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Personal Loans

How to Get a Personal Loan With a 600 Credit Score or Less

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

Getting approved for a personal loan with a 600 credit score or less can be difficult. As personal loans are typically unsecured — meaning they are not backed by collateral — lenders rely more heavily on your credit to determine loan eligibility.

If you have a credit score of 600 or less but need a personal loan, you may still have options. Below we’ll cover how to find and apply for personal loans for fair credit, how much you might expect to spend, plus some alternatives to consider.

Personal loans for borrowers with a 600 credit score or lower

Avant

APR

9.95%
To
35.99%*

Credit Req.

580

Minimum Credit Score

Terms

24 to 60**

months

Origination Fee

Up to 4.75%**

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More


*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

Avant is an online lender that considers personal loan applications from those with a 580 credit score. Repayment terms are flexible, ranging from 24 to 60 months, and loan amounts top off at a middling $35,000.

Expect an origination fee (Up to 4.75%) with Avant. This is a low maximum compared to competing lenders in the fair credit space. However, their maximum APR is on the higher end among unsecured lenders.

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint is an online lender that advertises itself as a fair credit lender that accepts applicants with a minimum credit score of 585. What makes LendingPoint unique is that they consider other factors when determining loan eligibility, including:

  • Income
  • Job history
  • Financial history
  • Credit behavior

LendingPoint repayment periods cap out at 60 months. Like Avant, LendingPoint has a high maximum APR. Keep an eye out for LendingPoint origination fee, too. It ranges from 0.00% - 6.00% of your loan amount.

Peerform

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

Peerform is an online peer-to-peer marketplace through which borrowers can get a personal loan. To qualify, you must have a fair credit score of 600 or above and a debt-to-income (DTI) ratio below 40%.

Peerform uses a proprietary algorithm to determine your qualification. Through the marketplace, borrowers can get loans ranging from $4,000 up to $25,000 with limited loan term options of either 36 or 60 months. The maximum APR of 29.99% is lower than the other loan options in this list. Loan origination fees range from 1.00% - 5.00% of the loan amount.

Upstart

APR

8.27%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Upstart is an online lender with flexible loan amounts from $1,000 to $50,000, though repayment terms are limited to just 36 or 60 months. Like Avant and LendingPoint, you’ll find a high maximum APR.

There’s one notable perk to applying with Upstart, however. The company considers your credit, income, and other information when determining your loan eligibility.

Applying for a personal loan with fair or poor credit

You can use a lending marketplace like LendingTree to prequalify with lenders with a soft credit check. This won’t affect your credit and allows you to see lenders you could be eligible for.

Take note of each lender’s APR ranges, repayment terms and fees. Origination fees are commonplace when applying with subprime credit. This fee ranges from 0% to 8% of your loan amount and is added on top of your borrowed amount or deducted before funds are disbursed.

Make sure to have all your documents pulled together before applying. Requirements vary from lender to lender, but in general you’ll need:

  • Social Security number
  • Proof of address
  • Proof of income and employment
  • Bank information
  • Driver’s license or other government-approved identification

When you submit an application, the lender will do a hard pull on your credit which will result in a small but temporary ding on your score.

Many personal lenders approve loans quickly — sometimes within a matter of minutes, depending on the institution. If you are approved, carefully review the terms of the loan, noting the APR, loan amount, repayment schedule and any additional fees.

If you’re satisfied with the information presented, you’ll be asked to accept the terms and finalize any additional loan paperwork.

Make sure to set up reminders or automatic payments to pay off your personal loan in a timely manner so you don’t incur late-payment fees or other penalties that will impact your fair credit score even further.

How much a fair credit personal loan costs

A personal loan for anyone with a 600 credit score or less can be quite expensive. While many lenders make a show of low APRs, those rates are generally only available to people with excellent credit scores. You can see average APRs by credit score range:

Average APR by credit band
Credit score rangeAPR
720+7.63%
680-71911.88%
660-67918.53%
640-65926.15%
620-63938.64%
580-61965.70%
560-579105.39%
Less than 560113.62%
Source: LendingTree customer data for Q4 2019.

