Are credit unions good for business loans?

A credit union can be a good choice for a business account if there are locations near you and you can qualify to join. These nonprofit, membership-based financial institutions often get high marks for customer satisfaction compared with banks.

Is it hard to get a loan from a credit union?

It’s not too hard to get a personal loan from a credit union, as long as you meet their qualifications. However, you shouldn’t entirely rule out banks and online lenders. Many of them have enticing offers for personal loans as well.

What is the minimum credit score for a business loan?

In general, though, this is what you can expect when comparing the minimum credit scores for business loans: Banks and credit unions: At least 680; some will consider scores as low as 650, but 700 is the preferred minimum. SBA lenders: 620 to 680; requirements vary by loan program.

How to apply for a credit union loan?

Call us 24/7 at 803-278-4851 to apply for a loan over the phone! *All loans subject to approval and rate may vary depending on individual’s credit history and other factors. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice.

What kind of loans can you get from a credit union?

Credit unions offer many of the same financial services as banks, including business and personal checking and savings accounts, vehicle loans, personal and business credit cards, mortgages, and business loans. There are several different types of credit unions to consider for small business loans. Those include:

Can a credit union loan money to a small business?

The government guarantees a large percentage of each loan (up to 85%), making it less risky for credit unions and other lenders to loan money to small businesses. The application process for obtaining an SBA loan is notoriously long and difficult, but it’s not impossible.

What kind of financial services does a credit union offer?

Credit unions offer many of the same financial services as banks, including business and personal checking and savings accounts, vehicle loans, personal and business credit cards, mortgages, and business loans. There are several different types of credit unions to consider for your financial needs. Those include: