Suncoast Credit Union Personal Loans

Suncoast Credit Union Personal Loans Reviews

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About Suncoast Credit Union Personal Loans

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Suncoast Credit Union is a full-service financial co-op that serves Florida residents in 39 counties. It offers both personal and business banking services as well as financial education to its over one million members. These members are eligible to borrow personal loans from Suncoast, which have lower rates and fees compared with those from lenders that aren’t credit unions.

    Pros & Cons

    Pros
    • No application fee or prepayment penalties
    • Low minimum APRs
    • You’ll be eligible for member benefits
    Cons
    • Only available in select Florida counties
    • You must be a member to apply

    Our editor’s take

    Suncoast Credit Union is a good fit for Florida residents who are already Suncoast members or who could benefit from becoming one. Those who are in need of a tech update, such as a new phone or laptop, can especially benefit from Suncoast’s technology loan.

    If you like the sound of Suncoast Credit Union but find yourself ineligible to become a Suncoast member, you might want to search for a credit union available in your area.

    Suncoast Credit Union personal loan products

    Suncoast Credit Union offers two personal loans — one to cover your next tech purchase and one to cover just about anything else. It also offers an unsecured personal line of credit, several loans for home improvements (both with and without equity required) and loan options for mobile home purchases.

    For those who want to borrow against their home’s equity, Suncoast offers home equity loans of five to 20 years as well as an equity line of credit.

    Signature loan
    With Suncoast Credit Union’s signature loan, you can borrow up to $50,000 without having to put up any collateral. These loans have long-term options, giving you up to 96 months to repay the loan.
    Technology loan
    A technology loan from Suncoast can be used to purchase a new piece of technology, such as a computer or a smartphone. These loans come with 36-month repayment terms, which can help you spread the cost of upgrading your tech into more manageable payments.
    Personal line of credit
    Suncoast offers an unsecured personal line of credit for borrowers who prefer having revolving access to funds rather than a fixed lump-sum amount. With the line of credit, you can access up to $50,000, which can also be used as overdraft protection on your checking account.
    Home improvement signature loan
    If you’re planning home repairs, you can take out an equity-free home improvement signature loan with Suncoast for up to $10,000. Term options are five or 10 years, with fixed interest rates.
    Home improvement secured loan
    If you’d rather borrow against your home’s equity, Suncoast offers secured home improvement loans for up to 133% of your home’s loan-to-value ratio (LTV). Terms are five, 10 and 20 years, with fixed interest rates on the five and 10-year loans and a variable rate on the 20-year loan.
    Mobile home loan
    Suncoast offers two loan options for purchasing a mobile home: up to $50,000 for a new mobile home and up to $30,000 for a used mobile home (or up to 75% of the purchase price, whichever is less). In both cases, the mobile home must be used as your primary residence, and both come with fixed interest rates and repayment terms of 10 years.
    Home equity loan
    Suncoast’s home equity loans are available in terms of five, 10, 15 and 20 years. Interest rates are fixed on terms up to 15 years, and variable for the 20-year option. Loans are available for up to 100% of your home’s LTV for qualified borrowers, except for the 15-year option, which has a maximum LTV of 80%.
    Home equity line of credit
    Finally, if you’d prefer access to revolving credit, you can tap into up to 100% of your home’s equity with Suncoast’s equity line of credit. Rates are variable, and the maximum term is 15 years.

    Suncoast Credit Union personal loan rates

    Suncoast doesn’t disclose a range for its annual percentage rates (APR); however, it does disclose its lowest rate for each. As of publishing, its starting rates are as follows:

    • Signature loan: 11.00% fixed APR
    • Technology loan: 9.75% fixed APR
    • Personal line of credit: 11.50% fixed APR
    • Home improvement signature loan: 11.50% fixed APR
    • Home improvement secured loan: 11.00% fixed APR (10.00% variable for 20-year term)
    • New mobile home loan: 8.375% fixed APR
    • Used mobile home loan: 8.875% fixed APR
    • Home equity loan: 9.50% fixed APR (8.50% variable for 20-year term)
    • Equity line of credit: 8.50% variable APR

    It’s important to note that your individual rate will be determined by factors like your creditworthiness and loan term.

