Summit Credit Union Bad Credit Loan Review

Summit Credit Union was established in 1935 in Madison, Wisconsin. Before Summit, its founding name was CUNA Credit Union. It is a not-for-profit financial cooperative, which means that all its earnings will be redistributed back to its members.

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    Surprisingly, the cooperative has received many awards from reputable sources. It is branded as the number one mortgage lender in Dane county.

    Also, it is the SBA Lender of the Year in Wisconsin for nine consecutive years. 

    Know more about Summit Credit Union:

    • has 45 branch locations across the state of Wisconsin. 
    • is federally insured by NCUA.
    • Its central advocacy is politically inclined. 
    • has a mobile app.

    Summit Credit Union Financial Terms In a Glimpse

    Loan Amounts

    N/A

    Term Length

    24 to 84 months

    Loan Rates

    For as low as 1.99%

    Min. Credit Score

    651

    Better Business Bureau Rating

    A+

    Time to Funding

    N/A

    Summit Credit Union Highlights

    Listed below are a series of features specially outlined to help potential clients determine the union's capacity to cater to borrowers with bad credit. 

    Pre-qualify with Soft Credit Pull

    To enjoy the loans and other features, borrowers will undergo pre-qualification first. The pre-approval is guaranteed free, quick, and easy.

    High Debt to Income Ratio Allowed

    Borrowers with high debts can apply for a loan. It offers financial guidance regarding debt repayment.

    Line of Credit

    There are lines of credits that appeal to both personal and home loans.

    A personal line of credit has a 10.00% APR while the home line of credit has 1.99% APR for the first 12 months.

    Also, Home Line of Credit (HELOC) allows 100% financial aid with variable rates up to 15 years.

    Credit Health Tools

    Interestingly, there are many credit health tools available! There are three credit health tools to help borrowers increase the health of their credit.

    These are Money Smarts, Global Good Cards, Summit's Climbr. 

    Hardship Programs

    Borrowers are sure to enjoy its services because it also seeks to assist when a difficulty occurs.

    There are six programs, namely, Project Money, Red SHOES, FoolProof, Project Teen Money, Oodles for small businesses, and Financial Wellness for Employees.

    Given these, there is no more to ask. It is indeed impressive.

    Prepayment Penalty

    There is no need to worry about prepayment penalties. It is free of charge.

    Unsecured Loans

    There are personal loans but no specific mentions regarding unsecured loans are indicated. 

    Summit Credit Union Fees

    In terms of banking services, there are fees to mind. Conversely, no fees regarding loans are mentioned. 

    How to Qualify

    To qualify for a loan, borrowers need to ensure the following criteria:

    • one unexpired identification card 
    • Include one of these too for assurance: current utility bill or pay stub, credit card, permanent residency card, birth certificate, Social Security card, student ID

    The Bottom Line

    Summit Credit Union has an undeniably wide range of loans with friendly rates and no fees.

    Moreover, it offers a generous pack of credit monitoring tools and other programs for members to enjoy.

    However, when it comes to prerequisites for borrowers with histories of bad credit, the union does not mention anything. 

    Should you want to explore other lending firms with more transparent requirements, Upstart and Upgrade are great choices.

    Both firms have a minimum credit score of 600 and 620, respectively.