Pros Explained

• Widely available: Service CU memberships are available anywhere in the U.S., and members in three states (Massachusetts, New Hampshire, and North Dakota) and overseas in Germany benefit from brick-and-mortar locations for high-touch service. Active military personnel will also appreciate that some branches are located on Air Force bases. Most people can easily meet the credit union’s membership requirement by joining the American Consumer Council (ACC). An individual or business membership is free with Service CU’s promo code “Service.” Individual memberships are lifetime, so you won’t have to worry about paying a fee down the road to maintain your membership. 
• No credit history needed: You can be approved for a Service CU personal loan without a credit history, even if you don’t have a co-applicant or co-signer. But, you’ll be charged the highest interest rate for personal loans—18% at the time of this writing. 
• Offers smaller loan amounts: Service Credit Union’s minimum loan amount is $500, lower than most other companies we looked at.

Cons Explained

• No loan pre-qualification available: Pre-qualifying for a loan lets you gauge how likely you’ll be approved without lenders needing to do a hard credit pull until you officially apply.
• Higher starting APRs: The lowest APR you can get on a personal loan with Service CU is 10.74%, and that’s only after a 0.75% rate reduction by having a Direct+ checking account. The majority of lenders we looked at had lower starting APRs, with some even as low as 2.99%.
• Must borrow additional funds when refinancing: You’ll have to borrow at least $1,000 in new funds when refinancing your Service Credit Union loan for better terms. 

Types of Personal Loans Offered by Service Credit Union

Service Credit Union has unsecured personal loans with APRs starting at 10.74% (with rate reduction) and personal lines of credit with starting APRs of 11.99%. 

The company’s personal loans are available for a variety of uses, including:

• Vacations
• Medical bills
• Car repairs
• Debt consolidation
• Moving expenses
• Weddings
• Disaster relief
• Home improvements
• Refinancing

Although you don’t need to have a credit history to apply for a loan, you’ll likely get better interest rates with one of the company’s share-secured loans. These loans use your Service CU savings account as collateral. 

According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the top reason cited for getting a personal loan.

Time to Receive Personal Loan Funds

You typically get your funds within one business day of signing your contract, which is an average wait time for these types of loans. But if you apply for your loan at one of Service CU’s 50 branches, you can often walk out with money in hand. 

Borrower Requirements

To borrow with Service Credit Union, you have to first be a member. Once you apply, loan officers will look at your debt-to-income ratio, other debt, and your ability to repay the loan. The credit union doesn’t disclose if you need a minimum credit score. Note that if you’re refinancing a Service CU personal loan, you’ll need to borrow at least $1,000 in new funds. 

Service Credit Union Personal Loan Features

Here are some features you’ll find from Service Credit Union:

• Pay off creditors: Service Credit Union can pay off your old debts directly if you're using your personal loan to refinance. 
• Mobile app: Deposit checks, pay bills, transfer funds, find local branches, get important documents, and more from your phone or tablet with Service CU’s Apple and Android apps.
• Rate reductions: Depending on their checking account type, people who bank with Service Credit Union can get up to a 0.75% rate reduction on their loan. This can lower the starting APR for personal loans to 10.74%. For the highest rate reduction, members must have a Deposit+ checking account.

Co-Signers and Co-Applicants

Service CU lets you have either a co-signer or co-applicant when applying for a loan, one of the only companies from our research to do so. The difference between the two is that a co-applicant borrows the money with you and is responsible for its repayment, while a co-signer guarantees they’ll continue paying off your loan if you can’t. A co-signer doesn’t receive any of the personal loan funds. 

Can You Refinance a Personal Loan With Service Credit Union?

Yes, you can refinance a Service Credit Union personal loan for better rates. But beware, you’ll need to borrow at least $1,000 in new funds to qualify. 

Customer Service

If you need to get a hold of Service Credit Union, here are your options.

Medium	Contact	When
Telephone	800-936-7730	24/7
Live Chat	//servicecu.org/	Weekdays, 2 a.m. to 8 p.m. ET Saturday, 2 a.m. to 6 p.m. ET
Facebook Messenger		24/7
General Inquiries Email	scu@servicecu.org	24/7

Customer Satisfaction

On Trustpilot Service Credit Union has earned 3.1 stars, on just three reviews, which is hardly enough to properly evaluate. Similarly, the Better Business Bureau gives Service Credit Union an "A+" rating, but it earns just 1.31 stars on 13 reviews. In the past year there have been more than 50 complaints filed with the Consumer Financial Protection Bureau involving vehicle loans and credit reporting, among other services.