    Suncoast Credit Union personal loan fees

    Suncoast Credit Union doesn’t charge application fees or prepayment penalties. Although it may charge other fees, such as a late fee, it doesn’t disclose so on its website. Equity loans come with closing costs, although Suncoast will pay up to $1,000 of these.

    How to apply for a Suncoast Credit Union personal loan

    Before applying for a Suncoast Credit Union personal loan, you’ll need to become a Suncoast member. To be eligible to do so, you must live, work, attend school or worship in the following Florida counties:

    • Alachua
    • Brevard
    • Broward
    • Charlotte
    • Citrus
    • Clay
    • Collier
    • DeSoto
    • Dixie
    • Duval
    • Gilchrist
    • Glades
    • Hardee
    • Hendry
    • Hernando
    • Highlands
    • Hillsborough
    • Indian River
    • Lake
    • Lee
    • Leon
    • Levy
    • Manatee
    • Marion
    • Martin
    • Miami-Dade
    • Monroe
    • Orange
    • Osceola
    • Palm Beach
    • Pasco
    • Pinellas
    • Polk
    • Sarasota
    • Seminole
    • St. John
    • St. Lucie
    • Sumter
    • Volusia

    If you are eligible, you can apply for membership and open an account at the same time by following the prompts on Suncoast’s website. Once your membership is approved and your account is open, you can apply for a Suncoast personal loan.

    You can go about doing so in three ways:

    1. Apply online: You can apply for a Suncoast personal loan online. You’ll need to follow the prompts, which are only accessible with a membership, on its personal loan page. These will guide you through the application process.
    2. Apply over the phone: You can apply for a personal loan over the phone. A Suncoast representative will be able to answer all of your questions and help you process your application.
    3. Apply in person: You can apply for a loan in person, but it is recommended that you print out and complete an express application form before visiting your branch. This will help speed up the process and allow you to visit a branch anytime without the need for an appointment.

    How do Suncoast Credit Union personal loans compare?

    When compared with competitors, such as OneMain Financial, Suncoast offers more loan options with lower rates. That said, it has one main disadvantage: its lack of availability to anyone outside of certain counties in Florida.

    Here’s how Suncoast Credit Union and OneMain Financial stack up:

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    FAQ

    What is Suncoast Credit Union?

    Suncoast Credit Union is a Florida financial cooperative that gives its profits back to member-owners in the form of lower rates and free services. With over 1.1 million members, Suncoast is the largest credit union in all of Florida.

    Are Suncoast Credit Union personal loans only available to residents of Florida?

    Suncoast Credit Union personal loans are available to anyone who lives, works, attends school or worships in the Florida counties Suncoast services. That said, you don’t necessarily have to live in Florida to qualify.

    Do I need collateral to get a Suncoast Credit Union personal loan?

    No, you don’t need collateral to get a Suncoast Credit Union personal loan.

    Is Suncoast Credit Union legit?

    Although Suncoast Credit Union is the largest credit union in Florida, it only has a 1.4-star customer rating on the Better Business Bureau's website. However, it has a strong presence within the communities it serves, including a partnership with the Tampa Bay Rays.

    Suncoast Credit Union Personal Loans Reviews

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      How do I know I can trust these reviews about Suncoast Credit Union?
      • 4,483,147 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
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      Customer ServiceLoan Process

      Reviewed June 28, 2024

      I found out that Suncoast customer service is non-responsive to questions about their loan process. They provide irrelevant facts and bypass my original questions as if I am suppose to accept their response regardless of my question. Further, After having a checking and savings account and always on-time car loan with them for 4 years. They refused to give me a personal loan. My DTI ratio is excellent and my credit score is in the 650's.

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      Suncoast Credit Union Personal Loans Company Information

      Company Name:
      Suncoast Credit Union
      Website:
      www.suncoastcreditunion.com