Summit Credit Union Personal Loans Review 2024

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

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 only become responsible for repayment if the borrower defaults.

Can You Refinance a Personal Loan With Summit Credit Union?

Yes, if you currently have a loan from Summit Credit Union you can refinance it with a new Summit Credit Union 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

Customer Satisfaction

Summit Credit Union holds an A+ rating from the Better Business Bureau, an unbiased rating determined independent of customer reviews. But the 14 self-reported customer reviews combined on BBB give it 1.71 out of 5 stars.

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 social security number. They also have to start their membership with one product, such as a savings, checking, money market, or certificate account.

How to Qualify For and 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, Social Security number (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

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 $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, ENT Credit Union, and Patelco Credit Union offer loans 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 $155 billion, according to the National Credit Union Administration. 

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

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.