Service Credit Union Membership Requirements

Qualifying groups for a Service CU membership include: 

• Active duty military and veterans and their families
• Department of Defense workers and their families
• Members of select employers 
• Members of the American Consumer Council (ACC) 
• Members of the Financial Fitness Association (FFA)

You can join , by phone, or at a . You’ll be asked to provide the following:

• Social Security number
• Driver’s license or government ID
• Current home address
• Credit card or bank routing number to fund your account
• $5 for your first deposit

If applying online, joining the credit union is a three-step process. You’ll first prove your eligibility, choose what type of account you’d like to open, and fill in your personal information. Then, you’ll give your bank or credit card information before opening your account. 

How to Qualify For and Apply For a Service Credit Union Personal Loan

Applying for a personal loan with Service Credit Union is a matter of filling out your loan, personal, and financial details before reviewing your application and submitting it.  Here’s a closer look:

1. Start your application. Hit “Apply Now” on the company’s personal loan page.
2. Complete the application process. You’ll need to select if you want a line of credit instead of a traditional personal loan and what you’ll use the funds for. You’ll also list how much money you want to borrow and how long you’ll need to pay it back. Afterward, you’ll supply your personal information, including your Social Security number, email address, phone number, current mailing address, employment information, and gross monthly income. Service CU will also ask if you want credit life and disability insurance. This low-cost add-on (such as $5 on a $5,000 loan) covers your monthly payments if you die or experience a disability after an accident or injury. 
3. Review and accept your loan offer. A loan officer reviews your application and sends over the final terms and contract to sign if approved. 
4. Receive your loan funds. Once you sign your contract, your funds are deposited into your Service Credit Union account within 24 hours, or the next business day if it’s a weekend or holiday. 

Other Banking Services and Loans Offered by Service Credit Union

Service Credit Union offers a multitude of banking services and loan options, such as:

• Checking accounts
• Savings accounts, including for holiday spending, kids, trusts, and money market accounts
• Business and commercial checking and savings accounts
• New, used, and refinanced vehicle loans, including boats and motorcycles
• Credit cards
• Mortgages
• Home equity loans
• iBOT loans for personal mobility devices
• Military loans
• New and refinancing student loans
• Business and commercial loans

Compare Service Credit Union With Other Personal Loan Lenders

	Service Credit Union		Liberty Federal Credit Union
APR Range	10.74%–18.00%	7.99%–17.99%	9.59%–18.00%
Loan Amount	$500–$50,000	$600–$50,000	$300–$20,000
Loan Terms	12–60 months	12–60 months	12–60 months
Recommended Minimum Credit Score	Not disclosed	700	Not disclosed
Origination Fee	None	None	None
Time to Receive Funds	1 day	1 day	Same day

The Bottom Line

Service CU’s loans are best for people with poor to nonexistent credit scores, thanks to it having an 18% APR cap, a $500 minimum loan amount, $5 late payment fees, and no credit history requirement. Its personal loans are available across all 50 states and D.C., and anyone can meet the credit union’s membership requirement by joining the ACC for free. If you have good to excellent credit, you’d likely do better with one of our best companies for personal loans, which feature lower starting APRs and more benefits.

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

Personal loans of up to $50,000 are available from many credit unions. Each credit union has a different minimum and maximum loan amount they are willing to lend to borrowers.

What Is the Easiest Loan to Get Approved For?

The easiest personal loans to apply for typically skip credit checks, borrow against your income, or use collateral to secure the loan. These include payday loans and car title loans. However, these loans often have extremely high interest rates and short repayment terms, making them difficult to repay. The next type of loans that are easiest to get are generally low-cost personal loans and credit cards. Service CU accepts applicants with no credit history and offers loans as small as $500.

Does Zelle Work With Service Credit Union?

Yes, Service Credit Union offers Zelle’s services. Log in online or on the app, go to “Transfer Funds,” and choose “Send Money with Zelle.” If it’s your first time sending money with Zelle, you’ll be asked to accept the terms and conditions, enter your email or cell phone number, and enter your one-time verification code.

What Is the Difference Between a Federal Credit Union and Just a Credit Union?

Federal credit unions must have “federal” in their name and are regulated by the National Credit Union Administration (NCUA)—not the federal government as you might expect. Other credit unions are regulated by their state’s financial services division. Credit unions in Arkansas, Delaware, South Dakota, Wyoming, and the District of Columbia are all federal credit unions because these states do not regulate credit unions.

A significant difference between a federal and state-chartered credit union is that federal credit unions have a maximum interest rate they can charge, while states may have higher or no ceilings on interest rates.

Which Is Safer: FDIC or NCUA?

The FDIC and NCUA are equally safe. The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) are independent federal agencies that insure your deposits at a participating institution for up to $250,000. The only difference is that the FDIC insures banks while the NCUA insures credit unions.

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.