Pros Explained

• Repayment terms up to 72 months: You’ll have up to six years to repay your BECU personal loan at a fixed interest rate.
• No loan origination fees: There are no fees for applying for or taking out a personal loan through BECU, which makes it stand out from many other lenders.
• Payments to creditors available: If you’re using your personal loan for debt consolidation, you can request that BECU send your loan funds directly to your creditors.

Cons Explained

• Relatively low loan maximum: Personal loans through BECU are only available for up to $30,000. If you need a larger loan, you’ll have to consider another lender.
• Only available to BECU members: BECU products, including personal loans, are only offered to current members.
• No pre-qualification available: BECU doesn’t allow you to pre-qualify for a personal loan, meaning a hard credit inquiry is required right away.

Types of Personal Loans Offered by BECU

BECU offers unsecured personal loans that can be used for any number of purposes. Depending on your situation, this could mean using the money to:

• Consolidate existing debt
• Cover a large purchase or expense
• Make home repairs
• Pay for moving expenses

Though BECU does not specify any loan purpose exclusions, lenders typically won’t allow you to use personal loan funds for illegal purposes, to gamble, or to pay for postsecondary education expenses.

Time to Receive Funds

BECU does not offer a specific time frame for personal loan funding, though borrowers can typically expect the process to take anywhere from a couple of business days to a week. According to BECU’s website, a loan decision will be made within 24 hours for most borrowers. Once you sign your loan agreement, your funds will be deposited into your BECU account.

Once approved, your personal loan funds will be electronically deposited directly into your existing BECU account. Alternatively, if you’re using the loan for debt consolidation, you can request to have BECU send your loan funds directly to your creditors.

Borrower Requirements

BECU doesn’t disclose its borrower requirements to qualify for a personal loan. When you apply for a personal loan with any lender, you’ll have to go through a hard credit inquiry to determine if you’re eligible. According to BECU customer service, the credit union accepts credit scores as low as 600, and borrowers with good or excellent credit have the best chance of approval.

Other eligibility requirements that personal loan lenders often have are proof of employment or another source of income, a minimum amount of income, a maximum debt-to-income ratio, and more.

BECU Personal Loan Features

• Loan re-price program: BECU reviews its customers' accounts annually, and if your credit score improves and you’ve made consistently timely payments, BECU may reduce the interest rate of your loan. If your loan is already priced at the credit union’s lowest rate, you won’t receive a reduction. 
• Loan payment protection program: Borrowers can purchase credit insurance that will provide financial support such as reduced monthly loan payments during a job loss or other calamity. 
• Creditor direct pay: If your personal loan is for debt consolidation, BECU will pay your creditors directly, which is a convenience for you, and a bit of risk reduction for your lender.

Co-Signers and Co-Applicants

Whether you’re looking to share the responsibility of your new loan with your spouse or want to add a creditworthy co-borrower to potentially access better loan terms, BECU will allow it. Both joint applications and co-signers are welcome.

Can You Refinance a Personal Loan With BECU?

Refinancing a personal loan can be one way to lower your interest rate, reduce your monthly payments, get out of debt sooner, or all three. While BECU doesn’t specify whether existing personal loan customers can refinance, it does periodically review members’ credit ratings. If your credit has improved since you took out your personal loan, you could potentially earn a better rate without having to formally refinance your loan.

Customer Service

Members in the U.S. and Canada can contact BECU by phone during extended business hours, as well as for a half-day on Saturdays. You can also send mail—including your personal loan bill—to BECU’s Seattle location. If you’re local to one of BECU’s brick-and-mortar branches, you can stop in to speak with a representative about your personal loan, membership, or anything else. BECU also has several social media channels, which it states can be used to stay up-to-date on member discounts, news, and announcements.

Medium	Contact	When
Telephone	800-233-2328 206-439-5700	Weekdays, 7 a.m. to 7 p.m. PT Saturday, 9 a.m. to 1 p.m. PT
Mail	BECU P.O Box 97050 Seattle, WA 98124	N/A

Customer Satisfaction

Boeing has mixed reviews from its customers. The credit union has a rating of 1.8 out of 5 stars on Trustpilot and 1.36 out of 5 stars with the Better Business Bureau, where it has an A+ rating. Members report that it can take a long time to process certain transactions, such as ordering checks or getting an email response from customer service. But overall, most customers seem satisfied with BECU’s financial products.

BECU also has more than 140 complaints with the Consumer Financial Protection Bureau. Customers report issues making payments on certain loan products, negative or threatening collection practices, banking errors, and more.

