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UMassFive Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 4 Sep 2023
Fact checked

UMassFive Credit Union logo

UMassFive Credit Union was founded in 1967 and is based in Hadley, Massachusetts. It was voted Best Credit Union in the Pioneer Valley for the ninth year in a row in 2015. Their personal banking products and services are as follows: credit cards, CDs, and IRAs, home loans, auto loans, and personal loans.

Understanding all of the pros and cons of getting a personal loan, like one from UMassFive Credit Union, is an excellent first step to knowing if a personal loan is right for you. You might be asking, ‘Am I in a place where I can afford loan payments?’ The UMassFive Credit Union personal loans calculator can help you figure out your EMIs (equated monthly installments).

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.

General facts about UMassFive Credit Union personal loans

A personal loan from UMassFive Credit Union can be a practical solution to cover emergency expenses, take care of a major life milestone, or help improve your credit history. Listed below are the basic features and benefits of a UMassFive Credit Union personal loan:

  • Loan amounts: maximum $25,000
  • Loan terms: up to 60 months
  • Interest rates: starts at 11.99% APR

Requirements for an UMassFive Credit Union personal loan

A UMassFive Credit Union 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 UMassFive Credit Union recognized counties
  • Is a family member of a UMassFive Credit Union member
  • Is a current or former employee of UMassFive Credit Union recognized establishments, businesses, or institutions

UMassFive Credit Union did not specify the borrower criteria for those who want to take out a personal loan from them. Most lenders, however, expect potential applicants to have these documents ready:

  • Loan purpose and information, including desired loan amount and loan term
  • A clear copy of your photo ID and verification of address
  • Identification information, including ID type, number, state, date of issue, and expiration
  • Contact and reference information, including name, date of birth, member number, phone number, email, and physical address
  • Financial information, including gross monthly income and monthly expenses
  • Employment details or source of income such as two most recent pay stubs or copies of bank statements for the past three months
  • For self-employed applicants or business owners: proof of source of income such as bank statements for the past three months or the latest tax return
  • Proof of good credit standing
  • Proof of good debt-to-income ratio

 

UMassFive 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

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UMassFive Credit Union

UMassFive College Federal Credit Union personal loans (Personal Line of Credit)

UMassFive College Federal Credit Union personal loans (Personal Line of Credit)
Estimated Month Repayments
$679 Inclusive of fees
Interest Rate
13.50%
APR
Repayment Period
1 month
to 80 months
Loan Amounts
$1,000
to $25,000
Go to site
At UMassFive, we get it. Every situation-every member-is unique. That's why we have created a wide range of specialty loans, so we can meet your individual needs.
UMassFive Credit Union

UMassFive College Federal Credit Union personal loans (Overdraft Line of Credit)

UMassFive College Federal Credit Union personal loans (Overdraft Line of Credit)
Estimated Month Repayments
$679 Inclusive of fees
Interest Rate
13.50%
APR
Repayment Period
1 month
to 80 months
Loan Amounts
$1,000
to $25,000
Go to site
At UMassFive, we get it. Every situation-every member-is unique. That's why we have created a wide range of specialty loans, so we can meet your individual needs.
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 UMassFive Credit Union personal loans

Pros

  • Fixed monthly payment
  • Rate discounts for automatic payments
  • Apply online, by phone, or in branch

 

Cons

  • Non-members cannot apply
  • Low maximum loan amount
  • High base interest

Frequently asked questions

How much can I borrow from UMassFive Credit Union?

You can borrow as much as $25,000 from UMassFive Credit Union.

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

UMassFive Credit Union offers personal loan terms up to 5 years (60 months).

How much does Bank Name charge for its personal loans?

The personal loan rates from UMassFive Credit Union start at 11.99% APR.

Does UMassFive Credit Union offer a rate discount on loans?

Yes. UMassFive Credit Union provides a 0.25% to 0.50% rate discount for members with Co-op points.

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

Yes. UMassFive Credit Union provides Temporary Payment Relief if you’re experiencing hardship.

Can I apply for a UMassFive Credit Union personal loan if I have a low credit score?

There are many factors that go into approval for a UMassFive Credit Union personal loan. One of these is your creditworthiness, so if you have a low credit score then it might be difficult getting approved. If you want to get the best deal possible, work to improve your scores.

Video: UMassFive student loans – We’ve got your back

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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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