Blue Federal Credit Union Personal Loans Review 2024

Pros Explained

• Low loan minimum: Many lenders have loan minimums of $2,500 or more, so you're forced to borrow more than you really need if you're applying for a loan to cover a smaller expense. But with BFCU you can borrow as little as $500, so you can apply for only what you need.
• Fair credit accepted: In some cases you need good to excellent credit to qualify for a personal loan, meaning a score of at least 670. But BFCU accepts borrowers with scores as low as 590, which is near the bottom of the "fair" range, so it may be more accessible if your credit score is less than perfect.
• Open membership: Although BFCU primarily serves residents of Wyoming and Colorado, residents of other states can join thanks to their employment or by opening an account and depositing $10 ($5 of that goes to membership registration and $5 is donated to the Blue Foundation).

Cons Explained

• No loan pre-qualification: Shopping around and comparing loan options is essential to find the best deal, but BFCU makes it more difficult to do so. It doesn't have a loan pre-qualification tool, so there's no way to check your eligibility for a loan or view your rate and term options without agreeing to a hard credit check. Every hard credit inquiry may cause your credit score to drop slightly, so not being able to view rates ahead of time is a bit of a drawback.
• Limited information online: BFCU provides very little information about its loans online. To view the full range of rates along with loan amounts and term options, you either have to contact customer support or fill out an application and consent to a credit check.
• Low loan maximum: While other lenders allow you to borrow as much as $100,000 or more, BFCU has a much lower loan maximum of $30,000. If you have significant credit card debt or a major expense over that amount, you may need to work with a lender with a higher limit.

Types of Personal Loans Offered by Blue Federal Credit Union

BFCU personal loans are unsecured, so there's no need for collateral. You can use your loan for a variety of expenses, including: 

• Debt consolidation: You can save money and get out of debt faster by consolidating high-interest credit card debt (or other debts) with a personal loan at a lower rate. But don’t use your freed up credit cards to rack up even more debt.
• Home improvements: If you're renovating your kitchen, building a deck, or installing a swimming pool, a personal loan allows you to spread out the cost over several years.
• Medical and dental expenses: If you have medical or dental expenses that aren't covered by insurance, you can use a personal loan to pay for the cost and repay it in monthly installments. 
• Travel: You can use a personal loan to finance your honeymoon or a dream vacation abroad.

According to customer support, Blue Federal offers secured loans as well.

Time to Receive Personal Loan Funds

BFCU doesn't disclose how long it takes to process applications. But once you're approved, loans are generally funded within two business days.

Borrower Requirements

To qualify for a loan, you must meet the following requirements: 

• You must be the age of majority in your state
• You must have a credit score of at least 590
• You must have a source of income
• You must be a member of the credit union or join at the time of applying for a loan

Blue Federal Credit Union Personal Loan Features

If you join BFCU and open a Nova Perks checking account, you can get access to benefits like cell phone protection and roadside assistance.

If you don't want to open a new checking account, the credit union's benefits are more limited. However, personal loan borrowers can take advantage of BFCU's skip-a-payment feature, which allows you to defer a payment up to three times per year and up to a maximum of eight times over the life of the loan (loans of 12 months and less aren’t eligible).

Co-Signers and Co-Applicants

BFCU doesn't allow co-signers on personal loan applications. However, it does allow you to apply with a joint applicant; each applicant’s credit and income information will be considered, potentially helping you qualify when you otherwise wouldn’t. Unlike co-signers, joint applicants share equal responsibility for the loan from the outset and can typically access the loan account.

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

BFCU allows you to refinance existing personal loans that you hold with either another lender or BFCU itself.

Customer Service

BFCU's customer support team is available by phone and live chat, and you can also get help in person at its branches in Colorado and Wyoming.

Customer Satisfaction

As a smaller credit union, reviews of BFCU and its personal loans are very limited. It currently has no Trustpilot profile, and hasn’t been included in J.D. Power’s lender satisfaction studies.

Blue Federal Credit Union Membership Requirements

You can qualify for BFCU membership if you meet one of the following requirements:

• You live in either Wyoming or Colorado
• You have a family member who is an existing BFCU member
• You work for an eligible employer or belong to eligible organization in Wyoming or Colorado
• You are in the U.S. Armed Forces (active or retired) or a civilian employee assigned to the Francis E. Warren Air Force Base, or you are a dependent eligible to receive benefits from that base
• You are a member of the National Guard or Naval Reserve and are stationed in Wyoming

If you don't meet any of those criteria, you can still become a BFCU member by making a $5 donation to the Blue Foundation, an organization that provides funding to non-profit groups in Wyoming and Colorado.

How to Apply for a Blue Federal Credit Union Personal Loan

You can apply for a BFCU personal loan online, over the phone, or in person at a BFCU branch. BFCU doesn't have a loan pre-qualification tool, so the only way to check your eligibility for a loan is to submit an application. To apply online, you'll need to have your Social Security number, driver's license, and employer contact information handy.

Once you have the necessary documents, follow these steps to apply:

1. Enter loan details: Type in the desired loan amount and select which loan term you want. The application will also prompt you to specify whether you're using the loan for debt consolidation or another purpose.
2. Select preferred branch: If you are in Colorado or Wyoming, you can select the branch nearest to you. If you live outside of those states, choose the option that says, "**Locations outside Wyoming or Colorado."
3. Enter personal information: The application asks for personal information, including your birthdate, Social Security number, income, and expenses. It will also ask you to upload a copy of your driver's license.
4. Add a co-applicant: If you want to submit a joint application, you can add the other person's information.
5. Consent to a credit check: After filling out the required information, the form will ask you to consent to a hard credit inquiry.
6. Join the credit union: If you're not yet a member of BFCU, you'll be prompted to join by making a $5 donation to the Blue Foundation. Once you agree and fund the donation, you can submit the personal loan application. BFCU will review your information and make a decision.

Other Banking Services and Loans Offered by Blue Federal Credit Union

BFCU offers both personal and business banking products, including savings accounts, checking accounts, credit cards, auto loans, and student loans. You can also find options for certain kinds of insurance and financial advice.

Compare Blue Federal Credit Union With Other Personal Loan Lenders

The Bottom Line

If you have less-than-perfect credit and need a relatively small amount of money, Blue Federal Credit Union could be a good choice for you. It has a low loan minimum of just $500, so you won't be forced to borrow more than you need, and it accepts credit scores as low as 590. However, borrowers with excellent credit may find better rates elsewhere, so it's worth shopping around and requesting quotes from other lenders.

How Do You Join Blue Federal Credit Union?

You can qualify for BFCU membership based on where you live or your employment, or by making a $5 donation to the Blue Foundation. Active-duty and retired members of the U.S. Armed Forces are eligible, as are members of the Wyoming National Guard stationed in Wyoming. Employees and workers at Francis E. Warren Air Force Base are eligible.

You can join the credit union online, over the phone, or in person.

What Is the Maximum I Can Borrow With a Blue Federal Credit Union Personal Loan?

The maximum loan amount for an unsecured personal loan from BFCU is $30,000. If you need something bigger, try our picks for the best overall personal loans.

How Long Does It Take to Get a Personal Loan From Blue Federal Credit Union?

Although BFCU doesn't disclose typical application processing times, it can disburse loan funds within two days of approving your application. That’s not slow, but the best fast loan lenders can disburse funds on the same day you’re approved.

Are Loans From Blue Federal Credit Union Secure or Unsecured?

Loans from BFCU are typically unsecured, but according to the financial institution's customer support, it does offer secured loans too.

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.