Golden 1 credit union

Golden 1 credit union Reviews

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About Golden 1 credit union

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Golden 1 Credit Union is a California-based financial cooperative serving Californians and their families and over 1,000 different employee groups. Founded in 1933, Golden 1 has since grown into one of the largest credit unions in the country, holding almost $19 billion in assets. With Golden 1, you can cover most of your banking needs, including borrowing funds via both secured and unsecured personal loans.

    Pros & Cons

    Pros
    • Secured and unsecured loan options
    • No origination fee or prepayment penalty
    • Options for those with no credit
    Cons
    • Late fees
    • Max APR not disclosed

    Our editor’s take

    For those who are eligible for membership at Golden 1, this credit union is an affordable borrowing option, with low annual percentage rates (APRs) and no origination or prepayment fees. This is especially true for borrowers with limited or no credit history, who can take advantage of its Credit Starter Loan without having to put down any collateral. However, if you need to borrow a large sum above $50,000, you’ll need to look elsewhere.

    If you’re ineligible for membership at Golden 1, you may want to consider other credit unions. Since credit unions give their profits back to members, they typically offer lower interest rates than traditional banks.

    Golden 1 Credit Union personal loan products

    Golden 1 Credit Union offers three different personal loan options, as well as one personal line of credit:

    Personal loan
    With a Golden 1 personal loan, you can borrow anywhere from $1,000 to $50,000 and have up to 60 months to pay it back. Since these are unsecured loans, you won’t be required to provide any collateral.
    Credit Starter Loan
    Golden 1’s Credit Starter Loan is exactly what it sounds like: a loan designed to help those who are new to credit (or who have poor credit), so they can begin building it. These loans start at $250, but have borrowing limits of $1,500, or $2,500 if you apply with a co-signer or guarantor, and don’t require collateral.
    Certificate and Savings Secured Loan
    The Certificate and Savings Secured Loan is a personal loan that is secured by your Term-Savings Certificate Account or savings account. These loans have no loan maximums and offer low interest rates since they are considered less risky for Golden 1.

    With these loans, you can borrow up to 90% of the value of your certificates or 100% of the value of your savings account. Even so, you’ll still accrue member dividends on these accounts.

    Personal line of credit
    Golden 1 offers a revolving personal line of credit ranging from $500 to $30,000. It has a variable interest rate, and you only pay interest on what you’ve withdrawn from the credit line. You can also opt in to use your line of credit as overdraft protection for your Golden 1 checking account.

    Golden 1 Credit Union personal loan rates

    Golden 1 Credit Union’s different personal loans and credit lines all come with different rates. Here is what you can expect from each (rates accurate as of publishing):

    • Personal loan: Starts at 8.89% APR
    • Credit Starter Loan: Starts at 16.25% APR
    • Certificate and Savings Secured Loan:
      • Secured by certificate: Your certificate’s earning rate + 3%
      • Secured by a savings account: Fixed 4.99% APR
    • Personal line of credit: Starts at 13.04% APR

    Golden 1 doesn’t offer discounts on all of its personal loan rates, but it does offer a 1% rate discount on its basic personal loan. To be eligible, you must be a member of Golden 1 for at least six months prior to applying for the loan.

    Golden 1 Credit Union personal loan fees

    Golden 1 doesn’t charge origination fees or prepayment penalties on any of its personal loans. That said, if you are late on a payment, you’ll be charged a late fee of 5% of your past due amount or $15, whichever is higher.

    How to apply for a Golden 1 Credit Union personal loan

    To be eligible for a personal loan through Golden 1, one of the following must be true:

    • You’re a resident of California
    • You work in California
    • You have a family member who is a current Golden 1 member
    • You’re a member of one of Golden 1’s almost 1,000 affiliated Select Employee groups

    If you don’t already have an account, you’ll need to open a Golden 1 savings account before you can apply for a loan. Once you’ve done so, you can apply for your personal loan entirely online. For the application, you’ll need to provide Golden 1 with personal and financial information, such as:

    • Your reason for taking out a loan
    • How large of a loan you need
    • What repayment term you’d like
    • Whether or not you’re an existing Golden 1 member
    • Your driver’s license details
    • Your Social Security number
    • Your date of birth
    • Your monthly income
    • Your employment status

    Once you submit your application, you can expect a loan decision in as little as 30 minutes. You’ll then receive your loan by direct deposit to your Golden 1 checking or savings account unless you request a mailed check.

    How do Golden 1 Credit Union personal loans compare?

    When it comes to comparing Golden 1 Credit Union to other personal loan lenders, Golden 1 comes out on top for many reasons — not the least of which is its variety of borrowing options and low starting APRs.

    For example, we compared Golden 1 to OneMain Financial, which also offers both unsecured and secured loans:

    Golden 1 Credit Union personal loans FAQ

    What is Golden 1 Credit Union?

    Golden 1 Credit Union is a financial cooperative with 70 locations across the state of California. At Golden 1, member-owners have access to banking services, such as checking accounts, mortgages, credit cards, investment accounts and personal loans. As a credit union, it returns its profits to its members by offering savings on interest rates and fees.

    Do I need to live in California to be eligible for a Golden 1 personal loan?

    No, you don’t need to live in California to be eligible for a Golden 1 personal loan. While every California resident is eligible, you are also eligible if:

    • You work in California
    • You have a family member who is a current Golden 1 member
    • You work for one of almost 1,000 Select Employee Groups
    Does Golden 1 charge a prepayment penalty?

    No, Golden 1 doesn’t charge a prepayment penalty. That said, you’ll want to keep in mind that prepayment at Golden 1 will only move up your due date by a maximum of 60 days.

    Is Golden 1 Credit Union legit?

    Golden 1 Credit Union is trusted by its over one million members and has $19 billion in assets, making it one of the largest credit unions in all of the U.S. Since it's federally insured by the National Credit Union Administration (NCUA), your money is secured up to $250,000.

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    Golden 1 credit union Company Information

    Company Name:
    Golden 1 Credit Union
    Website:
    www.golden1.com