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Spire Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 11 Aug 2023
Fact checked

Spire Credit Union logo

Spire Credit Union was formed in 1934 and is found in Falcon Heights, Minnesota. Spire holds $1.4 billion and has more than 130,000 members. Their personal banking products and services are as follows: credit cards, CDs, and IRAs, home loans, auto loans, and personal loans.

Personal loans can be beneficial if used carefully. Always check the amount of your monthly installments so you wouldn’t get into any financial difficulties along the way. Want to evaluate whether you should proceed with your application for a personal loan from Spire Credit Union? Let the Spire Credit Union 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.

Spire Credit Union personal loans at a glance

It is important to know about the features and benefits of a personal loan from Spire 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 Spire Credit Union personal loan:

  • Loan amounts: less than $5,000 for debt consolidation and other purposes; up to $50,000 for home improvement projects
  • Loan terms: between 36 and 120 months
  • Loan fees: $0 origination fee; $0 prepayment penalty
  • Interest rates: from 9.99% to 16.50% APR

 

Requirements for a Spire Credit Union personal loan

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

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

 
Spire 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.

 

Spire 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
Spire Credit Union

Spire Credit Union personal loans

Spire Credit Union personal loans
Estimated Month Repayments
$624 Inclusive of fees
Interest Rate
7.75%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$10,000
to $20,000
Go to site
Whatever your goals may be, SPIRE has a way to help you achieve them.
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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.
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 Spire personal loans

Pros

  • Flexible loan amounts depending on purpose
  • Lower APRs compared to those from other lenders
  • No origination fee
  • No prepayment fee
  • Skip-a-Payment available

 

Cons

  • Exclusive for members
  • Credit/income requirements undisclosed
  • No information on rate discounts or debt protection plans

Frequently asked questions

What are the minimum and maximum loan amounts for a Spire Credit Union personal loan?

Loan amounts for Spire Credit Union personal loans vary; it could be less than $5,000 for debt consolidation and other purposes; or, it could go up to $50,000 for home improvement projects.

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

You have between 36 and 72 months (from 3 to 6 years) to repay your personal loan from Spire Credit Union.

What interest rates does Spire Credit Union personal loan offer?

Interest rates for a personal loan from Spire Credit Union can range between 9.99% and 16.50%.

Does Spire Credit Union charge any fee on its personal loans?

No. Spire Credit Union personal loans do not have application fees or prepayment penalties.

Can I skip a loan payment?

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

Video: Driven by midwestern values – SPIRE Credit Union

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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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