NEW YORK–Two credit unions have been listed as winners in the U.S. News & World Report Personal Loan Awards.
Pentagon FCU (PenFed) was named Best Overall Personal Loan Lender Award Winner for offering personal loans with an APR range of 8.99% to 17.99% on loan amounts from $600 to $50,000 and terms to 60 months. There are no origination or prepayment fees. The “cons,” according to U.S. News & World Report, are that membership is required to borrow for a personal loan, a minimum $5 initial deposit is necessary to become a member, and eligibility requirements for personal loans are now disclosed.
As an alternative to PenFed, U.S. News said those who don’t want to join a credit union might want to consider borrowing from LightStream, which does not require membership and offers loans up to $100,000 with repayment terms out to 144 months
First Tech Recognized
First Tech Credit Union was named the Best Debt Consolidation Loan Lender Award Winner for offering consolidation loans with APRs from 8.49% to 13.73% on loan amounts of $500 to $50,000 and terms to 84 months.
The publication noted a borrower can also defer the first loan payment for up to 45 days.
The cons: “You must be a credit union member to apply.”
As an alternative to First Tech, U.S. News also pointed readers to LightStream.
Additional Winners
Other winners included US Bank for Best Personal Loan for Fast Funding, Upgrade for Best Personal Loan for Less Than Perfect Credit, and Happy Money for Best Lender for Paying Down Credit Cards.
The full report can be found here.