To give you a more concrete idea about how much a personal loan for a credit score under 600 can cost you, check out these estimates using average APRs:

Cost for a 3-year, $5,000 fair or bad credit personal loan
Credit score640-659620-639580-619
APR26.15%38.64%65.70%
Monthly payment$201.85$236.60$320.84
Total interest charges$2,266.70$3,517.55$6,550.13
Total amount repaid$7,266.70$8,517.55$11,550.13

The lower your credit score, the more lenders will worry about your ability to pay. If you happen to have a credit score below 600, you’re looking at potentially extremely expensive loans. As a result, if you can wait to borrow funds, you can take action now to improve your credit to reduce future borrowing costs.

Ways to make your loan more affordable

While it may be tempting to go with the first loan offer you receive, make sure to do your homework. Research lenders in your area as well as online — you may find that online lenders are a cheaper option, as they don’t have the overhead costs of a brick-and-mortar bank.

Peer-to-peer loans, which can be accessed through an online marketplace, may be another viable option. These loans are funded either by groups of individuals or institutions and come with fixed terms and interest rates.

  • Make all payments in full and on time each month: Lenders typically look at your FICO credit score when helping determine your loan eligibility. As your payment history accounts for 35% of your FICO Score, ensuring all your bills are paid on time and in full each month can help boost your credit and make you a more attractive borrower.
  • Reduce your debt-to-income ratio: Your debt-to-income (DTI) ratio is a measure of how much overall debt you have compared to your income. Ideally, you want your ratio to be 35% or less. Anything higher and lenders may question your ability to afford a new debt.
  • Check your credit report for errors: Check your credit report at least once per year to make sure there are no inaccuracies. Errors on your report could hurt your credit score. To access your credit report for free, visit AnnualCreditReport.com.
  • Keep credit card balances low: You should be paying your credit card’s full balance each month. However, if you absolutely must have a balance, keep it as low as possible. The more debt you have, the worse it is for your credit score.
  • Limit how many new accounts you open: While opening multiple credit cards will increase your overall credit, thus decreasing your DTI, resist this tactic. New credit accounts for 10% of your credit score and can give lenders pause as you’d have new lines of credit to rack up debt with. Further, the application process for new credit accounts results in hard inquiries, which can reduce your credit score slightly but temporarily.

If a family member or friend with a good credit score and a solid financial standing is willing to cosign your personal loan, this can be monumentally helpful. A cosigner agrees to assume financial responsibility for the loan if you don’t keep up with payments, which provides peace of mind to lenders. Consequently, this can help you qualify for a loan you might not get on your own merit and score a lower interest rate.

Just keep in mind that your missed or late payments will have a negative impact on your cosigner’s credit score in addition to your own.

You can make your fair credit personal loan more affordable by setting up automatic payments (autopay). Ask your lender about interest rate discounts in exchange for setting up this service. Most lenders will knock off 0.25% on your personal loan’s APR when you sign up for autopay.

Alternative fair credit loan options

Secured personal loan

A secured personal loan is backed by assets that you put up as collateral, such as your car or savings. This may be a good choice if you have a credit score below 600 as your collateral reduces the lender’s risk and can help you nab lower interest rates and a larger loan amount.

The downside of a secured loan is that if you fail to make payments, you will lose your assets. Make sure you can afford a new debt before taking out a secured loan. If you default, you’ll lose your collateral, on top of taking a credit hit.

Salary advance loan

A salary advance loan is a loan in which you borrow funds from your future paychecks. These small loans can come with zero interest and do not require a credit check. Funds are available quickly, as well.

The main drawback of a salary advance loan is that your future paychecks will be lower until you pay back the debt. Also, not all employers offer these loans. If your company doesn’t make these loans available, you’ll have to search for a third party lender and those loans will come with fees.

Payday alternative loan

Payday alternative loans (PALs) are personal loans available to members of federal credit unions. You’ll need to have been a member for at least one month to qualify.

PAL amounts are small, from $200 to $1,000 with a PAL I and up to $2,000 with a PAL II. Repayment periods also range from one to six months for a PAL I and from one to 12 months with a PAL II. So, be prepared to repay your debt quickly. On the plus side, PAL fees are low; credit unions are barred from charging anything over $20.

