Pros Explained

• $300 loan minimum: Borrowers who need money for a quick, inexpensive emergency will find Liberty FCU’s loans a convenient option. The credit union offers a minimum loan of $300. 
• No specific affiliation required to join: Other credit unions, such as Navy Federal Credit Union, require you to be a veteran, retired service member, active duty officer, or an associated family member. ​​While educators started Liberty FCU, you don’t need to have a connection with the education system to enroll in a particular affiliation
• Allows loan refinance: Borrowers can refinance loans with Liberty FCU, allowing them to gain a better interest rate or change their term length to make payments more affordable or to reduce interest expense.

Cons Explained

• No pre-qualification offer: Pre-qualification allows borrowers to explore if they qualify for a loan without a hard credit check, which slightly reduces a credit score. Unfortunately, unlike many lenders, Liberty Federal Credit Union does not offer this option.
• Minimum credit score required not disclosed: If you fall on the lower side of the credit score range, it will be hard to know if you’ll get approved for a personal loan, as no public information is available. You will still have to agree to a hard credit check, which can further lower your credit score.
• Max repayment term is only 60 months: Many of Liberty Federal Credit Union’s peers offer up to 84 months to repay a loan. Liberty FCU’s smaller max repayment term may be less than ideal for borrowers looking for a longer loan term.
• Limited geographic area for in-person visits: Physical branches are located only in southern Indiana, western Kentucky, and the greater Nashville, Tennessee area. Borrowers who prefer in-person visits over digital or phone and email communication may want to look elsewhere.

Types of Personal Loans Offered by Liberty Federal Credit Union

Personal loans from Liberty Federal Credit Union require no collateral, and you can use them for any reason.

According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons.

Time to Receive Personal Loan Funds

Liberty FCU offers same-day approval and funds deposit. 

Borrower Requirements

To qualify for a loan with Liberty Federal Credit Union, you must meet the following requirements:

• Have a savings account with Liberty Federal Credit Union 
• Maintain at least $5 in a Liberty FCU savings account during membership
• Provide proof of name, address, and date of birth
• Show driver’s license and other identifying documents
• Agree to a hard credit check

Liberty Federal Credit Union Personal Loan Features

Liberty Federal Credit Union offers the following benefits:

• Additional discount: If you have a Liberty FCU checking account, you can get up to a quarter of a percent off your APR.
• Skip-a-payment program: If you’re facing an unexpected financial situation, such as emergency medical bills, Liberty Federal Credit Union will let you postpone up to two months of payments per year. Remember that you still have to pay a $35 processing fee for each missed payment. This will be added to your final loan balance.
• Pays your creditors: Liberty FCU has a Creditor Direct Pay option, which sends funds to your creditors directly. This can be helpful if you have multiple debts and need to consolidate your payments.
• Mobile app: The credit union allows you to apply for and pay back personal loans through its mobile app. 

Co-Signers and Co-Applicants

For borrowers with weaker credit, Liberty Federal Credit Union allows you to have a co-signer on personal loans. Generally, adding a co-signer or co-borrower, or opening up a joint account with someone with a more robust credit profile, can improve your chances of securing a loan with a smaller APR.

Can You Refinance a Personal Loan With Liberty Federal Credit Union?

Yes, you can refinance a personal loan with Liberty Federal Credit Union. The credit union mentions this will be faster than refinancing a mortgage. However, Liberty FCU will run a new credit application, which includes a hard credit inquiry.  Liberty FCU also recommends that you refinance no more than once a year, and only after you’ve paid down a significant chunk of your loan. This is to ensure the refinance offers a financial benefit in the long run.

Customer Service

Liberty FCU offers options to support customers. Its mobile app boasts a 4.8 rating on the Apple App Store with over 9,700 ratings, making it a good choice for customers wishing to chat confidentially with support staff. Borrowers can also contact the toll-free hotline.

Medium	Contact	When
Telephone	1-800-800-9271	Weekdays, 8 a.m. to 5 p.m. ET Specific offices vary based on location. Some may open at 9 a.m. and close at 4 p.m.
Contact Form		24/7
X (Formerly Twitter)	@MyLibertyFCU	24/7

Customer Satisfaction

Although Liberty Federal Credit Union has an A+ rating from the Better Business Bureau, the reviews on the BBB page report complaints of poor customer service. Meanwhile, on Trustpilot, the credit union earns 4.7 stars.

