Unexpected expenses happen, and in some cases, a loan can be a helpful solution to a short-term need. When looking for loan lenders, you’ll likely come across three major categories of lenders: banks, credit unions, and private lenders. Blue Eagle Credit Union is one credit union you may encounter in your search. Below, we’ll give you all the information you need on this lender so you can compare your options!
Finding the Right Personal Loan
Before we dive into Blue Eagle and their offerings, we’ll discuss the different factors you should consider when trying to decide on the right loan for you. We’re sticking with personal loan options because they are the most common, but you can apply these considerations to almost any other loan option.
- The interest rate and APR
- The loan length
- Think about the lender
- Collateral vs. no collateral
- The loan type
You can also use these considerations when you have existing loans and are looking to refinance to save money, have a more manageable monthly payment, or for any other reason. A Forbes study of 1,000 individuals found that over half of the respondents consolidated debt to simplify and reduce their payments, 54% to lower their interest rates, and 42% to reduce their overall debt burden.1
Loan Options Like Blue Eagle Credit Union: What You Need To Know
Blue Eagle operates in-person through several locations in Virginia. They also offer digital services for those who don’t (or do) live in the state. Along with several different loan options, they offer savings accounts, checking accounts, money market accounts, and fixed-rate share certificates.
What Loans Do They Offer?
They offer several different lending options; here are all their offerings:
- Car Loans
- Home Loan Options
- Personal Loan Options
- Credit Cards
- “Eagle Express Loans” —a fast no-credit-check option
- “Fun Loans” — For large purchases
- Debt consolidation loan
- “Savings secured loans” — Secured by your savings account with them.
- Land Loans
How Does Application Work With Them?
With Blue Eagle Credit Union, you can apply for a loan without being a member of their credit union. For other things like a savings account, you will need to make an appointment with one of their agents. There are five different parts to their application:
- Loan details
- Applicant information
- Employment information
- Review
- Confirmation
Once you submit your application, you’ll know about the next steps from them.
What Are the Loan Terms?
Here are the loan terms you can expect depending on the loan type you choose:
| Loan Type | APR Range (%) | Term (months) |
| New and Used Vehicles | 5.75% – 18.00% | Up to 96 |
| New and Used Motorcycles | 6.75% – 18.00% | Up to 96 |
| Marine and Recreational Vehicles | 7.75% – 18.00% | Up to 180 |
| Personal Loans | 9.00% – 18.00% | Up to 84 |
| Savings Secured Loans | 5.25% – 5.50% | Up to 84 |
| Home Loans | Varies | Call for details |
| Home Equity Line of Credit (HELOC) | 8.00% – 18.00% | 25-year draw, 15-year assumed term |
| Home Equity Loans | 6.00% – 10.75% | Up to 180 |
Disclaimer: These ranges are from the Blue Eagle website and may have changed from the time this article was written, refer to their website/contact them for the most up-to-date details.
What Does Repayment Look Like?
The repayment schedule and monthly payment will look different depending on the loan option you choose. Repayment with this credit union can be done through a few ways:
- Auto pay through your Blue Eagle account.
- Online through an online account.
- Pay online through a credit or debit card.
- Pay in person at a location.
- Pay over the phone.
FAQS
To qualify for a loan with them, you need to meet their specific criteria, which typically include credit score, income, and employment verification. Members with a good financial history and steady income are more likely to qualify for favorable loan rates. It’s recommended to log into your account to check the detailed requirements or contact their customer service for personalized assistance.
There are various financial calculators to help you understand your loan options. These include car loan calculators, mortgage calculators, and personal loan calculators. Additionally, there are resources on loan protection options, budgeting tools, and educational materials, resources you might find helpful in managing your finances.
Yes, there are certain restrictions on the types of vehicles that can be financed. Typically, the vehicle must be new or used and within a certain age and mileage range. The value of the vehicle is also a key factor in determining the loan amount and terms. It’s best to check with the credit union directly to understand all the specifics.
Blue Eagle offers a “Skip Payment” program for eligible members who are experiencing temporary financial hardships. This program allows you to skip a certain number of loan payments within a year. To learn more about this option, it’s advisable to log into your account or contact them to see if you qualify and understand any potential fees or conditions.
Creditninja: How Does It Compare?
CreditNinja is an online lender that offers personal loan options; we have been a lender since 2018. Our personal loan options can be helpful for a variety of situations. You can expect the loan amounts to range from $300 to $500. And our repayment terms range from four to 24 months. Here are some benefits to look forward to:
- An Easy Application Process
- Excellent Customer Service
- No Minimum Credit Score Required To Repay
- Simple Repayment
References:
- Blue Eagle Credit Union | Website
- Debt Consolidation Loan Statistics & Trends In 2024 | Forbes Advisor
Additional Loan Options:
