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Summit Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 11 Aug 2023
Fact checked

Summit Credit Union logo

Summit Credit Union was formed in 1935 and is found in Cottage Grove, Wisconsin. Summit has over 227,000 members and holds $4.9 billion in assets. They provide a full range of financial services like free checking accounts, VISA credit cards, competitive loan rates, mobile banking, and high-yielding CDs.

A loan is a serious financial step that should not be taken lightly. But you’re going to be okay as long as you’re responsible enough to use the loan proceeds wisely and you have a clear plan to pay it back. You might be thinking, ‘Is a personal loan from Summit Credit Union right for me?’ You can use the Summit Credit Union personal loans calculator to determine how much you can afford to borrow and repay.

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.

An overview of Summit Credit Union personal loans

Before taking out a loan from Summit Credit Union, find out about its features and benefits. This will help you compare it with those from other lenders. The list below will show if they correspond to what you’re looking for in a personal loan:

Read on to find out about the key features and benefits of a personal loan from Summit Credit Union:

  • Loan amount: undisclosed (based on borrower’s financial profile, credit history, and repayment option)
  • Loan terms: between 24 and 60 months
  • Repayment frequency: monthly or bi-weekly
  • Interest rates: as low as 10.75% APR

 

Requirements for a Summit Credit Union personal loan

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

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

Summit 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.

 

Summit 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
Summit Credit Union

Summit Credit Union personal loans

Summit Credit Union personal loans
Estimated Month Repayments
$648 Inclusive of fees
Interest Rate
10.25%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$1,000
to $20,000
Go to site
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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
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Checking and savings accounts and credit cards for your everyday business expenses and cash management.
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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
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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 Summit Credit Union personal loans

Pros

  • Qualified borrowers can receive funding in as fast as 1 business day
  • Lower rates compared to credit cards and other credit unions
  • Payment protection plan available
  • Easy online application process
  • No collateral required

 

Cons

  • For members only
  • No loan amount information
  • Maximum APR unclear
  • Borrower criteria and requirements not provided
  • Canceling auto-pay will increase APR

Frequently asked questions

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

Summit Credit Union has no clear information regarding loan amounts you can borrow.

How long should I repay a personal loan from Summit Credit Union?

You have between 24 and 60 months to repay your personal loan from Summit Credit Union.

What interest rates does Summit Credit Union personal loan offer?

Interest rates for a personal loan from Summit Credit Union start at 10.75%.

What is a bi-weekly payment option?

Under the bi-weekly plan, you will make payments to your Summit Credit Union personal loan every two weeks instead of just once a month. By making payments every other week, you will also save a bit on interest charges for the outstanding loan balance that would normally still be there until the end of the month.

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

You can call 608.243.5000 to find out more about Summit Credit Union personal loans.

Video: Make talking about money easier with Summit 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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