The Service Credit Union was founded in 1957 to serve military personnel and their families stationed at Pease Air Force Base in New Hampshire. Currently, the credit union serves over 820 members in 50 locations throughout New Hampshire, North Dakota, Massachusetts, and Germany, with more than 800 employees providing financial services. A credit union’s services are advertised on its website, servicecu.org.
Service Credit Union Summary
To secure a loan, you have many options. It can be difficult to decide as you want to select the right lender based on the specific needs you have. Recent attention has been paid to the Service Credit Union. The question is, however, whether this credit union is the right choice for you. To help you make an informed decision, this article provides a closer look at what they have to offer.
The website and terms and conditions of their company caught our attention after we took a closer look at them. The following are the key points that caught our attention.
- Without notice, rates may change.
- Direct Deposit+ checking account rates are advertised with a .75% reduction.
- Members must maintain the tier qualification throughout the life of their loan to maintain their loan discount.
- It is possible to apply a floor rate.
- Rates start at 8.99% APR.
- $50,000 is the maximum amount you can borrow.
What Is Service Credit Union?
Credit unions exist because they enable communities to improve their standard of living by pooling resources. Comparatively to traditional financial institutions, these organizations provide members with more favorable loan rates and terms, lower fees, and increased savings opportunities as a result of their not-for-profit model.
Members of this credit union can take advantage of its financial solutions at its Portsmouth, New Hampshire location. The number for them is (800) 936-7730.
Despite having an A+ rating, Service Credit Union is not accredited by the Better Business Bureau. In the past three years, it has received an average of 11 customer reviews and 33 complaints have been resolved. As a result, this company has received a one-star rating from customers.
How Does Service Credit Union Work?
In the United States, there are several branches located in New Hampshire, Falmouth (Massachusetts), and Grand Forks Air Force Base (North Dakota). In addition, there are several branches located in Germany.
In the CO-OP network, there are more than 5,000 shared branches. You cannot open an account at these shared branches, but you can visit them for assistance. As part of the CO-OP and Allpoint networks, there are over 85,000 ATMs that are free to use.
How To Qualify For Service Credit Union
Membership in Service Credit Union is open to those who meet the following requirements:
- 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.
- American Consumer Council members only.
Membership in Service Credit Union requires the opening of a Primary Savings Account.
Service Credit Union BBB Reviews
This company has an A+ rating, but it is not accredited by the Better Business Bureau. The company has closed 11 customer reviews and 33 complaints on average over the last three years. The company has been rated 1-star by customers because of this.
Here are some relevant reviews:
Frank C 09/21/2022
The worst lender ever. Since financing my motorcycle with them I have had issues with their payment system not taking my payment. Whether trying to pay through the online portal or over the phone, no matter which account it will not process my payments. Made my first payment over the phone, person confirmed it went through. Two weeks later the money still had not left my account. I called and the person I spoke with said it looked good on their end and the payment was processed. Two weeks later I get a call that I was 30 days past due and needed to make my payment.
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I explained everything that occured to that point, I attempted to make my payment over the phone using two different accounts and the payment would not go through. I asked the rep if this would get reported to the credit bureaus and she said it shouldn’t because for 30 days the payment looked good and then it was reversed.
I was able to make the payment throuh the portal several days later. And I still ended up with a late payment on my credit report. I have been trying to pay my current payment for weeks with no luck. My portal was wiped out. Loan removed, payment accounts gone. Had to set it all back up and I still can’t make payments.
I get more idiots on the phone who can’t figure out why my payments won’t process. The most recent moron emailed me saying that first payment was reversed because customer advised it was unauthorized. What? How is that possible when I made the payment over the phone? And she attaches a form to fill out to set up ACH payments and said once it’s filled out my payments will process. Umm, I never called about setting up ACH payments you ******* ****! Smh. This is the worst lender I have ever dealt with.
Elaine P. 07/28/2022
Service Credit Union gave me a personal loan, which due to family member seriously hospitalized, I lost track online. When I called to make arrangements to catch up one month behind, my debit card was turned off until a payment goes through. Additionally, there is no availability to make arrangements for breaking up payments to catch up or to alleviate a loan payment in a crisis. They don`t care, pay or lose access to your account and debit card.
