DCU Personal Loans Review
Are you looking into taking out a personal loan and wondering which lender to choose? DCU Personal Loans could be your best bet. With great rates and flexible terms, they’re quickly becoming one of the most popular lenders in the market.
But before you jump in and apply, it’s important to know what makes them a good option for borrowers and what their offers are. In this review, we’ll take an in-depth look at DCU’s personal loans, from rates to eligibility requirements and more. Read on to learn what you need to know about DCU before applying for a loan.
DCU offers personal loans with fixed rates and terms. You can borrow from $200 to $100,000 and choose a repayment period of one to five years. The interest rate you’ll pay depends on your credit score and the term you choose. DCU doesn’t charge origination, application, or prepayment fees.
If you have good credit, you could qualify for a DCU personal loan with a competitive interest rate. The maximum APR is 18%, and the minimum is 9.24%. Their personal loans can be used for a variety of purposes, including debt consolidation, home improvement projects, medical expenses, or major purchases.
|Loan Amount||From $200 to $100,000|
|Loan Terms||From 12 to 60 months|
|APRs||9.24% to 18%|
|Immigration Status Considered||N/A|
|Employment Statuses Considered||N/A|
|Intended Use||Debt consolidation, unexpected expenses, medical bills, wedding costs, vacations, and college expenses|
|Joint Loan Applications Accepted||N/A|
|Verification Documents Required||Proof of income, employment, and residence|
|Minimum Credit Score||650|
|Loan Purpose||Personal use|
|Supported Income Types||All|
|How Long To Get Funds||1 to 2 business days|
|Other Prerequisites||Must be a DCU member|
DCU is a not-for-profit credit union that offers personal loans with competitive rates and terms. You can apply for a DCU personal loan online or in person at any of their branches.
DCU offers both unsecured and secured personal loans, so you can choose the option that best suits your needs. Unsecured personal loans from DCU don’t require collateral, so they may be a good option if you don’t have any assets to use as collateral. Secured personal loans from DCU require collateral, such as a savings account, certificate of deposit, or vehicle equity.
Personal loan rates start at 9.24% APR for unsecured loans and 6.50% APR for secured loans. Loan terms range from 12 to 60 months, depending on the loan amount and your credit history.
To qualify for a DCU personal loan, you’ll need to be a member of the credit union and have good to excellent credit (650+). You’ll also need to provide proof of income and have no outstanding debts with DCU.
DCU Personal Loan Rates, Terms, and Fees
DCU’s personal loan rates are very competitive, starting at just 9.24% APR. The terms are also very flexible, ranging from 12 to 60 months. There are no origination fees or prepayment penalties, and you can choose to make either fixed or variable monthly payments.
The only downside is that DCU requires a minimum credit score of 650 to qualify for a personal loan. But if you do qualify, you’re sure to get a great rate and flexible terms. Overall, they are considered a low-fee lender and because of that, they are the first option for many people. But remember that in order to be able to get a loan from them, you need to be a member of DCU.
How Much Can I Borrow with a DCU Personal Loan?
When you’re considering a personal loan, one of the first questions you probably have is “how much can I borrow?” The answer to that question depends on a few factors, including your credit score, income, and debts.
For example, if you have excellent credit, you may be able to borrow up to $100,000 with a DCU personal loan. However, if you have good credit, you may only be able to borrow up to $50,000. And if your credit is fair or poor, you may only be able to borrow up to $25,000.
Lenders will look at your debt-to-income ratio when they’re determining how much money they’re willing to lend you. So if you already have a lot of debt, it may limit how much additional debt the lender is willing to give you in the form of a personal loan. Overall, the maximum amount allowed for borrowing is $100,000.
How to Apply for a DCU Personal Loan
Before applying for any type of loan, it’s important to understand the ins and outs of the process. This is especially true for personal loans, which can be used for a variety of purposes.
To apply for a DCU Personal Loan, you’ll need to fill out an application form and provide some basic information about yourself. Once your application is approved, you’ll be able to select your loan amount and repayment terms.
Here is step by step how to do so:
- Full name and address
- Date of birth
- Member number
- Social Security number
- Mortgage or rent amount
- Employment status
DCU Personal Loans Pros and Cons
Like with any other lender, there are both pros and cons to DCU that you should weigh out before making a decision to work with them.
One of the major benefits of working with them is that they have been in business for many years and their personal loans can be used for pretty much anything. They also don’t have any fees such as prepayment or origination fees, which can be very beneficial to many people.
On the other hand, they are not a BBB-accredited company and they have many negative reviews, which impacts the credibility of them as a company. Many clients have complained about the management not being professional or not caring at all for their clients’ wishes. On top of that, many have also complained that they are not fully transparent. All of this raises many suspicions and is a major red flag.
|No fee lender||The company has no BBB accreditation|
|Good loan amount range||Bad online reviews|
|Funds can be used for college||The website with little to no relevant information|
|Live chat available on the website||Must be a DCU member to be able to join|
Can I Use a DCU Personal Loan for Any Purpose?
Yes, you can use a DCU personal loan for any purpose. There are no restrictions on how you can use the loan funds, so you can use them for anything from consolidating debt to paying for a major purchase.
Many people use them for debt consolidation and as well for any other unexpected expense they might have. On top of that, they are one of the few lenders that actually allow for their personal loans to be used to repay student loan debt.
Is DCU a Good Option for Personal Loans?
DCU offers personal loans with rates as low as 9.24% APR, which makes it a good option for borrowers who are looking for a competitive rate. The credit union also offers a variety of repayment options, including monthly, bi-weekly, and weekly payments, which can help borrowers save on interest charges. Additionally, DCU personal loans do not have any origination fees or prepayment penalties.
But on the other hand, they have many bad reviews and complaints made against them, which honestly is a bad name for them. Many clients complain about management, saying they don’t care about their clients and also that they are not fully transparent with their customers.
Their online rating of 2.0 stars out of 5 shows just how much the people are not happy or satisfied with them and their services. With this said, we can’t say they are the best option for personal loans, since there is a big chance you will be mistreated by their staff.
Summary of DCU Personal Loans
- DCU is a direct lender offering not only personal loans but also credit builder loans, quick loans, energy efficiency loans, mortgages, credit cards, and much more.
- They are classified as a no-fee lender which means you will not encounter any origination, prepayment, or late payment fees.
- The company has been in business since 1978, but they have no BBB accreditation.
- Their personal loan amounts range from $200 to $100,000 and have terms from 1 to 5 years.
DCU Personal Loans FAQs
1. How long does it take to get approved for a DCU personal loan?
It only takes a few hours to get approved by DCU, once you submit your application.
2. Can I get a DCU personal loan if I have bad credit?
Unfortunately, you must have a credit score of 650 or more in order to apply.
3. Can I apply for a DCU personal loan online?
Yes, you can apply for a DCU personal loan online, but keep in mind that you do need to be a member.