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Wings Financial Credit Union Personal Loans Calculator & Overview

Carla Soto
Updated 11 Aug 2023
Fact checked

Wings Financial Credit Union logo

Wings Financial Credit Union was founded in 1938 and is located in Apple Valley, Minnesota. It is Minnesota´s largest credit union with $7.9 billion in assets and over 333,000 members. They have a broad range of financial products such as loans and credit cards, mortgages and refinancing services, insurance, Certificate of Deposit (CDs), and individual retirement accounts (IRAs).

Personal loans can be a terrific method to meet unexpected expenses, but you should work out the details so you’re completely clear on fees and other costs for the life of the loan. Are you wondering if you qualify for a loan from Wings Financial Credit Union? For your EMIs, let the Wings Financial 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.

Wings Financial Credit Union personal loans at a glance

A personal loan, like one from Wings Financial 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 amount: undisclosed (will be based on borrower’s financial profile, credit score, and capacity to pay)
  • Loan terms: 48 months, 60 months, and 72 months
  • Loan fees: $0 annual fee
  • Interest rates: starting at 10.99% APR

 

Requirements for a Wings Financial Credit Union personal loan

Wings Financial Credit Union personal loans are available for members. If you want to join, there are many ways to qualify for membership:

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

Wings Financial 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 (driver’s license, social security number, other state-issued IDs)
  • Proof of address (utility bill, property tax receipt, home insurance copy, mortgage statement, lease or rental agreement)
  • Employment and/or income verification (paystubs, tax returns, bank statements)
  • Minimum credit score of 600 while other lenders require a score of 700 and beyond
  • Minimum debt-to-income ratio of 36% while other lenders approve those with a ratio of 50% or higher

Wings Financial Credit Union personal loan calculator

Loan Amount

$20,000

Term

3 months

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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 Wings Financial personal loans

Pros

  • Prequalify without hurting your credit
  • No annual fee
  • Online application process
  • Skip-a-Pay option available
  • One-Time Pay option available

Cons

  • Exclusive for members
  • No loan amount information
  • High base loan rate
  • No information on rate discounts or principal-only payments
  • Borrower criteria and requirements undisclosed

Frequently asked questions

How much can I borrow from Wings Financial?

Wings Financial has no clear information regarding minimum and maximum amounts for personal loans.

What are the repayment terms for a Wings Financial personal loan?

Wings Financial offers personal loan terms between 48 and 72 months (4-6 years).

How much does Wings Financial charge for its personal loans?

The personal loan rates from Wings Financial start at 10.99% for a 48-month term, 12.99% for a 60-month term, and 14.99% for a 72-month term.

If I have a low credit score, will I still be eligible for a loan from Wings Financial?

Approval for a Wings Financial personal loan is based on your creditworthiness and proof of capacity to pay. If you have a low credit score, work to improve it so you can get the best deal that will help you achieve your financial goals.

Can I skip a loan payment?

Yes. As a Wings Financial member, you qualify to skip a loan payment as long as you are in good credit standing.

What is One-Time Pay?

Wings Financial allows a loan payment option where you can make same-day loan payments using any debit card or transfer funds from another financial institution.

Can I check my credit score for free?

Yes. All Wings Financial customers can enroll in the Credit Score Program at no extra cost. Access your VantageScore® for free using the mobile app or online banking.


Video: Wings Financial Credit Union – About us

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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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