Utah has a lot of big banks but it is complicated to qualify for a loan from a bank. If you are not confident that your application will be approved by bank, you can try applying for the personal loan with a credit union. A credit union has lower interest rate and more flexible lending terms for their personal loans. The following are the top 4 credit unions that offers short term loans in Utah.
1. American First Credit Union
American First Credit Union was established on the 16th March 1939 and their first office was located in Fort Douglas Building 207. It now has a total membership of 818,947 members and a total asset of $8.2 billions. American First Credit Union offers fixed and variable rate personal loans with a repayment term of up to 5 years. If you choose a fixed rate signature loan, the interest rate will start from 9.49%. On the other hand, the variable signature loan has a lower interest rate that starts at 8.49%. American First Credit Union’s loans can be used to handle expenses like holiday, and college tuition expenses.
2. Mountain America Credit Union
Mountain America Credit Union was founded in 1930s as Salt Lake Telephone Employees Credit Union. It joins ownership with Postal Workers Credit Union in 1984. As of September 2016, it has 600,000 members and maintain 85 branches in Utah. It offers fixed rate personal loans starting from 8.74% and a maximum loan term of 5 years. Mountain America Credit Union offers secured and unsecured personal loans with competitive interest rates. You can use Mountain America’s personal loans to cover any type of expenses including education, medical, surgery, debt consolidation, buy car and tax.
3. Utah Community Credit Union
Utah Community Credit Union was founded six decades ago by a few employees in Brigham Young University in 1977. The first branch was opened in Canyon Road in Provo. Today, Utah Community Credit Union has more than 125,000 members. Utah Community Credit Union offers affordable unsecured loan that features fixed interest rate and no collateral requirement. The unsecured loan does not charge fees such as application, annual and early payoff fees. The APR interest rate for the personal loans start from 5.99%.
4. Cyprus Credit Union
Cyprus Credit Union was founded by 22 employees of Kennecott Copper Company in 1928. When it was first established, it only has a total asset that worth lesser than $100. Now, it has over 18 branches from Davis County to Utah County. Cyprus Credit Union Cyprus Credit Union offers low rate personal or signature loan suitable for covering expenses such as wedding, college tuition, and holiday. You can choose a loan term of 36 months to 60 months. Different loan term has different interest rate range, for example, a 36 months personal loans will be charged with interest rate starting from 8.99%. Loans with repayment period in between 37 – 48 months has an interest rate starting from 9.49% while loans with repayment period in between 49 – 60 months offers interest rate starting from 9.99%.