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Personal Loans

No Credit, or Poor Credit? Explore These Loan Options

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

Getting loans for poor credit may be challenging, but it isn’t impossible. You could find a cosigner for your loan or apply for a secured loan. Some lenders even issue bad credit loans to borrowers with thin credit files.

Read below for more information on reputable personal loan companies who may lend to you, and what to do if you still don’t qualify.

Which loan company is best for bad credit?

A low credit score doesn’t always reflect how responsible you are with credit. If you don’t often use a credit card or have never taken out a loan before, your low score could be the result of a thin credit history. The good news is that as long as you have a clean history with no late payments and a low credit utilization ratio, you may still qualify for a loan.

Each personal loan lender has its own set of requirements, but many lenders will give you an idea of your eligibility without hurting your credit score. Here are five personal loan companies for bad credit borrowers that let you prequalify with a soft credit pull:

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Company
APR
Terms
Credit Req.

8.05% - 35.89%

36 or 60

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

8.27% - 35.99%

36 or 60

months

620

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

9.95% - 35.99%*

24 to 60**

months

580

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

7.95% - 35.99%

36 or 60*

months

640

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

*For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

99.00% - 199.00%

36

months

Not specified

SEE OFFERS Secured

on LendingTree’s secure website

1. LendingClub

Good for: Personal loans with a co-borrower

LendingClub is a peer-to-peer loan marketplace; it matches borrowers with potential investors. Although you have limited repayment options, you have the flexibility to borrow between $1,000 and $40,000.

Expect an origination fee of 3.00% - 6.00% to be deducted from your loan amount. For borrowers who want to potentially snag better loan terms, it’s best to apply with a co-borrower.

APR

8.05%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

3.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates. The loan application process is done online and only takes a few minutes to complete without hurting your credit. The loan processing time can take a while and you might not get approved if you have missed payments in the past.

2. Upstart

Good for: Borrowers with education and job history

Upstart assesses your creditworthiness not just by your credit score, but through a combination of other factors such as your job and career history, education and even your standardized test scores. You could receive your funds as quickly as the next business day, but be ready for an origination fee of Up to 8.00% to be deducted upfront from the total amount of your loan. Loan amounts range from $1,000 to $50,000

APR

8.27%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

3. Avant

Good for: Fast funding and secured loans

If you need cash in a pinch and can qualify for a loan from Avant, you could get the funds in your bank account by the next business day after you’re approved. Loan amounts start at reasonably low $2,000 and cap out at $35,000, though these amounts differ if you opt for a secured personal loan.

Avant may be a good option for self-employed borrowers. The lender will consider your application as long as you can provide two years’ of tax returns to verify your income. While Avant doesn’t charge any prepayment fees, you could be charged for late or incomplete payments as well as an administrative fee (also known as an origination fee) of Up to 4.75%.

APR

9.95%
To
35.99%*

Credit Req.

580

Minimum Credit Score

Terms

24 to 60**

months

Origination Fee

Up to 4.75%**

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Avant is an online lender that offers personal loans ranging from $2,000 to $35,000. ... Read More


*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 - August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

4. Prosper

Good for: Comparing multiple lenders

Prosper works similarly to LendingClub; the peer-to-peer marketplace helps match borrowers with investors who may fund their personal loan. Loan amounts are from $2,000 to $40,000, with limited repayment options of 36 or 60 months and a slightly higher APR cap compared to LendingClub.

Note that it could take up to 14 days to get funded for your loan and residents of Iowa or West Virginia are not eligible.

APR

7.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60*

months

Origination Fee

2.41% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Lender Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More


*For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

5. Opploans

Good for: Borrowers with no credit

If you have an extremely low or unestablished credit score, you could be eligible for financing from OppLoans at an extremely high cost. APR rates range from 99.00% to 199.00% and are significantly higher than any of the other loan companies in this list. Still, if your only other option is a payday loan, this lender would be preferable as their rates are still lower. It also offers borrowers free educational courses on budgeting, saving and boosting credit scores.

APR

99.00%
To
199.00%

Credit Req.

