Affinity Federal Credit Union Personal Loans Review 2024

Pros Explained

• Flexible repayment terms: For most personal loan uses, you can choose a repayment term between one and five years. If you're planning to consolidate high-interest debt, however, you may be able to go up to 10 years, which is longer than some other personal loans.
• No loan maximum for debt consolidation: If you're planning to consolidate debt, you aren't subject to the same limit as other personal loan uses. Depending on how much debt you have, however, you may still be able to work with other lenders.
• No origination fees: The credit union doesn't charge an upfront fee when you receive your loan. With some other lenders, you may have anywhere from 1% to 12% of the loan amount deducted from your disbursement.
• Allows co-signers: While there's no spot to add a co-signer during the application process, we confirmed with a representative from Affinity that you can add one after you submit your application, which can help if you can't get approved on your own.

Cons Explained

• Low maximum loan amount: The maximum amount you can borrow is $25,000. Other personal lenders may offer loans of up to $100,000.
• High starting APR: If you have excellent credit, you may be able to qualify for a lower interest rate with a different lender.
• No pre-qualification available: Pre-qualification tools allow you to gauge your approval odds and compare potential terms with no impact to your credit score, and most top personal loans include that feature. With Affinity, however, you'll need to submit an official application and undergo a hard credit check to get an offer.

Types of Personal Loans Offered by Affinity Federal Credit Union

Affinity offers a few different types of personal loans, including:

• General personal loans: You can use this type of loan for a variety of purposes, such as large purchases, emergency expenses, and vacations.
• Debt consolidation loans: Unlike other personal lenders, Affinity separates its debt consolidation loan, offering higher loan amounts and longer repayment terms, albeit with slightly higher interest rates for comparable repayment terms.
• Shared secured loan: With this loan, you can take out a loan using your savings account as collateral. Repayment terms are even longer, with options up to 12 years, and interest rates are just 2.75% higher than the account interest rate.
• Certificate-secured loan: This option is secured by funds in a certificate of deposit. It offers terms of up to 10 years and the rate is 2% higher than the certificate rate.

According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a personal loan, followed by home improvement projects and major purchases.

Time to Receive Personal Loan Funds

Once you submit your application, it can take up to three days to get a decision. After you're approved, it typically takes three days to fund the loan. 

Borrower Requirements

Affinity Credit Union doesn't disclose its minimum credit score or income requirements to get approved, nor does it offer pre-qualification. 

However, one clear requirement is that you need to be a member of the credit union to get approved. Note that you'll also need to make a $5 deposit when opening an account, which is inaccessible as long as you're a member.

Affinity Federal Credit Union Personal Loan Features

• Direct pay: If you get approved for a debt consolidation loan, Affinity can pay off your credit cards directly.
• Online courses: Through a partnership with Enrich, a financial wellness program provider, you can take advantage of several free online courses to help you improve your money management.
• Discount: If you make automatic payments from an Affinity Credit Union account, you can get a 0.25% discount on your interest rate.

Co-Signers and Co-Applicants

You can add a co-signer to your application after you've submitted it.

Can You Refinance a Personal Loan With Affinity Federal Credit Union?

Yes, you can refinance other personal loans with an Affinity Credit Union loan. 

Customer Service

Customer Satisfaction

Customer satisfaction with Affinity Credit Union appears to be mixed, with an average rating of 2.8 out of 5 stars on Trustpilot. However, that only includes six reviews. The average customer rating on the Better Business Bureau website is 1.28 out of 5 stars, but again, the sample size is small, with just 18 reviews.

Affinity Federal Credit Union Credit Union Membership Requirements

You need to be a member of the credit union to get approved for a personal loan, but anyone can join during the application process. Here are some of the qualifiers:

• Work for one of Affinity's 2,000 community employers
• Join an eligible association or club, most of which are local to New Jersey
• Have an immediate family member or household member who's an existing member
• Join the Affinity Foundation with a one-time $5 donation

You'll also need to make a $5 deposit when opening an account, which is inaccessible as long as you're a member.

How to Qualify For and Apply For an Affinity Federal Credit Union Personal Loan

1. Become a member. If you're not already a member, you'll need to complete that process before you can apply. You'll need to provide some basic information about yourself, including your Social Security number, a government-issued ID, and banking information, and pay a $5 membership deposit.
2. Complete an application. For the application, you'll share how much you want to borrow and provide some details about yourself, such as your name, Social Security number, date of birth, account number or member number, income and employment information, and contact information.
3. Review and accept the loan offer. If you're approved, you'll receive an offer, complete with terms and rates. Review the loan agreement carefully before signing it. 
4. Receive your loan funds. After you accept the loan offer, you should receive the proceeds within three days.  

If you're applying for a debt consolidation loan, you'll also need to complete a free online course called "Creating a Budget and Sticking to It." 

Other Banking Services and Loans Offered by Affinity Federal Credit Union

Affinity Federal Credit Union also provides a variety of other financial products and services, including:

• Checking and savings accounts
• Certificates of deposit
• Credit cards
• Secured personal loans
• Auto loans
• Student loans
• Mortgage loans
• Home equity lines of credit (HELOCs)
• Investment services
• Business bank accounts, loans, and other services

Compare Affinity Federal Credit Union With Other Personal Loan Lenders

The Bottom Line

Affinity Federal Credit Union offers flexible loan amounts and repayment options, especially for people who are looking to consolidate high-interest debt. It also doesn't charge an origination fee, and its maximum APR is low compared to other top personal loans.

However, the starting interest rate is high compared to similar options, and if you want a personal loan for something other than debt consolidation, the lender's $25,000 limit is relatively low. 

Before you apply with Affinity Credit Union, shop around and get pre-qualified with several other lenders to get an idea of what you can qualify for. If your credit score needs some work, also consider applying with Affinity to see if you can get better terms. 

What Credit Score Do You Need for a Personal Loan at a Credit Union?

As with other personal lenders, credit unions may have different eligibility criteria, including minimum credit score requirements. That said, credit unions in general offer lower rates and they are more likely to offer loans secured by a savings or certificate of deposit account, which usually are offered with a lower credit score. 

Is Affinity Federal Credit Union a Good Bank?

Affinity Credit Union offers a lot of valuable features to its members, including low interest rates on certain loans, high interest rates on savings accounts, and even rewards on one of its checking accounts.  

How Do You Ask for a Personal Loan From a Credit Union?

You can generally apply for a personal loan online through the credit union's website or in person at a local branch. If you're not already a member, though, you'll typically need to join the credit union before you can get approved. As with other lenders, your approval and loan terms will be determined based on your creditworthiness.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.