MEMBERS1st Community Credit Union Business Loans

MEMBERS1st Community Credit Union Business Loans Review

MEMBERS1st Community Credit Union Business Loans is a business financing offering by MEMBERS1st Community Credit Union, based in Marshalltown, IA. Founded in 1964, MEMBERS1st Community Credit Union offers access to small business loans in 1 state across the USA.

MEMBERS1st Community Credit Union Business Loans FAQ

What are MEMBERS1st Community Credit Union Business Loans’s rates?

MEMBERS1st Community Credit Union Business Loans offers a fixed APR business financing product but they do not disclose their rates.

Does MEMBERS1st Community Credit Union Business Loans charge an origination fee?

Yes, MEMBERS1st Community Credit Union Business Loans charges a loan origination fee.

What types of small business loans does MEMBERS1st Community 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. MEMBERS1st Community Credit Union Business Loans provides access to the following business loan types:

• Lines of Credit
• SBA Loans
• Commercial Real Estate Loans

Does MEMBERS1st Community Credit Union Business Loans charge prepayment fees?

Yes, MEMBERS1st Community 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 MEMBERS1st Community Credit Union Business Loans?

MEMBERS1st Community Credit Union Business Loans does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 600 and up to 850 may be eligible for MEMBERS1st Community Credit Union Business Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

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 MEMBERS1st Community Credit Union Business Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by MEMBERS1st Community Credit Union Business Loans.

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

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

Does MEMBERS1st Community Credit Union Business Loans report your account activity to credit bureaus?

Yes, MEMBERS1st Community 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.