Not specified

Terms

to 36

months

Origination Fee

Varies

SEE OFFERS Secured

on LendingTree’s secure website

How to get a personal loan with bad credit

If you or a family member are members of a federal credit union, it may be worthwhile to pursue financing with them. Federal credit unions may offer payday alternative loans (PALs), an affordable alternative to payday loans with longer repayment periods.

PALs I/II loan terms

PALs I
  • Loan amount: $200 to $1,000
  • Loan length: 1 to 6 months
  • Max APR: 28%
  • Fees: Maximum $20 application fee
Waiting period: Must be a credit union member for at least one month to qualify
PALs II
  • Loan amount: Up to $2,000
  • Loan length: 1 to 12 months
Waiting period: No monthlong regulatory period for borrowers

To increase your chances of getting a loan at reasonable rates, consider asking someone to cosign the loan. A cosigner lets you benefit from their higher credit score and income by agreeing to be legally responsible for the debt’s repayment. This decreases the risk to the lender, which makes them more willing to extend you a loan.

Note that unlike a co-borrower who would share and repay the debt together with you, the intent of getting a cosigner is for you to repay the debt on your own. However, your missed payments will negatively impact your cosigner’s credit, in addition to your own. The lender can also go after them for these missed payments.

If you own a vehicle, home, jewelry or other valuable assets, you could consider using them to secure your loan. However, you risk losing the asset if you miss a payment or are unable to pay off the loan.

What to do if you don’t qualify for a personal loan

Try to avoid payday loans and title loans

If you’re not familiar with payday loans or title loans, you might be wondering what’s so bad about them. After all, they seem convenient — most offer fast cash, and if you live in a populated area, you’ll probably find a payday loan or title loan shop nearby.

However, both come with exceptionally high rates and short repayment periods of just a few weeks. So while they may be convenient options, you should only consider them an option if you know that you can pay off the debt in full and on schedule. Otherwise, you risk falling into a debt trap.

Seek out ways to build your credit

If you don’t qualify for a personal loan, and you can wait to apply, there are a few steps you can take to increase your credit score. For example, you can potentially pay down debt to improve your credit utilization ratio, or you could open a secured credit card and pay it off every month. These methods won’t boost your score immediately, but over time, you’ll see an improvement.

Also, if you haven’t started budgeting and tracking your spending, you should make it a priority — doing so can help you spot problem areas with managing your money.

Enroll in nonprofit credit counseling

You want to make every effort to improve your credit score, even after you’re approved for a loan, because having a good credit score will benefit you in other areas of life. For that reason, you might want to consider teaming up with a nonprofit credit counseling service.

Credit counselors can provide you with personalized advice on your specific situation so you can work on rebuilding your credit score. They can also work with your creditors and negotiate on your behalf to possibly lower interest rates or get better terms on your existing debt.

Visit the U.S. Department of Justice website for a list of accredited credit counseling agencies by state.

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Up to $50,000

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Hanscom Federal Credit Union: Checking, Savings, CD, and Money Market Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Hanscom Federal Credit Union’s checking account options

Free Kasasa Cash Checking

Kasasa Cash Checking is the credit union’s full-service, high-interest checking account.

APY

Minimum Balance Amount

1.00%
$0.01 to $15,000.00
0.10%
$15,000.01 and over
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for in-network ATMs
  • ATM fee refund: $20 per month
  • Overdraft fee: $30; free transfers if linked to savings account

The Free Kasasa Cash Checking account pays very high interest rates on balances of up to $15,000. However, certain qualifications must be met or that rate drops to effectively zero. All of the following qualifications must be met each month to earn the enhanced interest rate:

  • At least 1 direct/ACH deposit
  • 12 or more credit or debit purchases
  • Agreement to receive online statements

Balances above $15,000 receive a much-reduced interest rate, although still far above the non-qualifying rate.

Customers also enjoy a host of free services, including: online banking, bill pay and transfers; mobile banking with remote deposits; free online statements; a free debit card; and, unlimited check writing.

