Best Credit Unions for Personal Loans in 2024

If you’re strapped for some major cash, you might want to consider the financial services of a credit union, specifically its personal loan options. Personal loans can be a great way to consolidate debt or make home improvements.

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Here’s a look at seven of the best credit unions for personal loans.

Best Credit Unions for Personal Loans

Credit unions offer competitive annual percentage rates for their loan options. On average, they offer lower loan rates compared to those offered by banks. Here are the top credit unions for personal loans.

Navy Federal Credit Union

Navy Federal Credit Union is a top choice for military service members, veterans and their families. It offers a robust suite of banking and lending services, including credit cards, personal loans, mortgages, auto loans and student loans. Interest rates are some of the lowest available, and there are over 350 branches you can visit across the U.S. If you’re not located near a branch, you can apply for a personal loan online through Navy Federal Credit Union’s website.

Keep in mind that the rules for joining Navy Federal Credit Union are strict, so if you aren’t in the armed services (or related to someone who is), you may need to look at other options.

• APR: 8.99%-18.00%

• Loan Amount: $250 to $50,000

• Terms: Up to 60 months; longer terms available depending on the loan’s purpose

• Key Features:

  • Direct deposit into a checking or savings account

  • Variable term lengths and loan amounts

  • Multipurpose loans available

  • Lowest rates available for loans of 36 months or less

Service Credit Union

Service Credit Union has branches throughout North Dakota, New England and Germany and caters to service members, veterans and Department of Defense employees. However, even if you aren’t in the military, you may qualify for membership through other avenues. Members can apply for Service Credit Union’s low-APR personal loans, which provide up to $50,000 in funding for any purpose, including home or auto repairs, vacation or bill consolidation.

You can start the application process online or visit your local Service Credit Union branch to learn more.

• APR: As low as 11.24%

• Loan Amount: Up to $50,000

• Terms: Between two and five years

• Key Features:

  • Use for virtually any purpose, including auto repairs, medical bills, debt consolidation or moving

  • Variable term lengths and loan amounts

PenFed Credit Union

As a military credit union anyone can join, PenFed offers some of the lowest personal loan interest rates, which start at 7.99% APR. But keep in mind that your actual APR is determined at the time of the disbursement of your funds. The PenFed personal loan has no hidden fees or miscellaneous opening and closing costs. You can use the money for debt consolidation, home improvements, auto repairs, travel or vacation.

• APR: As low as 7.99%

• Loan Amount: Up to $50,000

• Terms: Up to five years

• Key Features:

  • No early payoff penalty

  • No origination fee

  • Use for any purpose, including debt consolidation, home improvement, medical costs or life events

Alliant Credit Union

Alliant’s personal loan option offers same-day deposit into your account and no penalties for paying off your loan ahead of your payment schedule. There are no loan origination fees and no collateral required for a personal loan. While APRs are higher through Alliant than other credit unions, you can borrow more money — up to $100,000, depending on your creditworthiness and ability to repay. You can use your Alliant personal loan to consolidate other debts, pay emergency expenses or make home improvements.

• APR: Starts at 11.79%

• Loan Amount: $1,000 to $100,000

• Terms: One to five years

• Key Features:

  • No collateral required

  • No prepayment penalties

  • Use for debt consolidation, emergency expenses or home improvements

First Tech Federal Credit Union

Rates vary based on the loan amount and your credit history, but they do go as low as 9.74%. The application process for a First Tech personal loan takes a few minutes, and there are no origination or annual fees that you need to worry about. First Tech is federally insured by the National Credit Union Administration and specializes in serving the financial needs of employees of some of the world’s biggest and most well-known tech companies, such as Amazon, Cisco and HP Inc.

• APR: Starts at 9.74%

• Loan Amount: $500 to $50,000

• Terms: Two to seven years

• Key Features:

  • No annual fees

  • No application or origination fees

  • No prepayment penalties

  • No annual fees

  • Fast turnaround

Digital Federal Credit Union

With a Digital Federal Credit Union personal loan, you can reduce your interest rate by 0.50% if you pay electronically or qualify for Plus or Relationship benefits on your DCU checking. As with many financial institutions, your rate is determined by your credit history, account relationship and repayment method. Besides the traditional signature loan, you can explore DCU’s other two personal loans that are specifically designed to build your credit or borrow against your savings or certificate account. For some of these loans, the rates reach as low as 3.50%.

• APR: Starts at 11.99%

• Loan Amount: Varies

• Terms: Up to 60 months

• Key Features:

  • No payments are due for the first 60 days of the loan

  • 0.50% discount for Plus and Relationship members

  • Interest rate is fixed for the length of the loan

NASA Federal Credit Union

Aside from being a banking pillar for NASA employees since 1949, NASA Federal Credit Union offers many financial services, including personal loans. The NASA Federal personal loan comes with fixed monthly payments and offers amounts ranging from $1,000 to $30,000. If you want to consolidate some debt or need to make a big purchase, then this loan might be for you.

On the other hand, you can opt for NASA Federal’s CashLine Line of Credit, which operates like a traditional home equity line of credit in that you pay interest only on the amount you borrow. The CashLine Line of Credit allows you to borrow up to $30,000, and no collateral is required.

• APR: Starts at 10.09%

• Loan Amount: Up to $30,000

• Terms: One to seven years

• Key Features:

  • No origination fees or prepayment penalties

  • Fixed monthly payments

  • No collateral required for CashLine Line of Credit

Final Take

If you’re in the market for a personal loan, it’s a good idea to check out the options available through a credit union. You may find that some credit unions offer lower interest rates and better terms than traditional banks, making them a more affordable loan alternative. Shop around before applying to find a loan that best suits your needs.

Taylor Bell contributed to the reporting for this article.

Information is accurate as of Jan. 3, 2024.

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