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University Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 11 Aug 2023
Fact checked

University Credit Union logo

University Credit Union started out as Boston University Employees’ Credit Union in 1951. This LA-based financial cooperative is the 57th largest credit union in the state of California and is also the 394th largest credit union in the country. They offer a full range of products and services for personal banking, including deposit and checking accounts, loans and refinancing, investment management, and financial planning.

We all know that emergencies come up from time to time. But how much do you really need? A personal loan, such as a University Credit Union personal loan, can be an easy way to get a quick fix for your problem, but before applying make sure it’s something you can see through to the end. The University Credit Union personal loans calculator can help figure out whether or not this might work in terms of how much you have to pay, monthly and overall.

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.

University Credit Union personal loans at a glance

As with any other lender, University Credit Union has its own set of loan features and benefits. See if any of these listed below matches your personal expectations and payment preferences:

  • Loan amounts: minimum $500 for a 6-month term; minimum $5,000 for a 48-month term; minimum $10,000 for a 60-month term
  • Loan terms: from 6 to 60 months
  • Interest rates: starting at 7.24% APR for a 6-month term; 7.99% APR for a 48-m/onth term; 8.74% APR for a 60-month term

 

Requirements for a University Credit Union personal loan

A University Credit Union personal loan is only available to current members and employees. If you are not yet a member, you can join if you are a faculty or staff member, student, alumnus, or family member of anyone affiliated with the University Credit Union Community.

University Credit Union 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.

 

University Credit Union personal loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
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Loan Amount

$20,000

Term

3 months

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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 UCU personal loans

Pros

  • Receive all your money upfront
  • Lower rates compared to those from other lenders
  • Debt Protection Plan available
  • Skip-a-Pay without penalty

 

Cons

  • Maximum borrowing limits unclear
  • Credit/income requirements not listed
  • No rate discounts on automatic payments
  • No option for principal-only payments

Frequently asked questions

How much does University Credit Union offer for its personal loans?

Loan amounts offered by University Credit Union vary: minimum $500 for a 6-month term; minimum $5,000 for a 48-month term; and, minimum $10,000 for a 60-month term.

What are my options for repaying the full loan amount from University Credit Union?

Repayment term options of a personal loan from University Credit Union are between 6 and 60 months (up to 5 years).

What are the potential rates for a personal loan from University Credit Union?

Potential rates for a University Credit Union personal loan vary: from 7.24% APR for a 6-month term; from 7.99% APR for a 48-month term; and, from 8.74% APR for a 60-month term.

Does University Credit Union provide a debt protection plan?

Yes. University Credit Union offers a debt protection program to protect yourself from the financial consequences of losing your ability to pay, due to covered events such as health emergencies or death.

Does University Credit Union offer a Skip-a-Pay option?

Yes. University Credit Union allows borrowers to defer a loan payment within a 12 month period without penalties.

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

You can call 424.320.4700 to find out more about University Credit Union personal loans.

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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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