Many people in Virginia are turning to credit unions when they want to apply for a new loan because they know that the APR interest rates at the credit union are amongst the lowest. You can usually get a decision within a few days when you apply for the personal loan from the credit union in Virginia. The following are the top 4 credit unions that offer short term loans in Virginia.
1. Navy Federal Credit Union
Navy Federal Credit Union is a credit union based in Vienna, Virginia. The credit union was founded by a few navy employees on the 17th January 1933. Navy Federal Credit Union has a membership base of around 7 million and total assets of more than $81 millions. Navy Federal Credit Union offers personal loans with a maximum loan amount of up to $50,000. If the loan is to be used for home improvement, the loan term can be longer than 60 months. For loans with 61-84 months, the minimum loan amount is $25,000. If you want to take out a loan with 84-180 months repayment term, the minimum loan amount that you must borrow is $30,000.
2. PenFed Credit Union
PenFed credit union in Virginia was founded in 1935 and it serves residents in 50 states in the USA and District of Columbia. The penfed credit union is one of the biggest credit unions in Virginia with a total asset of $23 billion and a large membership base that consists of more than 1.5 millions members. The PenFed Credit Union offers personal loans with a minimum loan amount of $500 and a maximum loan amount of $25,000. The APR interest rate starts from 9.99% regardless of the loan term you choose. There are 3 repayment periods to choose from including 36, 48, and 60 months. The minimum monthly payment for all loans is $50.
3. Northwest Federal Credit Union Foundation
Northwest Federal Credit Union Foundation (NWFCU Foundation) was originally established to serve the employees of Central Intelligence Agency in 1947. NWFCU’s lifestyle and personal loan is available with a loan term of up to 84 months. If the loan term is 1 year, the minimum loan amount for the personal loan is $500. If the loan term is 25 – 60 months, the minimum loan amount that must be applied is $3,000. The APR interest for NWFCU personal loan starts from 10.65%. The maximum loan amount that you can apply for the NWFCU personal and lifestyle loan is $25,000 and the maximum length of the repayment period is 7 years.
4. Apple Credit Union
Apple Credit Union is a non for profit credit union founded by 10 educators from Fairfax County Public School in 1956. It has over 20 branches in the Northern Virginia area. Apple Credit Union offers signature loan with a maximum loan amount of $50,000 and a loan term of up to 60 months. It has a simple application process and it does not charge any early repayment penalty fee. The APR interest for the signature loan at Apple Credit Union starts from as low as 8.99%.