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TruChoice FCU Personal Loans Calculator & Overview

Carla Soto
Updated 11 Aug 2023
Fact checked

TruChoice Federal Credit Union logo

TruChoice Federal Credit Union was formed in 1955 and is based in Portland, Maine. TruChoice FCU has assets of over $119.37 million and has a membership of around 12,066. They offer a full line of banking services, including loan and deposit services, payment solutions, investment management, and financial planning.

From building credit and consolidating debt to covering unforeseen needs or starting a new business, personal loans are an invaluable tool for your financial health. The question is: are you qualified to borrow from TruChoice Federal Credit Union? Figure out your potential monthly repayments through the TruChoice FCU 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 TruChoice FCU

A personal loan, like one from TruChoice 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:

  • Loan amounts: Minimum of $500
  • Loan terms: between 12 to 60 months
  • Interest rates: starts at 7.99% APR

 

Requirements for a TruChoice FCU personal loan

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

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

TruChoice FCU does not have a list of eligibility requirements for potential loan applicants. However, here’s the general expectation among most lenders:

  • You are 18 years of age or older. Provide at least two forms of government-issued identification such as passport or certificate of citizenship.
  • You are a US citizen or resident. Provide a copy of a voter registration card or auto insurance that lists your address.
  • You have consistent and steady monthly income. Common forms of income verification include pay stubs, 1099 forms, or income tax returns.
  • You have a good credit standing. Aim to maintain a minimum credit score of 600. Ideally, a credit score of 700 can result in lower APRs, higher loan amounts, or a more reasonable repayment term.
  • You have a good debt-to-income ratio. Most lenders expect applicants to have a DTI ratio of 40% or lower.

 

TruChoice FCU personal loan calculator

Loan Amount

$20,000

Term

3 months

TruChoice FCU

TruChoice Federal Credit Union personal loans

Estimated Month Repayments
Interest Rate
6.99%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$500
to $20,000
We get it - sometimes you just need a loan to help cover expenses. That's why TruChoice offers General Purpose Loans to help you cover a variety of needs including debt consolidation, home improvement, auto repairs, uninsured medical expenses, and vacations.

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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 TruChoice FCU personal loans

Pros

  • Easy online application
  • No collateral required
  • Skip-A-Pay option

 

Cons

  • Maximum loan amount undisclosed
  • Borrower criteria unclear
  • For members only

Frequently asked questions

How much does TruChoice FCU offer for its personal loans?

Qualified borrowers of a TruChoice FCU personal loan can receive funds starting at $5,000.

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

The loan from TruChoice FCU can be repaid for a period between 1 year and 5 years (12-60 months).

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

Potential rates for a TruChoice FCU personal loan can start at 7.99% APR.

When money gets tight and I need financial relief, can I skip a loan payment?

Yes. TruChoice FCU allows you to skip up to 2 payments during a 12 month period for a fee of $25.

What number do I need to call to ask about personal loans from TruChoice FCU?

You can call 800.639.5550 to find out more about TruChoice FCU personal loans.


Video: TruChoice Federal Credit Union – Benjamin Franklin loves movie night!

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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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