Blue Federal Credit Union Personal Loans Review 2024 (2024)

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Pros Explained

• Low loan minimum: Many lenders have loan minimums of $2,500 or more, so you're forced to borrow more than you really need if you're applying for a loan to cover a smaller expense. But with BFCU you can borrow as little as $500, so you can apply for only what you need.
• Fair credit accepted: In some cases you need good to excellent credit to qualify for a personal loan, meaning a score of at least 670. But BFCU accepts borrowers with scores as low as 590, which is near the bottom of the "fair" range, so it may be more accessible if your credit score is less than perfect.
• Open membership: Although BFCU primarily serves residents of Wyoming and Colorado, residents of other states can join thanks to their employment or by opening an account and depositing $10 ($5 of that goes to membership registration and $5 is donated to the Blue Foundation).

Cons Explained

• No loan pre-qualification: Shopping around and comparing loan options is essential to find the best deal, but BFCU makes it more difficult to do so. It doesn't have a loan pre-qualification tool, so there's no way to check your eligibility for a loan or view your rate and term options without agreeing to a hard credit check. Every hard credit inquirymay cause your credit score to drop slightly, so not being able to view rates ahead of time is a bit of a drawback.
• Limited information online: BFCU provides very little information about its loans online. To view the full range of rates along with loan amounts and term options, you either have to contact customer support or fill out an application and consent to a credit check.
• Low loan maximum: While other lenders allow you to borrow as much as $100,000 or more, BFCU has a much lower loan maximum of $30,000. If you have significant credit card debt or a major expense over that amount, you may need to work with a lender with a higher limit.

Types of Personal Loans Offered by Blue Federal Credit Union

BFCU personal loans are unsecured, so there's no need for collateral. You can use your loan for a variety of expenses, including:

• Debt consolidation: You can save money and get out of debt faster by consolidating high-interest credit card debt (or other debts) with a personal loan at a lower rate. But don’t use your freed up credit cards to rack up even more debt.
• Home improvements: If you're renovating your kitchen, building a deck, or installing a swimming pool, a personal loan allows you to spread out the cost over several years.
• Medical and dental expenses: If you have medical or dental expenses that aren't covered by insurance, you can use a personal loan to pay for the cost and repay it in monthly installments.
• Travel: You can use a personal loan to finance your honeymoon or a dream vacation abroad.

According to customer support, Blue Federal offers secured loans as well.

Time to Receive Personal Loan Funds

BFCU doesn't disclose how long it takes to process applications. But once you're approved, loans are generally funded within two business days.

Borrower Requirements

To qualify for a loan, you must meet the following requirements:

• You must be the age of majority in your state
• You must have a credit score of at least 590
• You must have a source of income
• You must be a member of the credit union or join at the time of applying for a loan

Blue Federal Credit Union Personal Loan Features

If you join BFCU and open a Nova Perks checking account, you can get access to benefits like cell phone protection and roadside assistance.

If you don't want to open a new checking account, the credit union's benefits are more limited. However, personal loan borrowers can take advantage of BFCU's skip-a-payment feature, which allows you to defer a payment up to three times per year and up to a maximum of eight times over the life of the loan (loans of 12 months and less aren’t eligible).

Co-Signers and Co-Applicants

BFCU doesn't allow co-signers on personal loan applications. However, it does allow you to apply with a joint applicant; each applicant’s credit and income information will be considered, potentially helping you qualify when you otherwise wouldn’t. Unlike co-signers, joint applicants share equal responsibility for the loan from the outset and can typically access the loan account.

Can You Refinance a Personal Loan With Blue Federal Credit Union?

BFCU allows you to refinance existing personal loans that you hold with either another lender or BFCU itself.

Customer Service

BFCU's customer support team is available by phone and live chat, and you can also get help in person at its branches in Colorado and Wyoming.

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