Patelco Credit Union Personal Loans Review for 2024 (2024)

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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 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 Credit Union

Patelco offers two main types of personal loans: secured loans and unsecured loans. It advertises a debt consolidation loan, which is essentially its unsecured personal 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 Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the most common reason cited for getting a 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 personal 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 be disbursed via other routes, like a deposit to an account at another 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 to 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 personal loan requirements you’ll need to meet, although lenders commonly investigate 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 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 default. Most personal loan lenders only offer one option or the other, if at all.

Can You Refinance a Personal 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, allowing you to access nearly the same level of support as someone local to the Merced, California, area without the hassle of traveling across the country.

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