Blaze Credit Union Personal Loan Review 2024

Pros Explained

• No origination fees: Some lenders charge origination fees to cover the cost of administering and disbursing the loan. Depending on the lender, the fee can be as high as 12.0%. However, Blaze Credit Union doesn’t charge origination fees, which saves you money. 
• Membership open to the public: Some credit unions have strict membership requirements. With Blaze Credit Union, anyone can become a member—regardless of their location or employment—by making a $10 donation to the Blaze Foundation. 
• Generally low rates: Depending on your credit, loan amount, and loan purpose, Blaze Credit Union’s personal loans can have lower-than-average annual percentage rates (APRs).

Cons Explained

• Longer terms only available for home improvement loans: Through Blaze Credit Union, borrowers who need to borrow money for home improvements can choose a loan term as long as 10 years. However, the maximum loan term for all other loan uses is 72 months—a shorter term maximum than some other personal loan lenders offer. 
• Added membership and account fees to join: Although the credit union’s membership is open to the public, you need to make a charitable donation to qualify for membership if you don’t meet its other criteria, and deposit at least $10 to open a checking account. Overall, you’ll have to pay at least $20 in combined contributions and deposits to become a member. 
• No loan pre-qualification: Unlike many lenders that allow borrowers to view their loan options without affecting their credit, Blaze Credit Union doesn’t offer pre-qualification. The only way to view your loan options is to apply and consent to a hard credit check, which can damage your credit. 

Types of Personal Loans Offered by Blaze Credit Union

Blaze Credit Union offers members several loan options, including unsecured personal loans, unsecured home improvement loans, and secured personal loans. 

Unsecured Personal Loans

Blaze Credit Union’s personal loans allow you to borrow up to $50,000 for the following purposes: 

• Debt consolidation: If you have high-interest credit card debt, the cards’ high APRs can make it difficult to get out of debt. Consolidating your credit card debts with a lower-interest personal loan from Blaze Credit Union could help you save money and eliminate your debt quickly. 
• Medical bills: If you have medical expenses that aren’t covered by insurance, you can use a personal loan to spread out the cost over several years. 
• Travel: You can use a personal loan to finance a dream vacation like a honeymoon or a retirement celebration.
• Large purchases: A personal loan can finance purchases of expensive items, like new appliances or a computer. 

Home Improvement Loans

If you intend to use your loan for home improvements, such as replacing your roof or repairing your heating, ventilation, and air conditioning (HVAC) system, Blaze Credit Union offers longer repayment terms. Its unsecured home improvement loans have repayment terms of up to 120 months.

Secured Personal Loans

Borrowers who have a savings account or certificate open with Blaze Credit Union can qualify for a personal loan that is secured by their account, with their account acting as collateral. This option will give you a lower interest rate, and the loan can be used for:

• Consolidating debt
• Paying for medical expenses
• Covering travel accommodations
• Renovating a house
• Financing new furniture or other major purchases

Time to Receive Personal Loan Funds

You can apply for a personal loan online or in person at a Blaze Credit Union branch. The application process takes minutes to complete, and loans can be funded as soon as the same day.

Borrower Requirements

To qualify for a loan from Blaze Credit Union, you must meet the following requirements:

• You must be the age of majority in your state.
• You must have a valid Social Security Number.
• You must have a government-issued form of identification, such as a driver’s license. 
• You must qualify for credit union membership.

If you don’t meet one of the main criteria for Blaze Credit Union’s membership, you can join the credit union by making a $10 donation to the Blaze Credit Union Foundation. You must also open a savings account and deposit at least $10.

Blaze Credit Union doesn’t disclose its minimum credit score or income requirement. 

Blaze Credit Union Personal Loan Features

Blaze Credit Union’s personal loans boast the following features: 

• Debt protection: Debt protection is an optional benefit you can add to your personal loan for an additional cost. With this feature, Blaze Credit Union will pause your payments if you lose your job, and it will cancel your loan balance if you become disabled or pass away. 
• Mobile app: Blaze Credit Union has a mobile app that allows you to view your account and make payments from your phone. It’s available for Android and iOS devices. 

Co-Signers and Co-Applicants

Blaze Credit Union allows borrowers to apply with a co-signer, which is someone with good credit and steady income who agrees to repay the loan if you miss your payments. Adding a co-signer can make the lender more likely to approve your application. 

Can You Refinance a Personal Loan With Blaze Credit Union?

With Blaze Credit Union, you can refinance an existing personal loan and potentially qualify for a lower rate than you have now. 

Customer Service

With Blaze Credit Union, you can apply for a loan online, or you can schedule a meeting with a Blaze Credit Union representative at one of its branches. You can also reach customer support via phone or live chat during business hours.