Loan rates and interest rates

Connex Credit Union offers loans ranging from $ 2,500 to $ 25,000, with interest rates ranging from 5.99% to 18.00%. This loan amount is lower than most competitors, but the interest rates are slightly better than comparable

Credit unions


Advantages and disadvantages

How Connexus Credit Union Private Loans Work

Connex Credit Union offers unsecured private loans, such as loans that you do not deposit.

You can use Connexus Personal Loans to consolidate credit card debt, cover unexpected expenses, make home repairs and more. Check with the credit union to see if your loan objective is valid. To apply for a personal loan with Connexus, you must fill in personal information, including your Social Security number, income and address.

You will generally receive your money within two to three business days after you are approved for the loan.

Connexus offers a loan bonus with certain terms. If you take out a personal loan of at least $ 10,000 for a minimum of 36 months, you can enter a promo code to repay $ 150 in your Connexus savings account. You must make your first payment on time and you will receive your bonus within 45 days of the credit union receiving your payment.

For an additional monthly payment, you can get credit protection for loss of employment, disability and death on your loan.

For customer support, you can send Connexus’ chatbot messages, email, text messaging or call Monday to Wednesday from 7 ፡ 00 00 7 7 ፡ 00 00 PM City, Thursday 9 00 00 00 7 7 00 00 00. In the afternoon, Friday, 7:00 a.m. to 7 p.m., 00:00, or Saturday, 8:00 a.m. to 1 p.m., 00 p.m.

Connecticut has a well-reviewed mobile app on Google Play and the Apple Store.

What credit score is required for Connexus Credit Union?

Connexus Credit Union does not specify the minimum credit score you need to qualify for a loan. In general, the higher your credit score, the more likely you are to qualify and the lower you will receive.

If you want to get your credit report, you can get it every week through April 20, 2022 at no cost to the three major credit bureaus. This report will give you information about your payments and credit history – but it will not give you your credit score. Viewing your credit report will help you identify errors and find areas for improvement.

You can get your points for free on your credit card statement or online account. You can also buy it from a credit reporting agency.

Unfortunately, you will not be able to apply for a loan from Connex without obtaining a strong credit rating. Serious questions give your lender an overview of your credit history, but it can also negatively affect your credit score. Allows other lenders to check your rates without affecting your credit score.

After you receive the loan, your payments (or deficiencies) will appear in your credit report. Uninterrupted payments can help increase your credit score, and late or late payments can reduce your credit score.

Is Connexus Credit Union Trustworthy?

Connexus Credit Union has an A + loyalty rating from the Best Business Office. BBB’s loyalty rating is based on its response to customer complaints, the accuracy of advertising and business transparency.

The credit union has no recent scandals or disputes. From a BBC standpoint and a clear history, you may feel comfortable borrowing from Connex.

How to Connexus Credit Union Comparison

Connex Credit Union private loans are lower and higher than private loans than Penfeed Credit Union and Navy Federal Credit Union. If you want a small amount of money or a large sum for a large expense, it may be more reasonable to go along with the other two credit unions.

The Federal Navy has stricter membership requirements than Panfeed or Connexes, as you can only become a veteran or veteran and a Defense Department employee or retiree. Family members are also eligible for the above groups.

You can join PenFed if you have served in the military or worked in a qualified union. You can join by opening a $ 5 minimum deposit. The easiest way to become a Connexus member is to donate $ 5 a day to the Connex Association.

Frequently Asked Questions

Is Connexus Credit Union Legal?

Yes, Connex Credit Union is a legal financial institution guaranteed by the management of the National Credit Union. In addition to personal loans, you can open a checking account, savings account and money market account with Connex, and other financial products are also available.

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

It is relatively easy to qualify for a personal loan from a credit union. Like a bank or an online lender, you will need to meet certain credit and income limits to get a personal loan, although many credit unions do not disclose those minimum payments.

The big difference between getting a loan from a credit union and another financial institution is that you usually have to be a member to receive your loan – although it is easy to make a one-time donation of $ 5.

Is a credit union a good place to get a private loan?

Credit unions are a great option for personal loans because they often boast good customer service and low interest rates. In addition, credit unions hold a significant 18% stake in NCUA, so if your credit score is not very good you can get a lower price compared to an online lender.

How much can you borrow from a credit union?

The maximum amount you can withdraw from a credit union depends on the financial institution. You can borrow up to $ 25,000 on Connexus, which is less than most of the credit unions available at our best credit unions.