BECU Personal Loans

BECU Personal Loans Reviews

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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

    • Competitive APR range
    • Long-term options
    • No origination fee
    • Loan decision within 24 hours
    • Available in few states
    • Low loan limits

    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:

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    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.

    BECU Personal Loans Reviews

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      Page 1 Reviews 0 - 10

      Reviewed Feb. 28, 2024

      I have been a loyal customer for over 10 years and business owner. I had several transactions made with a merchant who scammed me where some orders I provided BECU with evidence of after I paid the merchant they then returned all items and the receipt showed it went directly onto the merchant's credit card so I provided clear proof the merchant pocketed my money. I also had clear proof that any items on other transactions I did receive were so severely damaged they were beyond use. In my specific case these transactions were for my business where I was lucky enough to have a government agency back my claims. I also had several professional second opinions also provide in writing that I received nothing I paid for but in much greater detail. I went through the dispute process with the maximum amount of proof anyone could ever have and BECU said they see no error.

      I fought it wanting to know why after providing crystal clear proof I didn't get what I paid for and 1 disputes representative said to me "however no matter the proof you have, this merchant isn't someone we could get our money back from, and since we're a credit union it would basically be BECU paying you directly from their pocket and we're not going to do that." Another rep said to me "even though you didn't get what you paid for, BECU cannot just go and refund everyone's money because we would go out of business." A disputes manager said to me even though I didn't get what I paid for and have the proof, I should take the route of hiring a lawyer because BECU won't help me.

      These, and conversations with other reps made it very clear that even if it's clear you didn't get what you paid for, if it's between BECU getting stuck with the sleezy merchant charges or you, they will chose you all day long. A dispute is to protect cardholders from fraudulent activity. They told me that even though I did not receive what I paid for and I provided proof of this, that because I authorized the payment, it is not fraud. They said fraud is only for if someone stole your card, it's not for if a merchant deceives you by entirely by not giving you the items you paid for and pocketing the money or providing severely damaged goods.

      In my case during the initial dispute BECU issued a provisional credit which it was business critical I received those goods so I had to use the credit and get them from another merchant. When BECU told me they had no intent no matter the level of proof I had of giving me my money back they pulled it back from my account which sent my business account into a substantial negative balance. They didn't give me any guidance on what was to come next.

      I had to find out by calling and asking that when your account is negative even if it's because BECU reversed a credit, that starts a clock of exactly 55 days. If you do not bring your account back up to good standing within that 55 days, BECU will put their hands into all of your accounts business and personal and drain them all in attempt to bring that account back up to good standing. If they drain all accounts and it's still not enough they will shut all of your accounts down and send you to collections. 2 different BECU reps told me that they will work with you on a payment plan if you're in a financial hardship and they transferred me to the lost prevention department. There they told me they DO NOT work with anyone. You have that 55 days and once that's up, that's it.

      In my case the dispute was still open when they reversed the charges putting my account into negative and I said with the disputes still being open, shouldn't that pause everything? BECU told me no, the clock starts the moment your account goes into negative even if it's due to an unsuccessful chargeback and unknowing this I had only 42 days left to come up with almost 4k or I'm ruined and BECU would not work with me at all.

      I asked in any event BECU says they need a certain amount of days to do something it's always business days, so does the same go for me the member and they said, "No. For you it's calendar days." Being a loyal customer for over 10 years never needing BECU's help like this, is extremely disappointing that they WILL 100% turn their backs on you if that means they'll be out anything, and they WILL 100% not work with you in a financial crisis to help you to bring your account back up to good standing without causing complete devastation to your life, while not even telling you that you have 55 days that's on you to find out the hard way on your own.

      As a member owned bank, they made it clear any members that greatly need their help to keep their account in good standing even if it's a business account or to fight charges for items the merchant did not provide to you, those members mean nothing to them if it means BECU will have to take any loss at all, and BECU in no way at all will offer any help to you.

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      BECU Personal Loans Company Information

      Company Name:
      Boeing Employees’ Credit Union (BECU)