Liberty Federal Credit Union Membership Requirements

• You must be a member of an affiliated organization, work for a partner employer, or have a family member who has an account with the credit union. There are hundreds of affiliated organizations in the area where the credit union is based.
• You can also join by making a $5 donation to the Mater Dei Friends & Alumni Association.

How to Qualify For and Apply For a Liberty Federal Credit Union Personal Loan

1. Become a member. To join, you’ll need to create a savings account with a minimum balance of $5 and be a member of an affiliated organization (a donation to the Mater Dei Friends & Alumni Association will satisfy this requirement). You can open the account online or at any Liberty FCU branch.
2. Provide documents. You will need to show proof of name, address, and date of birth.
3. Apply online. Once approved, you can apply for a personal loan using an online application. You cannot pre-qualify ahead of time for a personal loan with Liberty FCU. 
4. Consent to a credit check. You will need to agree to a hard credit check to receive a loan.

Other Banking Services and Loans Offered by Liberty Federal Credit Union

Liberty Federal Credit Union offers a full suite of other banking and loan products, including:

• Mortgage loans
• Auto loans
• Credit cards
• Student loans
• High-yield checking accounts
• Individual retirement accounts
• Money market savings accounts
• Investor checkings accounts
• Health savings accounts

Compare Liberty Federal Credit Union With Other Personal Loan Lenders

	Liberty Federal Credit Union
APR Range	9.59%–18.00%	8.95%–17.90%	8.99%–29.49%
Loan Amounts	$300–$20,000	$300–$100,000	$5,000–$100,000
Loan Terms	12–60 months	6–84 months	24–84 months
Recommended Minimum Credit Score	Not disclosed	640	Not disclosed
Origination Fee	None	None	None
Time to Receive Funds	Same day	Same day	Same day

The Bottom Line

Most borrowers can likely find a better option than Liberty Federal Credit Union for personal loans. The advertised APRs are reasonable, if not truly competitive, but the maximum loan amount and maximum repayment term are both on the low end. Many other lenders offer loans greater than $20,000 and terms longer than 60 months. The low minimum loan amount—just $300—is among the lowest in our personal loan lender database, which may be useful for borrowers looking to get through a small financial emergency. If you want to protect yourself against financial emergencies, the credit union’s skip-a-payment program allows borrowers to postpone payments for up to a month, twice a year.

However, you should also consider that the lender does not offer loan pre-qualification, which means it will run a hard credit check before you know what your rates and other terms may be. If you’re worried about your credit, a hard credit check can lower your score. 

Where Does Liberty Federal Credit Union Operate?

Federal Liberty Credit Union operates out of its headquarters in Evansville, Indiana. However, you can find branches in Indiana, Kentucky, and Tennessee and access its services online from all 50 U.S. states and the District of Columbia. 

Can Anyone Join Liberty Federal Credit Union?

Residents of all 50 U.S. states and the District of Columbia can join Liberty Federal Credit Union. No membership affiliation is required. If you aren’t affiliated with one of Liberty FCU’s membership organizations, you can satisfy the requirement with a $5 donation to an affiliated charity.

What Credit Score Do I Need to Borrow From Liberty Federal Credit Union?

The Liberty Federal Credit Union does not disclose a minimum credit score. Generally speaking, credit unions have lower credit score requirements than banks. Liberty FCU allows both co-signers and joint applications, which can help credit-challenged borrowers. Unfortunately, it does not offer loan pre-qualification.

How Long Does It Take to Get a Personal Loan From Liberty Federal Credit Union? 

Liberty FCU says it can disburse loan funds the same day the loan is approved. 

Is Liberty Federal Credit Union FDIC Insured?

No, Liberty Federal Credit Union is not FDIC-insured. However, the credit union is certified by the National Credit Union Administration (NCUA), an independent federal agency overseeing the National Credit Union Share Insurance Fund (NCUSIF), which provides up to $250,000 of insurance coverage for each member.

Do Personal Loans From Liberty Federal Credit Union Have Any Origination Fees?

There are no origination fees for personal loans from Liberty FCU. Neither does the credit union charge loan prepayment fees. It does charge a late payment fee of $25.

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.