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Link to original content: https://www.investopedia.com/summit-credit-union-personal-loans-review-8414132
Summit Credit Union Personal Loans Review 2024

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Summit Credit Union Personal Loans Review for 2024

By
Dhara Singh
Dhara Singh
Full Bio
Dhara Singh is a personal finance writer with more than 300 articles published online on topics related to personal loans, mortgages, and retirement. Her work has been published on major financial websites, including Bankrate, Yahoo Finance, Cashay, and CNET.
Learn about our editorial policies
Updated November 21, 2024
Fact checked by
Ward Williams
Ward Williams
Fact checked by Ward Williams
Full Bio
Ward Williams is an Editor focused on student loans and other financial products and services. He has five years of professional editing, proofreading, and writing experience. Ward regularly contributes to stories about government policy and company profiles. He received his B.A. in English from North Carolina State University and his M.S. in publishing from New York University.
Learn about our editorial policies
Summit Credit Union logo

Summit Credit Union / Investopedia
Investopedia’s Rating
4.0
Check Rates

Our Take

A personal loan from Summit Credit Union might be an option for borrowers who may not have an extensive credit history. In addition to quick funding, Summit is praised for its commitment to increasing credit access for women and their families. The company also offers workshops, seminars, and contests to promote financial health and literacy among its members.  

However, borrowers who seek lower starting APRs, such as in the single digits, and longer payback periods of up to 84 months will find these qualities in other credit unions.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
  • specifications
Pros & Cons
Pros

  • Fast funding

  • Payment protection plan 

  • Available in all 50 U.S. states and the District of Columbia

Cons

  • Other credit unions have lower minimum APRs

  • Does not disclose maximum loan amount

  • Short maximum payback period

Key Takeaways
  • Summit Credit Union allows co-borrowers, but not co-signers.
  • The credit union boasts quick loan funding—as short as the same day if loan terms are accepted in the morning.
  • Loan amounts start at $1,500, which can be beneficial for those seeking smaller amounts to cover an emergency expense.
  • Summit Credit Union offers an option to schedule a video call, in-person visit, or phone call to apply for a personal loan.
Company Overview

Summit Credit Union, formerly CUNA Credit Union, was founded in 1935 in Madison, Wis., with the goal of providing anybody, regardless of their background, access to banking and credit services. Summit also has a sister insurance company called CUNA Mutual which provides services to other credit unions. The credit union has a reputation for empowering women with the right financial tools and education to make decisions for their families. Summit Credit Union has approximately $7.5 billion in assets across 50 U.S. states and 265,600 members.

specifications
APR Range
11.75% - 21.75%
Loan Amount
$1,500 - $20,000
Loan Terms
24 months - 60 months
Recommended Minimum Credit Score
N/A
Average Origination Fee
$0.00 - $0.00
Late Fee
$10
Why Trust Us
59
Lenders reviewed
45
Loan features considered
2,655
Data points analyzed
284
Primary data sources used
Investopedia collected data from dozens of lenders to evaluate the factors most important for borrowers. We used this data to rank each lender based on APRs and fees, loan amounts, repayment terms, customer experience, and more to provide unbiased, comprehensive reviews and help you make the right borrowing decision for your needs.
Read our Full Methodology
Summit Credit Union logo

Summit Credit Union / Investopedia
overall rating
4.0
Check Rates

Pros Explained

  • Fast funding: The staff at Summit Credit Union states that you can expect to receive your funds the same day if you sign off on terms in the morning. If you sign off the terms of your offer at the end of the business day, you can expect funds deposited the following day. 
  • Payment protection: This optional insurance program can help cover loan payments in case of job loss or other calamity.
  • Available in all 50 U.S. states and the District of Columbia: Unlike some credit unions that are only available in limited geographic areas, you can become a member of Summit Credit Union and enjoy its benefits anywhere in the U.S. 

Cons Explained

  • Other credit unions have lower minimum APRs: While Summit Credit Union offers a reasonable minimum APR, many lenders offer much lower rates.
  • Does not disclose maximum loan amount: Summit Credit Union discloses its largest payback periods online but does not state the maximum loan amounts it offers. You can only determine this with an online application. 
  • Short maximum payback period: The longest loan term is 60 months, but many competing lenders offer payback periods of up to 84 months or longer. 

Types of Personal Loans Offered by Summit Credit Union

Summit Credit Union offers an unsecured personal loan as well as secured personal loans that can be used to:

  • Pay down credit card debt, pay for a vacation, cover a medical bill, and more
  • Pay for emergencies or personal expenses 

According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons.

Personal loans from Summit Credit Union are deposited in your account. If you choose to opt for a certificate-secured loan, your balance plus interest is due at the certificate’s maturity date. Your existing bank balance with Summit Credit Union is used as the collateral.

Time to Receive Personal Loan Funds

Summit Credit Union says you can apply for a personal loan in minutes online and know by the end of the day if you’ve qualified. If approved earlier in the day, loan funds will be available to pay your creditors the same day. However, if approved later in the evening, you can expect funds to be available the following business day. 

Borrower Requirements

Summit doesn't provide many details on borrower requirements, but to join the credit union, you'll need:

  • Government issued ID drivers license, state ID, or passport with current address
  • Your complete physical and mailing address
  • Social Security number (SSN)

Summit Credit Union Personal Loan Features

  • Payment protection program: Summit Credit Union offers a Payment Protection program for personal loans, which can help protect borrowers’ loan balance or loan payments against death, disability, or involuntary employment.
  • Online banking: Members can set up automatic loan payments in online banking if their account is in good standing and they are at least 18 years old. 

Co-Signers and Co-Applicants

Summit Credit Union allows co-applicants or co-borrowers but does not allow co-signers. Co-applicants are joint owners of the loan, and both share responsibility for repaying it. Co-signers do not enjoy ownership of the loan, and they only become responsible for repayment if the borrower defaults.

