Security Service Federal Credit Union Review 2020

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Table of Contents

    Terms, Fees and Rates 2020

    Minimum credit score:Unclear
    Rates APR: 6.99% to 17.95%
    Loan amounts min to max: $250 to $50,000
    Origination fee: 1%
    Terms: Between 3 and 66 months
    Late payment fee: 10% of the scheduled payment missed
    Prepayment penalty: None

    Pros and Cons


    • Decent loan terms on offer
    • No charge for paying off a loan early
    • Origination fee lower than some competing loan agents


    • Unclear about the minimum credit score required
    • Some customers have complained about hidden fees

    Why should you consolidate your loans with Security Service Federal Credit Union?

    • Extensive loan terms are available - If you’re considering taking out a consolidation loan, then the chances are that you’re feeling overwhelmed by your monthly payments. If you have a lot of outgoings to different companies each month, it can be stressful and difficult to manage. The benefit of having terms as long as five years shouldn’t be underestimated. Not only will you have just one payment to deal with, but it’ll be smaller than your current fee, as it’ll be spread out over a much longer period
    • No charge for early loan payments - The downside of any consolidation loan is the interest fees. They differ primarily based on your credit score and there’s no way to avoid them. However, if you find yourself in a position to pay off some or all of your loan early, you could save a considerable amount of money by avoiding future interest fees. Luckily, this provider doesn’t charge a fee to do this, unlike a lot of its competitors
    • Low origination fees - An origination fee is basically the charge of having the account set up, and handled by the service. It’s not unusual for businesses in the industry to charge up to 5% for this, and so 1% is quite reasonable in comparison

    What are the eligibility requirements?

    • Over 18 years old
    • Wiling to have a credit check undertaken
    • Proof of employment
    • No recent bankruptcy applications
    • Join the Security Service Federal Credit Union as a member

    How to apply for a Security Service Federal Credit Union consolidation loan? 

    You can apply online by filling in the application form. Be ready to supply personal information regarding your income, housing, and debt levels in general. It’s also possible to apply over the phone, in which case you’ll provide the same details to an agent.

    Once the application is complete, it’ll potentially take a day or two for an assessment to be made on your eligibility, and for what rates/amounts.

    Customer Service

    • Call center for service inquiries
    • Secure online messaging for members
    • Automated phone line for account information
    • FAQ section on the website

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

    Personal loans and credit cards of all types and allowances can be consolidated with this service.

    Bottom line

    Security Service Federal Credit Union offers some fairly good loan terms but is ambiguous regarding the minimum credit score required, and many customers have complained about hidden fees.

    For a more comprehensive service, use Discover. With a minimum credit score required of 680, it offers a detailed and simple online application process. Alternatively, Avant is another superb loan provider, renowned for both its rapid funding and simple fixed-payment process.