SEE DETAILS Secured

on Hanscom Federal Credit Union’s secure website

NCUA Insured

Premier Checking

Premier Checking is the only Hanscom Federal Credit Union account that charges a monthly fee, although it can be avoided.
APYMinimum Balance Amount
0.10%
$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $9.95; waivable with an average daily balance of $2,000 or a combined average daily balance of $6,000 in any type of savings or loan account
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to savings account or Hanscom Federal Credit Union credit card

The Premier Checking account pays a flat rate of interest across all balances. It also has a slightly different ATM fee structure from the other checking accounts. You’ll never be assessed an ATM fee from Hanscom Federal Credit Union, no matter where you conduct your transaction, but you also won’t benefit from any ATM fee rebates.

Beyond that, the Premier Checking account shares many of the same free benefits as the other checking accounts, including the following:

  • Online/mobile access
  • Bill pay
  • Online statements
  • Online money transfer
  • Debit card
  • Free checks

One of the best benefits of the Premier Checking is the enhanced yield paid on CDs to Premier Checking customers.

SEE DETAILS Secured

on Hanscom Federal Credit Union’s secure website

NCUA Insured

Free Kasasa Cash Back Checking

    Kasasa Cash Back Checking delivers its returns in the form of cash back on debit card transactions.

  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for in-network ATMs
  • ATM fee refund: $20 per month
  • Overdraft fee: $30; free transfers if linked to savings account or Hanscom Federal Credit Union credit card

The Free Kasasa Cash Back Checking account pays customers 2 percent cash back on debit card purchases, up to $7 per month ($84 per year). The account also offers up to $20 monthly in ATM fee rebates.

To qualify for the cash back account, all of the following activities must post and settle in the account every month:

  • At least 12 debit or credit card purchases
  • At least 1 ACH credit/direct deposit
  • Enrollment in online statements

The account remains maintenance-fee free if these qualifications are met in any month, but no cash back will accrue that period.

In addition to the cash back benefit, this account also offers more traditional checking account offerings, including the following:

  • Unlimited check writing
  • Free online banking, bill pay, and transfers
  • Free mobile banking, including mobile deposits
  • Free debit/ATM card, with no annual fee
  • Free online statements

SEE DETAILS Secured

on Hanscom Federal Credit Union’s secure website

Free Checking

The Free Checking account is Hanscom Federal Credit Union’s most basic offering, charging no fees and offering more limited services.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: First 10 in-network ATM transactions are free; thereafter, $1.25
  • ATM fee refund: $0
  • Overdraft fee: $30; free transfers if linked to savings account or Hanscom Federal Credit Union credit card

The Free Checking account is the standard, basic account to get your foot in the door in terms of a checking account. There are no minimum deposit requirements or monthly fees, and the first 10 in-network ATM transactions are free. Under the Payday Perqs program, customers can receive their direct deposit paychecks up to two days early. Customers also get rewards on every purchase (terms apply), along with free checks, bill pay and mobile deposits.

SEE DETAILS Secured

on Hanscom Federal Credit Union’s secure website

magnifying glass

How Hanscom Federal Credit Union’s checking accounts compare

Hanscom Federal Credit Union offers a broad range of checking account options. Customers can choose everything from the no-frills Free Checking account to the high interest rates of the Kasasa Cash Checking account. For balances of up to $15,000, the Kasasa Cash pays an almost unmatched checking account interest rate, topping the best available checking account rates from across the nation. However, larger deposits don’t enjoy that premium.

Customers who prefer cash back may enjoy the 2 percent returns offered by the Kasasa Cash Back Checking account, although that benefit is capped at $7 a month. The credit union’s Premier Checking account is the only one that carries a monthly fee, but it can be waived with a modest deposit.

The account can be a good option for CD customers, as the Premier Checking account allows access to higher CD rates. Linking a savings account or Hanscom Federal Credit Union credit card is a good option, as it allows customers to avoid the $30 overdraft fees.

Hanscom Federal Credit Union’s savings account options

Primary (Share) Savings

Entry into credit union as a member is obtained through this mandatory savings account.
APYMinimum Balance Amount
0.10%
$25+
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to Hanscom Federal Credit Union credit card

A $25 deposit establishes credit union membership through this primary account, which also offers free online and mobile access. A flat interest rate is earned on all balances of $25 or more once the account is open. This rate is compounded daily and credited monthly. Through the account’s Payday Perqs program, customers can receive their direct deposit paychecks up to two days early.

As a savings account, transactions are limited to six per month. Any excess activity is assessed a $15 excess activity fee.

