SRP Federal Credit Union Bad Credit Loan Review

SRP Federal Credit Union Financial Terms In a Glimpse

SRP Federal Credit Union Highlights

Listed below are the many features that SRP Federal Credit Union provides its members.

Pre-qualify with Soft Credit Pull

More often than not, credit unions do a soft credit pull to check and analyze the credit information of a borrower.

This allows it to identify whether one is pre-qualified for the loan or not. SRP Federal Credit Union provides just that, granting to clients unaffected credit scores when performing this financial service option.

High Debt to Income Ratio Allowed

At SRP, the income determines what loan a borrower can afford. It is not clear, however, if it accepts a high debt to income ratio.

Line of Credit

A personal line of credit and a home equity line of credit are available to all borrowers. It allows easy access to funds during emergencies.

Credit Health Tools

The union provides a financial literacy program from time to time, holding virtual seminars for all kinds of audiences.

Hardship Programs

The union’s emergency relief loan is a 12-month loan with a $2000 amount for as low as 4.00% APR as a COVID-19 relief program.

No Prepayment Penalty

There is no known information about the prepayment penalty enforced on borrowers as of the moment.

Unsecured Loans

Borrowers can enjoy unsecured loans without guarantee through the personal loans offered in the union.

SRP Federal Credit Union Fees

A list of fees can be found on the website with corresponding specific transactions.

How to Qualify

Those who are qualified to apply for loans are the following people:

• anyone who resides, works, worships, volunteers, or attends school in the supported counties
• businesses and other legal entities located in the supported counties
• An immediate family member or member of the household of an eligible person.

The Bottom Line

SRP Federal Credit Union is both a good and bad option for those with bad credit. Although its rates are attainable even for those with bad credit, all loan approval decisions are based on credit scores.

Thus, the higher the credit score, the higher chance of getting approved. 

For borrowers who want to invest in other credit union firms, Upstart and NetCredit are two great options.

Besides Upstart requiring a 620 minimum credit score, it offers a rate of just 5.69%. NetCredit, on the contrary, doesn’t even need a minimum credit score.