Interesting facts about SRP Federal Credit Union:
● give back sweepstakes program for members
● back to school loans for as low as 5.99% APR
● online banking and over-the-phone loan applications
The SRP Federal Credit Union started in 1960 not as a traditional bank but as a not-for-profit organization run and kept alive by its members. For 60 years, it has dedicated itself to providing convenient financial solutions such as loans to members who have only grown over the years. To date, they have more than 150,000 members.
Interesting facts about SRP Federal Credit Union:
● give back sweepstakes program for members
● back to school loans for as low as 5.99% APR
● online banking and over-the-phone loan applications
Loan Amounts | $250 to $25,000 |
Term Length | 12 months to 84 months |
Loan Rates | 1.99% to 14.9% APR |
Min. Credit Score | N/A |
Better Business Bureau Rating | N/A |
Time to Funding | Within three business days |
Listed below are the many features that SRP Federal Credit Union provides its members.
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.
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.
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.
The union provides a financial literacy program from time to time, holding virtual seminars for all kinds of audiences.
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.
There is no known information about the prepayment penalty enforced on borrowers as of the moment.
Borrowers can enjoy unsecured loans without guarantee through the personal loans offered in the union.
A list of fees can be found on the website with corresponding specific transactions.
Those who are qualified to apply for loans are the following people:
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.