What Is DCU?
Digital Federal Credit Union also known as DCU, is a credit union that is based in Massachusetts. Many consumers turn to these types of financial institutions as they offer rates and services that are reasonable and tailored to fit the unique needs of their clients. DCU has an excellent online presence catering to many consumers in different states across the United States.
The types of services they offer are quite profound. These include personal and business banking solutions, insurance, investments, credit cards, and loans.
Do They Offer Personal Loans?
DCU offers four distinctive personal loans. On their site, they are listed as Personal Loans, Credit Builder, Debt Consolidation and Savings Secured.
Personal Loans are offered to clients as traditional signature loans. This type of loan does not require collateral and requires merely the consumers promise along with their signature. This signature is an indication and also an agreement that the borrower will pay back the borrowed amount.
APR for this loan starts at 8.75% and the maximum term offered is 60 months. Consumers can expect to receive a discounted rate of 0.50% with automatic payments and whether they are existing DCU clients and qualify for Relationship benefits with a DCU checking account.
Credit Builder enables individuals to receive a loan that aids solely in building their credit. This loan is offered as a means of correcting and re-establishing a person’s credit. The amount provided is deposited into a savings account where interest is earned, and on-time repayments are reported to the credit bureau.
After the loan term has expired, and the borrowed amount has been paid in full, individuals will have the entire amount available for use in their account.
Loan amounts start at $500 and go up to $3000. The loan interest rate offered is fixed at 5% APR and the term given stems from 12 to 24 months.
Debt Consolidation Loans are quite straightforward. They are offered as a means of enabling consumers to pay off their credit card balances and other outstanding debt as one combined payment.
The rates are fixed and start at an APR of 8.75% and the term offered goes up to 60 months. If an existing DCU client, consumers can expect to receive discounted rates. This is also applicable if automatic payments are set-up.
Savings Secured Lrequire collateral and can only be offered borrowed against a DCU Savings or Certificate Account. Similar to a credit builder loan in regards to earning, completive dividends are made on the account used as collateral.
The minimum loan amount is $200. APR rates start at 3.50%, and the term can last up to 120 months for a Savings Secured Loan. For a Certificate Secured Loan, the APR is 3% and can be borrowed for 60 months or up until the end of the term of the Certificate.
How Do I Apply?
To apply for any of these loans, it can be done online. This option provides convenience and enables individuals to apply without delay.
Credit unions offer many advantages. Competitive rates and unique loan products tend to be provided. Many consumers have applauded DCU for their customer service and beneficial financial solutions.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.