BECU Personal Loans Reviews

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Updated: 09/26/2023

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About BECU Personal Loans

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Founded in 1935 by Boeing employees, Boeing Employees’ Credit Union (BECU) is a financial cooperative that says it aims to better the lives of those it serves. With locations across Washington state, BECU is a good option for residents of that state and a select few counties in Oregon and Idaho who are in need of a midsize personal loan. If you’re looking for a community-first lender, BECU may be a good fit.

Pros & Cons

Pros

Competitive APR range
Long-term options
No origination fee
Loan decision within 24 hours

Cons

Available in few states
Low loan limits

Bottom Line

BECU’s low fixed interest rates and fee-free model make it an affordable loan option for residents in the few states where it’s available. However, its maximum loan amounts aren’t as high as some competitors, and there are narrow eligibility requirements for joining this credit union.

Our editors' take

With low annual percentage rates (APRs) and no fees, BECU personal loans can be a great benefit to those in need of financing within its limited service area. These loans are especially useful for consolidating high-interest debt, like that from credit cards and potentially other personal loans.

One downside of BECU’s personal loans is the low maximum loan amount of $30,000 (or $35,000 for home improvement loans), which could dissuade borrowers in need of a larger loan. Instead, these borrowers should seek out alternative lenders that offer larger loans.

BECU personal loan products

BECU offers a small selection of personal loan products, but all have reasonable interest rates and are free of any fees.

Unsecured personal loan

BECU offers an unsecured personal loan that comes with a $30,000 maximum lending limit. In exchange for the loan, borrowers are charged fixed interest rates starting at 8.99% APR as of publishing, which will accrue over the life of the loan.

With repayment terms of up to 72 months, a BECU personal loan can help you spread a big expense out over several years.

Home improvement loans

If you have a do-it-yourself home improvement project, BECU can lend you up to $35,000 at a fixed interest rate, with no equity needed and no fees.

Some eligible projects BECU lists include installing a new deck, upgrading your landscaping or renovating your home office, kitchen or bathroom.

Personal line of credit

With a line of credit, you can dip into funds as you need them rather than withdrawing a single lump sum. BECU doesn’t disclose the maximum amount available with its personal line of credit but does say there’s no annual fee or transfer fee.

Savings-secured loan

BECU’s savings-secured loan is a credit-builder loan that lets you borrow against the amount you have in your BECU savings or certificate of deposit (CD) account. Loan amounts range from $250 to $10,000 and carry a lower interest rate than BECU’s unsecured loans.

No credit check is required, and payments are reported to the credit bureaus, making these secured loans ideal for borrowers with bad credit or no credit history.

BECU personal loan rates

BECU’s rates vary depending on the type of loan product, as well as factors like your credit score, loan amount and loan term. As of publishing, the APRs for its loan options are as follows:

Personal loan: 8.99% to 18%
Home improvement loan: 8.74% to 18%
Personal line of credit: 10.4% to 17.9%
Share-secured loan: Total of pledged saving account dividend rate plus 3% margin
CD-secured loan: Total of pledged CD account interest rate plus 2% margin

BECU personal loan fees

Personal loans from BECU come with no fees, not even an origination fee.

How to apply for a BECU personal loan

If you aren’t one already, you’ll need to become a BECU member in order to apply for a personal loan. Members are required to meet at least one of the following eligibility requirements:

Reside within Washington state or certain counties in Oregon or Idaho
Work for a BECU branch, Boeing or a credit union
Be an alumni member of any of the Washington state colleges
Be involved with the GoWest Foundation, KEXP or Sea Hawkers Central Council

Once you’re sure you meet the requirements, you’ll need to submit a full application either online or in person, which should only take 10 to 15 minutes. To complete this, be ready to provide your Social Security number or tax ID, contact information and a government-issued ID. Most customers receive a loan decision within 24 hours after applying.

How do BECU personal loans compare?

BECU is a strong personal loan contender, mostly for Washington state residents, with no fees, low APRs and a relatively wide range of loan terms.

However, BECU lacks in its loan amounts, offering loans only up to $30,000, or $35,000 for home improvement purposes. Compared to competitors like Best Egg and Upgrade, which offer personal loans all the way up to $50,000, this is low.

Here’s how BECU’s personal loans stack up to both Best Egg and Upgrade:


APR	8.99% to 18%	8.99% to 35.99%	8.49% to 35.99%
Loan amount	Up to $30,000	$2,000 to $50,000	$1,000 to $50,000
Fees	None	0.99% to 8.99% of your loan amount	1.85% to 9.99% origination fee; late payment fee applies
Terms	Up to 6 years	36 to 60 months	24 to 84 months

BECU personal loans FAQ

What is BECU?

BECU is a credit union that serves mainly the residents of Washington state. Using the power of financial education and competitive banking products, it works to improve the financial well-being of its members.

Can I get a BECU loan if I have bad credit?

BECU is a community-focused bank that offers loans to a select group of people. Since it’s a small bank, if you have poor credit, you may have a better chance of getting a loan with BECU than with a bigger lender — but be prepared to still pay a higher interest rate.

Where is BECU available?

BECU is available mainly in Washington state, as well as in select counties in Oregon and Idaho, although there are no locations in those states. If you’re an alumni of the University of Washington or Washington State University, you also qualify to open an account. Boeing employees qualify to open an account, too.

Can I have a co-signer for a BECU loan?

BECU makes no mention of whether or not you can use a co-signer, but since it’s an unsecured loan that relies on your credit score for a loan decision, it’s unlikely you will be able to use a co-signer.

Is BECU legit?

BECU is a highly respected credit union with a BBB rating of A-plus and $28.9 million in total assets as of publishing. In addition to personal loans, BECU offers checking and savings accounts, mortgages, vehicle loans and wealth management services. It also has a thorough collection of educational resources on its website for protecting yourself against online scams, identity theft and account fraud.

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BECU Personal Loans Company Information

Company Name:: Boeing Employees’ Credit Union (BECU)
Website:: www.becu.org

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