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Kasasa Saver

The Kasasa Saver account is a free savings account that pays dividends.
APYMinimum Balance Amount
1.00%
$0.01 to $50,000.00
0.10%
$50,000.01 and over
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to Hanscom Federal Credit Union credit card

This account serves as the depository for rewards earnings when linked to the Kasasa Cash or Kasasa Cash Back checking accounts. Customers who qualify for rewards from those two checking accounts automatically qualify for the best rates offered by the Kasasa Savings account. Specifically, requirements include:

  • Online statements
  • 12 monthly debit or credit transactions
  • At least 1 monthly ACH/direct deposit into a Kasasa Cash or Kasasa Cash Back account

The account also includes free online and mobile banking.

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Higher Yield Savings

Hanscom Federal Credit Union’s Higher Yield Savings account carries high minimums and a restrictive withdrawal policy.
APYMinimum Balance Amount
0.50%
$25,000
  • Minimum opening deposit: $25,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to Hanscom Federal Credit Union credit card

The Higher Yield Savings account requires $25,000 to open but pays a high rate of interest on all balances above that level. Unlike traditional savings accounts which assess an excess activity fee after six monthly withdrawals, the Higher Yield Savings account restricts fee-free withdrawals to just one per month. After that, you’ll pay $25 for any additional withdrawals.

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Holiday and Vacation Club

APYMinimum Balance Amount
0%
$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • verdraft fee: n/a

The Holiday and Vacation Club savings accounts are two options at Hanscom Federal Credit Union that operate much like those at other institutions, affording customers the opportunity to earn interest on savings dedicated to a specific purpose. In the case of the Holiday and Vacation accounts, interest is earned beginning on the first dollar deposited, but money cannot be withdrawn until October. For Vacation Club accounts, the same principle applies, but the customer can select the month in which funds are allowed to be withdrawn, such as June for a summer vacation.

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Secondary Shares

APYMinimum Balance Amount
0.10%
$25
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $30; free transfers if linked to Hanscom Federal Credit Union credit card

The Secondary Shares account at Hanscom Federal Credit Union operates exactly like the primary shares account, although the minimum is only $1. The account is intended to serve the needs of customers saving for a particular need, without the withdrawal restrictions of a Holiday or Vacation Club savings account. Customers can open as many secondary shares accounts as need be to help keep their finances straight.

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How Hanscom Federal Credit Union’s savings rates compare

Hanscom Federal Credit Union’s basic savings account rates on its Primary and Secondary Shares and Holiday and Vacation Club accounts are slightly above the national average. Rates become competitive on a national basis with the pickup in yields offered on the Higher Yield Savings and Kasasa Saver accounts. Although not quite on par with the best savings rates in the nation, these two accounts offer competitive yields, particularly on deposits of up to $50,000 in the Kasasa Saver account.

Hanscom Federal Credit Union’s CD rates

EasyStart CD

The EasyStart CD has a lower minimum opening deposit but offers a limited range of maturities.
TermAPY
3 months0.20%
6 months0.20%
12 months0.20%
  • Minimum opening deposit: $250
  • Minimum balance amount to earn APY: $250
  • Early withdrawal penalty: 90 days’ interest on maturities of one year or less; 180 days’ interest on maturities longer than one year

The EasyStart CD at Hanscom Federal Credit Union lets customers get started investing in CDs with as little as $250. Unlimited additional deposits, with a minimum of $10, can be added at any time. However, certificates are only offered for three, six or 12 months. EasyStart CDs also have different rates than Hanscom Federal Credit Union’s traditional CDs.

Additional features of the EasyStart CDs include the following:

  • Automatically renewable into the same term
  • 10 calendar day grace period
  • Online and mobile access
  • No monthly fees
  • Federally insured

Dividends accrue daily and are paid at the end of the month.

