personal loan does not require you to pledge an asset, such as a house, car, or deposit account, as 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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