Pros Explained

• Quick loan funding: If you’re approved, Patelco can disburse the funds to a Patelco bank account as soon as the same day.
• Two discount options: Patelco offers two discount options: a 0.10% rate reduction if you meet certain banking requirements for Commitment Household Membership, and its LevelUp program that offers up to three yearly 0.50% rate reductions for paying on time. 
• Broad membership criteria: Residents of any state can join Patelco online. If you don’t meet employer or county of residence membership requirements, you can join by becoming a member of the Financial Fitness Association; Patelco will even sponsor your membership fee. 
• Abundant service and support: You can contact Patelco through numerous options, including a “virtual branch” where you can meet with a banker over the internet. The credit union also offers free one-on-one financial counseling options.
• Wide range of affordable loan options: Patelco can accommodate just about any personal loan need you might have, except for longer-term personal loans of over seven years. Its maximum loan amount is $100,000, which is high compared to many other lenders.

Cons Explained

• Mediocre bank accounts: Patelco offers low interest rates on its checking and savings accounts. You can keep a 澳洲幸运5官方开奖结果体彩网:high-yield savings account open elsewhere to earn better yields on your deposit. 
• Limited customer review data: Patelco Credit Union reviews are scarce online at sites like the Better Business Bureau, despite the fact that it’s a large and well-established banking institution. We’d expect more customers to be talking about their experience. 

Types of Personal Loans Offered by Patelco Cr🦄edit Union

Patelco offers two main types of personal loans: 澳洲幸运5官方开奖结果体彩网:secured loans and 澳洲幸运5官方开奖结果体彩网:unsecured loans. It advertises a debt consolidation loan, which is essentially its unsecure♕d persღonal loan. 

Patelco’s unsecured personal loans come with slightly higher interest rates and may be available in longer term lengths than its secured personal loans. If you’re looking for cheaper rates and can tuck some money away in a Patelco savings account or certificate while you’re repaying the loan, you may be able to borrow up to the value of your deposit amount. 

Either option can be used for a wide variety of personal loan purposes, including:

• Vacations
• Weddings
• Debt consolidation
• Emergency expenses
• Medical or veterinary care
• Major home repairs or renovation

According to 澳洲幸运5官方开奖结♏果体彩网:Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited f💞or getting 𓃲a personal loan. Paying for home improvements and large purchases were the next two most common reasons.

Time to Receive Personal Loan Funds

You can get your෴ funds quickly if your personaওl loan application is approved. Patelco offers same-day funding right to your Patelco bank account in some cases. 

Patelco doesn’t specify how long it takes for the application to be approved, however. It also doesn’t say how long it’ll take for your loan funds to ൩be disbursed via other routes, like a deposit to an account at anot꧒her bank.

Borrower Requirements

You’ll need a credit score of 640 or higher in order 🅰to qualify for a personal loan from Patelco Credit Union. You don’t need t🐲o be a member of the credit union to check your rates, but if you want to officially apply, you will need to be eligible for membership. 

Other than that, Patelco doesn’t specify the 澳洲幸运5官方开奖结果体彩网:personal loan requirements you’ll need to meet, although lenders commonly investig🤡ate other factors like your income and other debt payments.  

Patelco Credit Union Personal Loan Features

🃏With the Patelco personal loan, you’ll also get access to a few other features:

• Mobile app: Get your banking done digitally, and schedule payments to your personal loan as well. 
• Debt protection plans: For a price, Patelco offers optional debt protection insurance, which forgives your loan balance in case a catastrophe happens, like losing your job.
• Financial counselors: Patelco offers free one-on-one financial counseling and support for issues like creating a budget, buying a house, or creating a savings plan.

Co-Signers and Co-Applicants

Patelco Credit Union offers more flexibility to add someone else onto your loan compared to other lenders. You can 澳洲幸运5官方开奖结果体彩网:apply with a joint applicant who will be equally responsible with you for the loan, or you can apply with a co-signer who only agrees to repay the loan in the event you defau﷽lt. Most personal loan lenders only offer one option or the other, if at all. 

Can You Refinance a Per꧙sonal♕ Loan With Patelco Credit Union?

Patelco allows you to refinance personal loans, but it doesn’t offer up many more details. It’s unclear, for example, whether you can refinance your same Patelco loan for a new 🃏one with Patelco, or if you can refinance a personal loan from another lender. 

Customer Service

Many personal loan lenders are available nationwide like Patelco, but few of them have such a robust customer service department. Its “virtual branch” is especially convenient, allowi﷽ng you to access nearly the same level of support as someone local to the Merced, California, area without the hassle of traveling acr🥀oss the country. 

Customer Satisfaction

Patelco Credit Union currently has a Better Business Bureau score of 1.67 out of 5 and a J.D. Power score of 3.1 out of 5. Our Combined Consumer Review metric, which is calculated by aggregating Trustpilot, Google, and Better Business Bureau (BBB) reviews, gave it a score of 0.077 out of 5. These mixed result♑s likely reflect a relatively low number of customer reviews on certain review sites, which can distort scores.

