Golden 1 credit union Reviews

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 offers three different personal loan options, as well as one personal line of credit:

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 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.

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.

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 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.