MembersFirst Credit Union Business Loans Review

MembersFirst Credit Union Business Loans is a business financing offering by MembersFirst Credit Union, based in Decatur, GA. Founded in 1953, MembersFirst Credit Union offers access to small business loans in 1 state across the USA.

What are MembersFirst Credit Union Business Loans’s rates?

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

Does MembersFirst Credit Union Business Loans charge an origination fee?

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

Does MembersFirst Credit Union Business Loans charge prepayment fees?

Yes, MembersFirst 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 MembersFirst Credit Union Business Loans?

MembersFirst 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 MembersFirst 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 MembersFirst 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 MembersFirst Credit Union Business Loans. Permanent resident / green card holders are also eligible to apply.

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

Yes, MembersFirst 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.