Clearwater Federal Credit Union Review

Clearwater Federal Credit Union
Consolidation loans Best for
2 /5
$ /mo
Starting Price
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Table of Contents

    Terms, Fees and Rates 2020

    Minimum credit score: Contact the provider directly
    Rates APR: 7.75% to 28%
    Loan amounts min to max: Contact the provider directly for minimum loan amounts - the maximum amount is $25000
    Origination fee: None


    Up to 120 months

    Late payment fee: 

    Contact the provider directly
    Prepayment penalty: None

    Pros and Cons


    • Extensive terms on offer
    • No origination fee
    • No prepayment penalty
    • No collateral required


    • Only available to those in the catchment area (Western Montana)
    • Not possible to gain all essential information without contacting the provider directly

    Why should you consolidate your loans with Clearwater Federal Credit Union?

    • The range of terms available - 120 months is the maximum length of time clients can spread their payments over, which is significantly longer than some other loan agents permit. Paying over such a long period enables monthly bills to be massively reduced, which can substantially ease any immediate financial pressures.
    • No collateral required - This is only available for an unsecured personal loan, and will come in conjunction with a higher APR. Still, these loans are much easier to get, so it’ll be a reasonable option in some circumstances
    • No prepayment penalty - The last thing anyone wants is to be punished for paying their debts early. Some lenders take advantage of early payments by incurring hefty fees to make up for the money they lose in future interest payments. Thankfully, this provider doesn’t charge anything at all in this regard
    • No origination fee - Origination fees are an often overlooked cost of taking a loan of this type. Even at 1%, for larger loans, this can be a considerable fee. Again, this provider doesn’t charge at all in this regard

    What are the eligibility requirements?

    • At least 18 years old
    • A resident of Western Montana
    • A member of the Clearwater Federal Credit Union
    • Proven creditworthy (contact the provider directly for the latest guidelines)
    • Valid identification
    • Evidence of employment 

    How to apply for a Clearwater Federal Credit Union consolidation loan? 

    Applications are easy to make and can be done entirely online. However, do be aware when applying that you’ll have to submit to a ‘full consumer credit inquiry,’ which is sometimes known as a ‘hard check.’ These reports can negatively affect your future credit rating, so it’s essential to assess as many options as possible before committing to something like this.

    Customer Service

    • Most offices are temporarily closed to safeguard against COVID-19
    • Call between 9 am, and 5 pm from Monday to Friday and Saturday from 9 am to 1 9 pm
    • Limited ‘Drive-thru’ services available at the Stevensville, Reserve Street and Russell branches
    • Mail

    What types of debt can be consolidated with Clearwater Federal Credit Union?

    A variety of debt types can be consolidated using this provider, but the key focus is on home loans, so that’s the category offering by far the most support.

    Bottom line

    Clearwater Federal Credit Union undoubtedly has some positive aspects, such as the long terms available. Yet, it’s limited to those in Western Montana, and so won’t be accessible for most.

    Why not take a look at Avant instead? Its loans are available across the USA and provide funds within just one day of application. SoFi is another lender worth your consideration. It offers loans up to an incredible $100,000 with APRs starting from only 6%.