Patelco Credit Union Membership Requirements

Like any credit union, Patelco is only available to people who meet certain requirements for membership. If you work for o🦩ne of Patelco’s partner employers, for example, or live in certain parts of California, you may be eligible without having to jump through any extra hoops. 

Patelco also allows just about anyone in the country to join by first becoming a member of the Financial Fitness Association. Many credit unions use this strategy, but Patelco offers to pay for both your $8 membership fee, and the $1 you’re required to keep in a savings account to establish membership. 

The process may still entail more work than for an online lender that does not require membership, per se, 🍷but at least you won’t need to spend any extra cash of your 𝐆own. 

How to Qualify For and Apply For a Patelco Credit U🦄nion Personal Loan

Patelco makes it a quick and simple process to check your rates and apply for a loan online. Here’s how the process w🎉orks:

1. Get pre-qualified: It’ll typically take between five and 10 minutes to complete an online 澳洲幸运5官方开奖结果体彩网:pre-qualification form on Patelco’s website, according to the credit union. Patelco will do a soft credit check when you apply so that it doesn’t affect your credit score. 
2. Shop for other rate quotes: Patelco may or may not be the best option for you, but unless you check your rates with other lenders, you won’t know. See what at least two other lenders would charge you before making a decision. 
3. Apply for Patelco’s personal loan: If you go ahead with your application, Patelco will do a hard credit check. It doesn’t specify what documents you’ll need, but with most personal loan applications you need to show proof of identity, income, and bank statements. 
4. Join the credit union: If you’re approved for the loan, you’ll need to join the credit union. Patelco requires that you link up either a credit card or another outside bank account to your new Patelco deposit accounts to get started. 
5. Receive funds: Patelco will deposit your funds to your new credit union account as soon as the same day you apply and are approved. 

Other Banking Services and Loans Of♏fered by Patelco Creꦬdit Union

Patelco Credit Union is a fꦉull-service fiไnancial institution. In addition to personal loans, it also offers a standard suite of products:

• RV loans
• Car loans
• Insurance
• Mortgages
• Credit cards
• Investments
• Savings accounts
• Checking accounts
• Money market accounts
• Home equity loans and lines of credit (HELOCs)
• Financial education and one-on-one counseling

Co💙mpare Patelco Credit Union Wꩲith Other Personal Loan Lenders

The Bottom Line

If you prefer working with credit unions but you don’t have any good credit union o🐭ptions ಞin your area, Patelco may be a great choice for taking out a personal loan. Its products and services are available online anywhere in the country, and you can qualify for membership simply by joining the Financial Fitness Association, for which Patelco will reimburse you.

Importantly, this credit union🍃 offers flღexible loan options to accommodate just about anyone. In addition, it’s easy to get ahold of customer support reps and there are abundant ways to save even if you don’t qualify for the lowest rate right from the beginning. 

Does Patelco Credit Union Operate Nationwide?

Yes. Patelco Credit Union is available in all states and Washington, D.C., although you will need an internet connection to take advantage of its 澳洲幸运5官方开奖结果体彩网:digital banking options. You will also have to meet me🅷mbership eligibility requirements.

Is Patelco Credit Union FDIC Insured?

Deposits with Patelco Credit Union are federally insured by the 澳洲幸运5官方开奖结果体彩网:National Credit Union Ad❀ministration (NCUA) for up to $250,000, which is the same amount as the FDIC provides banks. 

How Do You Become a Member of Pa🅷telc♍o Credit Union?

You can join Patelco if you live in certain areas of California, work for one of Patelco’s partner employers, went to school at certain California universities, or live with or are related to another Patelco member. Finally, you can 澳洲幸运5官方开奖结果体彩网:join the credit union by becoming a member of th♈e Financial Fitness Association, and Patelco will even sponsor your membership fee. 

Who Owns Patelco?

Patღelco Credit Union, like all credit unions, is a co-op owned by its members. If you join Patelco Credit Union꧒, you will become a partial owner too. 

Does Patelco Use Zelle?

Yes, Patelco Credit Union 澳洲幸运5官方开奖结果体彩网:offers Zelle for you to send and receive money quickly from your bank account. It doesn’t work with loans, however; just deposit accounts.&nb🗹sp;

Methodology

Investopedia’s list of the be♏st personal loans is based on comprehensive research of 🎐59 lenders. 

To evaluate and rank personal loan providers, we collected an♎d scored over 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria, such as APRs, loan amou🐈nts and terms, fees, customer experience, and more. Research and data collection occurred from July 23 to October 18, 2024. 

We organized the 45 criteria into four categories and weighted 26 (involving more than 1500 data points), using the others for background and editorial richness. We then scored and weighted ea👍ch criterion to develop our overall star rating for each lender. The categories and their weights for this project are:

• Borrowing Requirements: 24.00%
• Lender Features: 24.00%
• Loan Costs: 30.00%
• Loan Terms: 22.00% 

Learn more about how we evaluated personal loans in 澳洲幸运5官方开奖结果体彩网:our complete methodology.