Founded in 1957, the Service Credit Union serves military personnel and their families at Pease Air Force Base in New Hampshire. With over 800 employees and 50 locations throughout New Hampshire, North Dakota, Massachusetts, and Germany, the credit union serves members all over the globe. You can learn more about the credit union’s services by visiting servicecu.org.
Our Service Credit Union Review will tell you everything you need to know about this service. Is it legit or is it a scam? Read on to find out.
Summary Of The Service Credit Union
Obtaining a loan can be accomplished in several ways. Choosing the appropriate lender for your specific needs can be difficult. Recently, Service Credit Unions have received a great deal of attention. Is this credit union, however, the right choice for you? This article aims to provide you with a closer look at what they offer to enable you to make an informed decision.
Reviewing their website and terms and conditions, we noticed some interesting features. The following are key points that caught our attention.
- The rates are subject to change without notice.
- Direct Deposit+ checking account rates are advertised with a .75% reduction.
- Members must maintain their tier qualifications throughout the loan term to maintain their loan discount.
- The floor rate may apply.
- Rates start at 8.99% APR.
- The maximum amount you can borrow is $50,000.
What Is The Service Credit Union?
A community can improve its standard of living through the pooling of resources that has made credit unions possible. Compared to traditional financial institutions, the not-for-profit service model offered by these organizations offers members more favorable loan rates, terms, and reduced fees.
The credit union is based in Portsmouth, New Hampshire, and offers various financial services to its members. The number to call is (800) 936-7730.
While Service Credit Union has an A+ rating, it is not accredited by the Better Business Bureau. An average of 11 customer reviews and 33 complaints have been closed over the last three years. Thus, this company has received a 1-star rating from customers.
Service Credit Union: How Does It Work?
The company has several US branches, including New Hampshire, Falmouth (Massachusetts), and Grand Forks Air Force Base (North Dakota). In addition, there are some branches in Germany.
Every member of the CO-OP network has access to more than 5,000 shared branches. You cannot open an account at these shared branches, but you can visit them for assistance. Moreover, you can access more than 85,000 ATMs in the CO-OP and Allpoint networks for free.
What Are The Requirements To Qualify?
A person may become a member of Service Credit Union if they meet the following criteria:
- Members of the military, veterans, or their families.
- Are employed by the Department of Defense or a family member of an employee
- A member of a select employer group.
- Members of the American Consumer Council.
To become a member, you must open a Primary Savings Account at Service Credit Union.
Service Credit Union Review By The Better Business Bureau
The Better Business Bureau does not accredit this company even though the company has an A+ rating. In the last three years, 11 customer reviews and 33 complaints have been resolved. This has led to this company’s 1-star rating from customers.
FAQs About Service Credit Union
What Are The Fees Charged By Service Credit Union?
In addition to offering loans up to $50,000, Service Credit Union offers rates starting at 8.99% APR. Please keep in mind that their rates may change without notice.
There is a .75% reduction in advertised rates for their Direct Deposit+ checking account holders. To maintain your loan discount, you must meet the qualifications for this tier.
Are There Any Penalties For Prepayment?
There are no prepayment fees at Service Credit Union, so you can pay off your loan early without incurring any penalties. In this regard, it is an excellent alternative for borrowers who wish to pay off their loans following their schedules.
Is Service Credit Union Bad For Your Credit?
Applying for a loan can be confusing and intimidating, especially when your credit score is involved. Before making any decisions regarding your loan application, it is essential to understand how the process may impact your credit score.
Lenders usually conduct a soft credit check first to determine what interest rates and loan terms you might qualify for. Credit scores won’t be affected by this. However, when you apply for the loan, the lender will do a detailed credit check to get a complete picture of your credit history and offer you final rates. These hard inquiries can lower your credit score.
Is It Possible To Cancel Service Credit Union?
The decision to take out a personal loan should be carefully considered and deliberate. The transaction cannot be reversed as soon as the funds have been deposited into your account, so you must be sure of your decision before proceeding. To avoid potential complications, you should double-check everything before moving forward with the loan application.
Have you been struggling to make ends meet? You can get back on track with these helpful tips.
No matter what your current circumstances may be, financial planning is the key to a brighter future. Getting your finances in order and setting yourself up for success can be accomplished by following a few simple steps.
- A budget is the first step in creating a plan you can stick to. If you do this, you will be able to keep your spending under control, leaving you with more money to spend on other necessities.
- Financial advisors are another helpful resource. You can also get help setting up a customized plan tailored to your circumstances.
- Finally, try not to become overly concerned about debt. Many companies are willing to work with customers to assist them in creating a more manageable payment plan. Getting more information is as simple as contacting their customer service team.
Does Service Credit Union Offer Legitimate Services Or Is It A Scam?
As a credit union founded over 60 years ago, Services Credit Union provides consumers with various financial services. Although it has an A+ rating from the Better Business Bureau, it is not accredited by the organization. Based on 11 customer reviews and 33 complaints resolved in the past three years, it received a 1-star rating out of 5. Most of the feedback received about the company is negative.
The decision to take out a loan can be a difficult one. Interest rates and repayment terms are vital factors to consider. This is why it is crucial to research and compare the options available from different lenders. Additionally, checking out customer reviews can help you choose the right loan and avoid taking out an expensive loan.
Service Credit Union
Service Credit Union
Service Credit Union Review
You do not have to incur any penalties if you pay off your loan early at Service Credit Union because there are no prepayment fees. Therefore, it is an excellent choice for borrowers who wish to pay off their loans following their schedules.