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Traditional CD

While Hanscom Federal Credit Union offers a standard range of CD maturities, higher yields are paid to Premier Checking customer.
TermAPY
3 to 5 Month0.20%
6 to 11 Month0.40%
11 Month (available with Premier Checking)1.50%
12 to 17 Month0.50%
18 to 29 Month0.65%
30-59 Month0.70%
48 Month (available with Premier Checking)2.75%
60 Month1.00%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 90 days’ interest on maturities of one year or less; 180 days’ interest on maturities longer than one year

Hanscom Federal Credit Union’s Traditional CDs carry a $1,000 minimum and cover a range of maturities, from three to 60 months. Premier Checking account customers get higher rates on 11-month and 48-month CDs only. Additional features of Hanscom Federal Credit Union’s traditional CD accounts include:

  • Automatic renewal into same term
  • A renewal grace period of 10 calendar days
  • Mobile and online access
  • FDIC insurance
  • No monthly fees

As with the credit union’s EasyStart CDs, dividends accrue daily and post to the account on the last day of every month.

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CU Thrive Automated Savings Program

Required monthly deposits and a single term generate high yields in this hybrid savings/CD account.
APYMinimum Balance Amount
2.00%
$0+
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0, with minimum $5+ automated deposits monthly
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The CU Thrive Automated Savings Program requires monthly automated transfers of $5 to $500 from a Hanscom Federal Credit Union checking account. Rates are fixed for an entire 12-month term. Only one CU Thrive account can be opened per member, and the account does not renew at the end of the 12-month term.

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How Hanscom Federal Credit Union’s CD rates compare

Hanscom Federal Credit Union’s CD rates are generally high, topping the national average across every maturity. Yet, rates on the traditional CDs don’t approach the best available online CD rates.

The true gem in the lineup is the hybrid CU Thrive Automated Savings Program. Customers are required to make monthly transfers into the account from an eligible Hanscom Federal Credit Union checking account, and the term is limited to 12 months only, with no automatic renewal. However, the rate is exceptionally high, particularly on such a short-term account. One of the few drawbacks to the program is that monthly contributions are limited to $500, meaning the total amount of interest earned will be relatively low.

Hanscom Federal Credit Union’s money market account

Money Market Account

APYMinimum Balance Amount
0%
Balance less than $2,000.00
0.10%
$2,000.00 - $9,999.99
0.20%
$10,000.00 - $24,999.99
0.25%
$25,000.00 - $49,999.99
0.25%
$50,000.00 - $74,999.99
0.35%
$75,000.00 - and over
  • Minimum opening deposit: $2,000
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund:  None
  • Overdraft fee: $30; free transfers if linked to a savings account or Hanscom Federal Credit Union credit card

The Hanscom Federal Credit Union Money Market account compounds dividends daily and credits them monthly to customers with balances of at least $2,000. The account comes with a free box of checks and no monthly fee. Rates step up gradually in a tiered structure, topping out for balances of $75,000 or more.

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How Hanscom Federal Credit Union’s money market rates compare

Rates for Hanscom Federal Credit Union’s Money Market account compare favorably with its competitors, topping the national average across every interest tier level. At the highest tier, for deposits of $75,000 or more, rates are nearly quadruple the national average. The best money market rates available nationwide, however, are much higher than what you can earn at Hanscom Federal Credit Union.

Hanscom Federal Credit Union’s IRA rates

IRA Share

The IRA Share account is designed for smaller IRA balances.
APYMinimum Balance Amount
0.10%
$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

The IRA Share account is a flexible slush fund for smaller IRA balances. Money can be accessed at any time and moved into higher-yielding investments within an IRA. Larger balances can earn higher interest in both the IRA Money Market and the IRA certificates available at Hanscom Federal Credit Union.

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IRA Money Market

The IRA Money Market provides flexibility with higher yields.
APYMinimum Balance Amount
0%
Balance less than $2,000.00
0.10%
$2,000.00 - $9,999.99
0.20%
$10,000.00 - $24,999.99
0.25%
$25,000.00 - $49,999.99
0.25%
$50,000.00 - $74,999.99
0.35%
$75,000.00 - and over
  • Minimum opening deposit: $2,000
  • Minimum balance to earn APY: $2,000
  • Monthly account maintenance fee: $0
  • ATM fee: n/a
  • ATM fee refund: n/a
  • Overdraft fee: n/a

Savers with larger balances that still want some flexibility in accessing their funds might consider Hanscom Federal Credit Union’s IRA Money Market account. There are six rate tiers. Balances of at least $2,000 pay nearly double the rate of the IRA Share account, while in the top tier — for balances of at least $75,000 — rates are more than triple those of the IRA Share account. Withdrawal activity in this account is restricted to six transactions per month, in accordance with federal standards.

