Digital Credit Federal Union Review

Have you been searching the market for a personal loan for debt consolidation? With thousands of loan agents on the market, it can feel a little overwhelming. This review might help, as depending on your circumstances, Digital Credit Federal Union could have something to offer you.

Digital Credit Federal Union
No Credit Applicants Best for
3 /5
$ /mo
Starting Price
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Table of Contents

    Terms, Fees and Rates 2020

    Minimum credit score: 

    Rates APR: 5.99% - 18%
    Loan amounts min to max: $300 - $25,000
    Origination fee: None
    Terms: 1-5 years
    Late payment fee: 4% of the monthly fee after a 15 day grace period
    Prepayment penalty: None

    Pros and Cons


    • No origination fee
    • No prepayment fee
    • Low APRs in some cases
    • Secured loans also available
    • No credit score required


    • Must become a member of the Union
    • Hard credit checks taken before any funds are allocated
    • Late payment fee could be substantial
    • The maximum loan amount will be too small for many applicants

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

    • No origination fee - This is a charge for the creation and continued upkeep of your account. For larger loans, this can sometimes become a substantial cost. Thankfully, not with this service.
    • No prepayment fee - If you’re fortunate enough to come into a sudden cash windfall, you might like to pay off your debt early to avoid future interest fees. You won’t be charged at all for doing this.
    • Potentially low APRs - An APR as low as 5.99% will be reserved for those with excellent credit ratings, so those who fall into that bracket could access loans on very reasonable terms.
    • Secured loans are available - If you have some collateral to secure a loan with, then a low credit rating is less likely to be an issue. 
    • No credit score necessary - Those with fair or poor credit scores might not qualify, and even those who do will be met with high interest rates. However, at least everybody has the chance to apply, no matter their credit rating.

    What are the eligibility requirements?

    There are a few criteria which every applicant should meet:

    • A citizen or permanent legal resident of the U.S.A
    • At least 18 years old (19 in some States)
    • A Digital Federal Credit Union member (details of how to join can be found online)
    • Proof of income
    • Proof of employment
    • An active credit account

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

    Borrowers have the option to apply online, over the phone, or in a branch. Please note that it’ll be impossible to access a loan without undergoing a hard credit check, which could negatively impact your credit score.

    After giving information on your income, housing situation, loan amount requested, etc, an assessment will be made within 1-2 business days. Those eligible can then receive funding within another 1-2 business days.

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

    The company states that credit cards or ‘other debts’ can be consolidated with a personal loan. For an exact answer regarding your debt type, contact the firm directly.

    Bottom line

    Digital Credit Federal Union offers loans in some cases to those with poor credit, but its maximum loans will be too small for many potential customers.

    Check out Avant instead, it offers loans for those even with credit below 600, and amounts of up to $35,000. SoFi is another great lender. Applicants will require a credit score of at least 680, but those who do could access loan amounts up to an incredible $100,000.