Can You Refinance a Personal Loan With Summit Credit Union?

If you currently have a loan from Summit Credit Union, you can refinance it with a new Summit loan. This could shrink your overall loan cost if you get a lower rate or provide some room in your budget with a lower monthly payment.

Customer Service

Medium Contact When
Telephone 608-243-5000 Monday to Thursday, 7:30 a.m. to 7 p.m.
Friday 7:30 a.m. to 6 p.m.
Saturday 8 a.m. to 1 p.m.
X (Formerly Twitter) @summitsupport 24/7

Customer Satisfaction

Our Combined Consumer Review metric, which is calculated by aggregating Trustpilot, Google, and Better Business Bureau (BBB) reviews, gave Summit Credit Union a score of 0.159 out of 5.

On Trustpilot, Summit has a score of 3 out of 5 based on five customer reviews. However, on the BBB, it has a score of 1.65 out of 5 based on 17 customer reviews.

Summit Credit Union Membership Requirements

There are no affiliation requirements to become a member of Summit Credit Union. All U.S. citizens 18 and older can apply as long as they have a government-issued ID, proof of address, and a SSN. They also have to start their membership with one product, such as a savings, checking, money market, or certificate account.

How to Apply for a Summit Credit Union Personal Loan

  1. Begin the qualification process: Enter your desired loan amount in Summit Credit Union’s online form. If you need assistance, you can also apply with the assistance of a staff member by phone, through video chat, or in person. 
  2. Provide personal information: Next, you’ll enter your personal information including your name, SSN, address, gross annual income, housing type, monthly mortgage payment, and employer name. The company will then conduct a soft credit check, which doesn’t affect your credit score. 
  3. Wait a few minutes: Summit Credit Union will email you to let you know if you’re pre-qualified. 
  4. Complete a full loan application: Provide any other requested information to finish the full loan application and officially apply for the loan.
  5. Accept or reject the offer: If approved, Summit Credit Union will offer you some loan options so you can choose the monthly payment amount that works for you. Summit Credit Union will share details like the loan amount, terms, and APR. You’ll be able to accept or decline the offer.
  6. Receive funds: Within 24 hours of agreeing to the offer, funds will be available to pay your creditors. If you accept the loan offer later in the business day, funds will be available in one business day.  

Other Banking Services and Loans Offered by Summit Credit Union

Summit Credit Union offers various banking services beyond personal loans, including:

  • Checking accounts
  • Savings accounts
  • Certificates of deposit (CDs)
  • Credit cards
  • Individual retirement accounts (IRAs)
  • Mortgages
  • Auto loans

Compare Summit Credit Union With Other Personal Loan Lenders

Summit Credit Union Patelco Credit Union First Tech Federal Credit Union
APR Range 11.75%–12.50% 9.30%–17.90% 8.14%–18.00%
Loan Amounts $1,500–$20,000 $300–$100,000 $500–$50,000
Loan Terms 24–60 months 6–84 months 6–84 months
Recommended Minimum Credit Score Not disclosed 640 Not disclosed
Origination Fee None None None
Time to Receive Funds 1 day Same day Same day

The Bottom Line

Summit Credit Union is an excellent choice for borrowers in all 50 U.S. states seeking quick access to personal loans without an extensive credit history. Borrowers can secure a minimum of $1,500 to pay their creditors, such as high-interest credit card companies. Besides qualification in minutes and single business day loan delivery times, Summit receives praise for its commitment to increasing credit access to women and their families. The company also offers workshops, seminars, and contests to promote financial health and literacy among its members. 

However, borrowers who seek starting APRs in the single digits and longer payback periods will need to choose a different lender.

How Big of a Personal Loan Can I Get From a Credit Union?

While the maximum loan amounts vary across different credit unions, credit unions such as Alliant Credit Union and Patelco Credit Union offer loans of up to $100,000.

What Is the Richest Credit Union?

Navy Federal Credit Union is the richest federal credit union in the U.S., with assets surpassing $177 billion, according to NFCU's corporate fact sheet.

How Do You Know if a Credit Union Is Good?

The first step to knowing if a credit union is right for you is to decide what you’re looking for. For instance, do you prefer one with in-person branches or one with online services? If you’re looking for a personal loan, maybe your goal is to find one with reasonable APRs. 

You can also view Investopedia’s Best Credit Union list for different credit union options. This list breaks down our best picks for opening a checking account, savings account, CDs, and more.

Is Summit Credit Union NCUA Insured?

Yes, the National Credit Union Administration insures Summit Credit Union. This means your deposits up to $250,000 are federally insured. 

Methodology

Investopedia’s list of the best personal loans is based on comprehensive research of 59 lenders. 

To evaluate and rank personal loan providers, we collected and scored over 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria such as APRs, loan amounts and terms, fees, customer experience, and more. Research and data collection occurred from July 23 to Oct. 18, 2024. 

We organized the 45 criteria into four categories and weighted 26 (involving more than 1500 data points), using the others for background and editorial richness. We then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this project are:

  • Borrowing Requirements: 24.00%
  • Lender Features: 24.00%
  • Loan Costs: 30.00%
  • Loan Terms: 22.00% 

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

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Summit Credit Union. "Our History."

  2. Summit Credit Union. "Press Room."

  3. Summit Credit Union. "Personal Loan Rates."

  4. Summit Credit Union. "Certificate-Secured Loan Rates."

  5. Summit Credit Union. "Eligibility."

  6. Trustpilot. "Summit Credit Union."

  7. Better Business Bureau. "Summit Credit Union."

  8. Navy Federal Credit Union. "Corporate Fact Sheet."