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IRA Certificates

Hanscom Federal Credit Union’s IRA Certificates are traditional CDs with higher rates and less flexibility than the credit union’s other IRA offerings.
TermsAPY
6 Month0.40%
12 Month0.50%
18 Month0.65%
30 Month0.70%
60 Month1.00%
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal fee: 90 days’ interest on maturities of one year or less; 180 days’ interest on maturities longer than one year

Hanscom Federal Credit Union offers a simplified maturity schedule in its IRA CDs as opposed to its non-IRA CDs, with just five maturities available in its IRAs. Minimum deposits are lower, however, at $500. Rates on Hanscom Federal Credit Union’s IRA CDs are generally higher than can be earned in the credit union’s IRA money market account.

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How Hanscom Federal Credit Union’s IRA rates compare

The limited options available for CDs in Hanscom Federal Credit Union’s IRAs are slightly above national averages for every maturity. You can find better rates at competitors when looking for the best available IRA CD rates on a national basis.

Rates on the credit union’s IRA money market account are the same as in its non-IRA accounts, meaning they are well above-average but not quite approaching the top money market rates in the country.

Although the IRA Share account is not a great choice as a longer-term investment, it’s good to have an account that pays interest even on small amounts until they can be better deployed.

How to Get Hanscom Federal Credit Union’s accounts

The application process for any type of Hanscom Federal Credit Union account is the same. The one exception is the CU Thrive Automated Savings Program, as it already requires an open Hanscom Federal Credit Union account. To participate in the CU Thrive program, you can request a callback from the credit union by completing a form on the website, or you can visit a branch or call the credit union’s Customer Service line. For all other accounts, click any of the numerous “open an account” links on the credit union’s web pages and you’ll be brought to the application page. You’ll need three pieces of information to get started:

  • Your Social Security number or Individual Tax Identification Number (ITIN)
  • A valid, government-issued ID, such as a passport, driver’s license, or state or military ID
  • A source of funding for your account, such as a checking or savings account, or a credit or debit card

The first step in the application process is to select the type of account you’d like to open. The application page has a drop-down menu that offers more than a dozen options.

Once you select your account, you’ll have to qualify for membership. If you’re already a member and are applying for a new account, you can select that option to continue. Otherwise, you’ll have to qualify in one of the following five ways:

  • You are an employee or retired employee of a federal government agency with a Massachusetts duty station
  • You are an employee of a qualifying employer
  • You are active duty or retired military
  • You are the relative or domestic partner of a Hanscom Federal Credit Union member
  • You are a member of or will be joining a sponsoring member organization

From there, the application asks for the standard personal and financial information you’d expect when opening an account at any financial institution. For example, you’ll be asked to provide your name and address, date of birth and employment information. Once you give the appropriate consent and your information is verified, you’ll be asked for funding information for your account.

If you don’t want to open an account online, you can visit a representative at any of the credit unions branches in Massachusetts or Virginia. You can also call the credit union if you have any account-opening questions.

Overall review of Hanscom Federal Credit Union’s products

Hanscom Federal Credit Union offers a very extensive range of accounts for its members. Whereas some financial institutions only offer a single checking or savings account, for instance, Hanscom Federal Credit Union carries four or more accounts of each type. Even in its IRAs, the credit union offers three options, a share account, a money market account and CDs.

For the most part, fees and minimums are low on Hanscom Federal Credit Union’s products. However, the credit union doesn’t offer a completely fee-free lineup, and it doesn’t offer fee rebates on non-network ATMs.

Interest rates offered at Hanscom Federal Credit Union are a mixed bag. Some accounts don’t pay any interest at all, while others are among the best available nationwide. Of particular note is the CU Thrive Automated Savings Program, which carries an exceptional rate but also has contribution limits and just a single, 12-month term.

With a broad range of product offerings that offer mostly competitive terms, Hanscom Federal Credit Union members shouldn’t have a problem finding accounts that serve their specific needs.