There is no bank in my area to go to in person, so, I wait on the phone, get cut off while trying to pay them after waiting at least 15 minute intervals. No way of buying food or necessities unless I go in person to take out cash from a teller? There is no bank in my area to go in person. There is always at least 20 people at any given time ahead of you, when you call them Get this, they ask you questions to identify yourself which you have no access to answer online. We had these accounts for 35 years with direct deposit retirement going into it to pay our critical bills.
Service Credit at any time for any late money takes it upon themselves to take money out at any time to make up the personal loan, which can cause bank charges and issues with paying key bills on time. They let you know about it after the fact regular mail. Additionally, if you are more than 30 days late on the loan, not only your debit card is turned off, but access to the bank account website is blocked too.
Hence, no access to see if money came in to pay them to catch up nor any oversight of other bills in auto pay going smoothly. This is how Service Credit Union makes money on late fees, cuts you off from the account to accommodate payments. Last, I asked if something bounces due to lack of access to see if everything is being paid, you have to with no luck ask a reversal from the bank. This is a chain reaction, since fees and lateness to other bills can cause further damage than just being a bit more than 30 days late on a loan.
Service Credit Union FAQs
How Much Does Service Credit Union Charge?
In addition to offering loans up to $50,000, Service Credit Union offers rates starting at 8.99% APR. It is important to note that their rates may change without notice.
They offer .75% off advertised rates to Direct Deposit+ checking account holders. For your loan discount to remain valid, you must maintain these qualifications.
Is There A Prepayment Penalty?
Prepayment fees are not charged by Service Credit Union, so you can pay off your loan early without penalty. In this way, borrowers who want flexibility in repaying their loans can benefit from this product.
How Does Service Credit Uni
The process of applying for a loan can seem confusing and intimidating, especially if you have a low credit score. Before making any decisions regarding a loan, it’s important to understand how the loan application process may affect your credit score.
To determine the interest rates and loan terms you might qualify for, most lenders conduct a soft credit check first. There will be no impact on your credit score as a result of this. Nevertheless, if you decide to proceed with your actual loan application, the lender will conduct a hard credit inquiry to assess your credit history and offer you final rates. It is possible to lower your credit score as a result of these hard inquiries.
How To Cancel Service Credit Union
The decision to take out a personal loan should be carefully considered and deliberate. Having deposited the funds into your account, the transaction cannot be reversed, so it is important to be sure of your decision before proceeding. Ensure that everything is in order before moving forward with the loan to avoid any complications.
Are you having difficulty meeting your financial obligations? You can get back on track with these helpful tips.
There is no doubt that financial planning is essential to a bright future, regardless of your current circumstances. You can set yourself up for success by following a few simple steps.
- It is important to create and stick to a budget in the first place. Spending will be kept under control, allowing you to pay for other essentials.
- Financial advisors are another great resource. In addition to explaining your options, they can help you design a plan tailored to your needs.
- Last but not least, avoid stressing too much about debt. Companies are often willing to work with customers to create a more manageable payment plan. For more information, simply contact their customer service department.
Is Service Credit Union Legit Or A Scam?
Services Credit Union was founded over 60 years ago and offers consumers a wide range of financial services. Despite having an A+ rating from the Better Business Bureau, it is not accredited by the organization. In the last three years, it received a 1-star rating out of 5 based on 11 customer reviews and 33 complaints closed. Most of the feedback about the company is negative.
An important decision is taking out a loan. It is important to consider some factors, such as interest rates and repayment terms. Therefore, you should do your research and compare different lenders’ options. Customer reviews can also help you avoid taking out an unaffordable loan by making the best choice for you.
Service Credit Union Review
Service Credit Union
Service Credit Union Summary
As a member of the Better Business Bureau, Services Credit Union offers a wide range of financial services to consumers. It has an A+ rating, but it has not been accredited. In the last three years, it received 11 customer reviews and 33 complaints, which resulted in a 1-star rating. Customers are mostly negative about the company.