BECU Credit Union Membership Requirements

As a credit union, BECU has certain eligibility requirements that limit who can join. To become a BECU member, you’ll have to meet one of the following requirements:

• Live, work, worship, or go to school in Washington state
• Be a resident of one of the following counties in Oregon: Benton, Clackamas, Clatsop, Columbia, Coos, Curry, Deschutes, Douglas, Jackson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Multnomah, Polk, Tillamook, Washington, or Yamhill
• Be a resident of one of the following counties in Idaho: Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, or Shoshone
• Work for, volunteer for, or be retired from BECU, Boeing Company, or any other credit union (or be the family of someone who meets that requirement)
• Be associated as a member, donor, employee, volunteer, or retiree of one of the following organizations: University of Washington Alumni Association, Washington State University Alumni Association, BECU Foundation, GoWest Foundation, KEXP, or Sea Hawkers Central Council
• Own a business that meets certain eligibility criteria

How to Qualify For and Apply For a BECU Personal Loan

If you aren’t already, you’ll have to start your personal loan process with BECU by becoming a credit union member. You can do this online as long as you meet the credit union’s eligibility requirements. Once you’ve become a BECU member—or if you’re already a member—you are eligible to apply for one of its personal loans. The online application process is fairly simple and involves the following:

1. Log into your online account. There, you’ll have access to available products and services, and you can click “Apply” to begin your personal loan application.
2. Choose your loan terms. BECU personal loans are offered for up to $30,000, with terms as long as 72 months.
3. Get approved. BECU will run your credit and determine whether or not you qualify for the personal loan you want.
4. Review and sign your loan agreement. After your personal loan application has been approved, you’ll be asked to review and sign a loan agreement. Be sure to review the terms and conditions carefully.
5. Receive funds. After approval, your new personal loan funds will be directly deposited into your existing BECU account or, if you designated so during the application process, will be sent directly to your creditors.

Other Banking Services and Loans Offered by BECU

BECU is a full-service credit union that offers a variety of financial products and services. You can access financial products in the following categories:

• Everyday banking: BECU offers free checking and savings accounts, credit cards, certificates of deposit, IRAs, and money market accounts.
• Loans and mortgages: BECO offers mortgages, auto loans, personal lines of credit, RV loans, boat loans, student loans, and sport vehicle loans.
• Planning and investing: BECU offers investment services through a partner financial advisory firm, in addition to trust and insurance services.
• Business banking: BECU offers business banking services that include checking and savings accounts, credit cards, loans, and cash management.

Compare BECU With Other Personal Loan Lenders

	Boeing Employees' Credit Union
APR Range	8.99%–18.00%	8.94%–18.00%	7.99%–17.99%
Loan Amount	$500–$35,000	$500–$50,000	$600–$50,000
Loan Terms	12–72 months	24–84 months	12–60 months
Recommended Minimum Credit Score	600	660	700
Origination Fee	None	None	None
Time to Receive Funds	1 day	Same day	1 day

The Bottom Line

BECU offers a maximum loan amount of $30,000, which may be too low for some borrowers. However, its lack of origination fees, long repayment terms, and low maximum APRs could make this lender a good option for borrowers who need to borrow a small amount. Keep in mind that to get a loan from BECU, you’ll first have to become a member of the credit union. BECU has strict eligibility requirements, so make sure you qualify before settling on BECU as your lender.

What Is the BECU Personal Loan Limit?

BECU’s maximum personal loan amount is $30,000 ($35,000 for home improvements), which is lower than what many other banks and credit unions offer. However, the amount you’ll be approved for will depend on your credit history and financial situation.

How Big of a Personal Loan Can I Get From a Credit Union?

The amount you can borrow from a credit union depends on the specific credit union. Some credit unions, such as BECU, have lower maximum loan limits. However, other credit unions may offer loan amounts of $50,000 or $100,000.

Is My Money Safe at BECU?

You can trust that your money is safe at BECU. Each customer’s credit union deposits are federally insured by the National Credit Union Administration up to $250,000 for individual accounts and $250,000 for joint accounts. Additionally, credit unions, including BECU, take online security measures to keep your account safe from bad actors.

Can Anyone Bank at BECU?

BECU has some eligibility requirements in place that you must meet before you can join. Most BECU customers qualify by either living in the Pacific Northwest or working for an eligible employer. However, you may also become a BECU member by being associated with—including by donating to—certain organizations.

What Is BECU Short For?

BECU is short for Boeing Employees’ Credit Union. It was originally created to serve Boeing employees, which is how the credit union got its name.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.