Consumers Credit Union Business Loans Review

Consumers Credit Union Business Loans is a business financing offering by Consumers Credit Union, based in Waukegan, IL. Founded in 1930, Consumers Credit Union offers access to business loans in 2 states across the USA.

What are Consumers Credit Union Business Loans’s rates?

Consumers Credit Union Business Loans offers a variable APR business financing product that ranges from 1.5% APR.

Does Consumers Credit Union Business Loans charge an origination fee?

Yes, Consumers Credit Union Business Loans charges a loan origination fee.

What limitations does Consumers Credit Union Business Loans set on the purpose of the loan?

Consumers Credit Union Business Loans considers loan 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

What types of business loans does Consumers Credit Union Business Loans offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Consumers Credit Union Business Loans provides access to the following business loan types:

• Unsecured term loans
• Secured Term Loans
• Lines of Credit
• Commercial Real Estate

Does Consumers Credit Union Business Loans charge a late fee?

Yes, Consumers Credit Union Business Loans 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 Loans charge prepayment fees?

Yes, Consumers Credit Union Business Loans charges additional fees to borrowers who pay off their loans 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 loan early.

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

Consumers Credit Union Business Loans requires companies to be in business for at least 24 months. Businesses don't have to meet a minimum annual revenue to be considered.

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

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 Loans. 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 Loans. 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

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

Yes, Consumers Credit Union Business Loans 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.