Bethpage FCU Personal Loan Full Review
An excellent credit union choice for New Yorkers workers and residents, this credit union is now operating nationwide and you can enjoy a $35,000 loan with exclusive benefits
Bethpage FCU has become one of the best options for people on Long Island who are not fans of the bigger banks.
Still, with this FCU, you can borrow up to $35,000, paying fairly low interest or even lower than the market average, and enjoy an 84-month repayment term.
Interested? Below, you will find detailed information about Bethpage’s personal loan rates, advantages, exclusive benefits, loan amounts, and much more.
Who is Bethpage Federal Credit Union?
Bethpage Federal Credit Union was founded in 1941 to serve the financial needs of Long Island residents and provide easier credit access.
With over 400,000 members, Bethpage is now the largest credit union in New York State, offering a range of financial products and services, including personal loans, mortgages, auto loans, credit cards, and more.
According to itself, Bethpage is dedicated to providing its members with low fees, competitive rates, and exceptional customer service.
How Bethpage Personal Loan works?
Bethpage FCU’s personal loans are designed to suit its members needs and can be used to cover several personal expenses, such as home improvements, debt consolidation, education expenses, and more.
If you’re thinking about an amount that could satisfy any of those needs, Bethpage personal loans range from $500 to $35,000. At the same time, its repayment terms can range from 12 to 84 months.
The credit union’s personal loans are unsecured, which means that borrowers do not need to provide collateral to secure the loan.
Still, the interest rates for Bethpage FCU personal loans range from 9.24% to 13.24% APR, which is well inside the market average.
Note that the actual rate applied to a loan will depend on the borrower’s creditworthiness and other factors.
Why chose Bethpage?
One of the main reasons to go with Bethpage FCU is its easier membership application. Once an exclusive credit union for people living on Long Island, you can now join anywhere in the United States by making a $5 deposit into a shared account.
Once a member, you enjoy Bethpage Personal Loans and its benefits, which start with the lack of some major fees.
With Bethpage, you will not have to worry about any origination fees or prepayment penalties for early repayment of the loan.
In addition, members who set up automatic payments from their Bethpage checking account receive a 0.25% discount on their interest rate.
Other advantages include an exclusive discount on services and products arranged by the credit union, as well as:
- access to educational material;
- access to a rewards program;
- ability to request a loan with a co-signer;
Loan payment skkpier
Bethpage has a unique Skip-A-Pay program that can come in handy if you have any hardships or unexpected expenses.
With this one-time-use program, you can skip a loan payment without incurring any fees or penalties.
It is also worth mentioning that Bethpage allows some of its members to defer the loan payments for up to 90 days after the loan is approved, which can be helpful for borrowers who need some time before starting to make the payments.
While Bethpage Federal Credit Union offers many benefits and advantages for its members, there are also some potential drawbacks to consider when applying for a personal loan.
Although it has a soft membership eligibility requirement, Bethpage FCU has a relatively strict lending criteria, which may make it difficult for some borrowers to qualify for a loan.
That becomes especially important for members with a poor credit history and low punctuation scores.
It is also important to note that Bethpage will charge a $25 late fee for borrowers who miss a payment deadline.
How to apply?
If you’re interested in applying for a personal loan with Bethpage, check out our article with a step-by-step guide by tapping the green button below.