Loan amounts and interest rates
Connexus Credit Union offers loans of $ 2,500 to $ 25,000, with interest rates ranging from 5.99% to 18.00%. This range of loans is smaller than that of many competitors, but the interest rates are slightly better than comparable
Advantages and disadvantages
How Connexus Credit Union Personal Loans Work
Connexus Credit Union offers unsecured personal loans, which are loans for which you do not have to provide collateral, such as a house or a car.
You can use a Connexus personal loan to consolidate your credit card debt, cover unforeseen expenses, perform home repairs, and more. Check with the credit union to see if the subject of your loan is eligible. You will need to fill out personal information including your social security number, income, and address to apply for a personal loan from Connexus.
You will usually receive your money within two to three business days of approving a loan.
Connexus offers a bonus for loans with certain conditions. If you take out a personal loan of at least $ 10,000 with a minimum loan term of 36 months, you can enter a promotional code to recover $ 150, deposited into a savings account at Connexus. You must make your first payment on time and you will receive your bonus within 45 days of receipt of your payment by the credit union.
For an additional monthly payment, you can also get debt protection on your loan that covers job loss, disability, and death.
To contact customer service, you can message through Connexus’ chatbot, send email, physical mail, or call Monday to Wednesday 7:00 a.m. to 7:00 p.m. CT, Thursday 9:00 a.m. to 7:00 p.m. CT, Friday from 7:00 a.m. to 7:00 p.m. CT, or Saturday 8:00 a.m. to 1:00 p.m. CT.
Connexus also offers a highly rated mobile app on Google Play and Apple stores.
What credit score is required for Connexus Credit Union?
Connexus Credit Union does not disclose the minimum credit score you need to qualify for a loan. In general, the higher your credit score, the more likely you are to qualify and the lower the rate you are likely to receive.
If you need to access your credit report, you can get it for free from any of the three major credit bureaus on annualcreditreport.com every week until April 20, 2022. This report will give you information about your payments and your credit history, although it will not provide you with your credit score. Examining your credit report can help you spot errors and find areas for improvement.
You can get your score for free on your credit card statement or online account. You can also buy it from a credit reporting agency.
Unfortunately, you cannot apply for a Connexus loan without the credit union generating a serious credit application. Thorough investigation gives the lender a complete view of your credit history, but can negatively impact your credit score. Other lenders allow you to check your rates without affecting your credit score.
After you accept the loan, your payments (or lack thereof) will appear on your credit report. Regular payments can help boost your credit score, while late or missing payments can lower your score.
Is Connexus Credit Union trustworthy?
Connexus Credit Union has an A + reliability rating from the Better Business Bureau. The BBB assesses reliability by examining a company’s response to customer complaints, the veracity of advertising, and the clarity of business practices.
The credit union has no recent scandals or controversies. You might feel comfortable borrowing from Connexus given its sparkling BBB rating and clean history.
How Connexus Credit Union Stacks Up
Connexus Credit Union personal loans have higher minimum and maximum amounts than personal loans from PenFed Credit Union and Navy Federal Credit Union. It might make more sense to go with one of the other two credit unions if you need a small amount of money or a large amount for a larger expense.
Navy Federal has more stringent membership requirements than PenFed or Connexus, as you are only eligible if you are a serving member or veteran, as well as a Department of Defense employee or retiree. Family members from any of the above groups are also eligible.
You can join PenFed if you have served in the military or worked in qualified associations or organizations. You can also sign up by opening a savings account with a minimum deposit of $ 5. The easiest way to become a Connexus member is to make a one-time donation of $ 5 to the Connexus Association.
Frequently Asked Questions
Is the Connexus Credit Union legitimate?
Yes, Connexus Credit Union is a legitimate financial institution insured by the National Credit Union Administration. In addition to personal loans, you can also open a checking account, savings account and money market account with Connexus, and other financial products are also available.
Is it difficult to get a personal loan from a credit union?
It is relatively easy to qualify for a personal loan with a credit union. Similar to a bank or online lender, you will need to meet a certain threshold for your credit score and income to get a personal loan, although many credit unions do not publish these minimums.
The main difference between getting a personal loan from a credit union and another financial institution is that you will usually need to become a member to receive your loan, although joining Connexus is as easy as making a one-time donation of $ 5.
Is a Credit Union a Good Place to Get a Personal Loan?
A credit union is a great option for personal loans because it usually offers great customer service and low starting rates. Plus, credit unions have their maximum rate capped at 18% by the NCUA, so you might get a lower rate than a comparable online lender if your credit score isn’t at its best.
How much can you borrow from a credit union?
The maximum amount you can withdraw from a caisse depends on the financial institution. With Connexus, you can borrow up to $ 25,000, which is less than most of the credit unions on our list of the best credit unions for personal loans.