Consumers Credit Union Business Loans

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 small business loans in 2 states across the USA.

What are Consumers Credit Union business loans’s rates?

Consumers Credit Union business loans offers a 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 business loan?

Consumers Credit Union business loans considers business loan applications for business purposes, such as:

What types of small business loans does Consumers Credit Union business loans offer?

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

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 small business 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 business 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. APRs for the Consumers Credit Union Business Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

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

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:

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.