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  Consumers Credit Union Business Lines of Credit

Consumers Credit Union Business Lines of Credit

in Business Lines of Credit from Consumers Credit Union

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Consumers Credit Union Business Lines of Credit

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in Business Lines of Credit from Consumers Credit Union

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Highlights
APR  (Variable APR) Starting at 1.5%
Credit Score Range 700 - 840
Loan Amount Starting at $50,000

Consumers Credit Union Business Lines of Credit Review

Consumers Credit Union Business Lines of Credit is offered by Consumers Credit Union, a credit union founded in 1930 and based in Waukegan, IL. Consumers Credit Union Business Lines of Credit is available in 2 states across the USA.

Consumers Credit Union Business Lines of Credit FAQ

What APRs does Consumers Credit Union Business Lines of Credit offer?

Consumers Credit Union Business Lines of Credit offers a variable APR product that starts at 1.5% APR.

Does Consumers Credit Union Business Lines of Credit charge an origination fee?

Yes, Consumers Credit Union Business Lines of Credit charges an origination fee.

What limitations does Consumers Credit Union Business Lines of Credit set on the purpose of the line of credit?

Consumers Credit Union Business Lines of Credit considers line of credit applications for business purposes, such as:

  • Emergency Repairs
  • Equipment Purchase
  • Inventory
  • Lease Improvement
  • Marketing
  • New Location
  • Payroll
  • Product or Service Expansion
  • Technology Investment
  • Working capital

Does Consumers Credit Union Business Lines of Credit charge a late fee?

Yes, Consumers Credit Union Business Lines of Credit charges borrowers with a late payment fee of up to $25 or 5% of the past due amount, whichever is greater.

Does Consumers Credit Union Business Lines of Credit charge prepayment fees?

Yes, Consumers Credit Union Business Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from Consumers Credit Union Business Lines of Credit?

Line of credit amounts start at $50,000.

What do you need to qualify for Consumers Credit Union Business Lines of Credit?

Applicants with a credit score of at least 700 and up to 840 may be eligible for Consumers Credit Union Business Lines of Credit.

Consumers Credit Union Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Consumers Credit Union Business Lines of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Consumers Credit Union Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Recent bank statements
  • Business formation documents
  • Proof of insurance
  • Driver's license
  • Government issued photo ID
  • Proof of identity

What are the business financing requirements for Consumers Credit Union Business Lines of Credit?

To apply for Consumers Credit Union Business Lines of Credit, the applicant needs to provide the following documentation:

  • Personal guarantee.
  • Business license
  • Business bank account

Does Consumers Credit Union Business Lines of Credit report your account activity to credit bureaus?

Yes, Consumers Credit Union Business Lines of Credit reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What is the minimum percentage of business ownership that Consumers Credit Union Business Lines of Credit requirs from the applicant?

To apply for Consumers Credit Union Business Lines of Credit, the applicant needs to have at least 20% of business ownership. If you don't have enough ownership in the company, your application will most likely be denied from the Consumers Credit Union.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Consumers Credit Union Business Lines of Credit

CCU is a trusted source of financial support for you and your growing company. Business Secured Lines of Credit provide the capital you need to bridge the gap between invoice and collection. Letters of Credit Issuance guarantee that third parties receive the payment due them. Business Construction and Development Loans support you with on-demand capital to be used on everything from new construction to extensive remodeling and renovation projects.

Availability

  Available in 2 states
  • Illinois
  • Wisconsin

Feature Breakdown

Annual Fee $100
Late Fee Amount Starting at $25
Applicant's Minimum Percentage of Business Ownership 20%
Business Financing Requirements
  • Personal Guarantee
  • Business License
  • Business Bank Account
Credit Score Range 700 - 840
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Months in Business 24
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Insurance
  • Business Formation Documents
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
APR (Variable APR) Starting at 1.5%
Loan Amount Starting at $50,000

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