Pros Explained

• Low maximum APR: Like other credit unions, GreenState has a maximum APR of 18%, which is well below what many other lenders charge, such as a 36% maximum. 
• No origination fees: The lender doesn't charge an upfront origination fee to receive your loan. While that isn't a unique feature, other lenders that offer loans for fair and good credit may charge a fee, such as up to 10% of your loan amount.
• Flexible repayment terms: You'll get anywhere from two to five years to repay your debt, giving you a lot of flexibility to fit the monthly payment into your budget.
• Can get approved with fair credit: GreenState allows credit scores as low as 620, which is squarely in the fair credit range. 

Cons Explained

• High minimum APR: While fair-credit borrowers may enjoy a lower maximum APR, the starting APR for GreenState loans is fairly high. Borrowers with good or excellent credit may be able to qualify for a lower interest rate with a different lender. 
• Only available in eight states: GreenState offers bank accounts and mortgage loans nationwide, but its personal loans are limited to Illinois, Iowa, Michigan, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin.
• Must be a member to get approved: You need to be a GreenState Credit Union member to get a personal loan. Membership is primarily based on geography.  
• No pre-qualification feature: Pre-qualification is a common feature provided by the top loan companies, allowing prospective borrowers to gauge their approval odds and potential loan terms with no impact on their credit score. However, GreenState doesn't offer this option.

Types of Personal Loans Offered by GreenState Credit Union

GreenState Credit Union offers unsecured personal loans for a variety of purposes, including:

• Debt consolidation
• Relocation expenses
• Home improvements
• Wedding costs
• Auto repair
• Immigration filing fees

Debt consolidation is the most common reason people get a personal loan, according to . However, this lender doesn't explicitly restrict how you can use your loan funds, so other purposes are also likely possible. 

Time to Receive Personal Loan Funds

The application process takes roughly 10 minutes to complete, and once you submit it, you'll receive a phone call with a decision within one business day. If you do qualify for a loan, you may receive the funds as soon as the same day.

Borrower Requirements

GreenState has a minimum credit score of 620 for its personal loans. You'll also need to live in one of the eight states where it currently offers its consumer loan products.

Additionally, you'll need to be a member of the credit union to get approved.

GreenState Credit Union Personal Loan Features

• Direct pay: If you choose to use your loan to consolidate other debt, GreenState offers to pay your creditors directly if you prefer.
• PayBreak debt protection: If you don't have a sizable emergency fund, you can purchase an additional debt protection plan, which can provide some relief in the event that you die, become disabled, or become unemployed involuntarily.
• Skip a payment: If money is tight, you can apply to skip up to two consecutive loan payments. Note, however, that you'll still need to make those payments—the lender will simply extend your repayment term by the number of payments you skip. There's also a $30 service fee per skipped payment, and interest will continue to accrue during your deferment period.

Co-Signers and Co-Applicants

GreenState Credit Union allows joint applications. This is different than a co-signer relationship because a joint loan provides both borrowers with equal access to the funds and responsibility for repaying the debt.

Can You Refinance a Personal Loan With GreenState Credit Union?

Yes, you can refinance personal loans from other lenders with a loan from GreenState. You may want to refinance your debt if you can get a lower interest rate or a lower monthly payment amount.

Customer Service

Medium	Contact	When
Telephone	319-339-1000 or 800-397-3790	Weekdays, 7 a.m. to 6 p.m. CT Saturday, 8:30 a.m. to 12:30 p.m. CT
Chat		Weekdays, 7 a.m. to 5:45 p.m. CT Saturday, 8:30 a.m. to 12:15 p.m. CT
Email	mac@greenstate.org	24/7

Customer Satisfaction

As a smaller financial institution, GreenState doesn't have a large number of online customer reviews like other top personal loan companies. The credit union has an A+ rating from the Better Business Bureau, but it also has an average customer rating of 1.24 out of 5 stars across 59 reviews.

The Consumer Financial Protection Bureau has received 18 complaints about GreenState Credit Union in 2023 as of Jan. 19, 2024. Most are related to other products and services the credit union offers.

GreenState Credit Union Credit Union Membership Requirements

Membership in GreenState Credit Union is primarily for consumers living in Iowa and some nearby counties in other states, but there are ways to join even if you don't live or work in that area. Here are the eligibility criteria:

• You live or work in Iowa or one of a handful of nearby counties in Illinois, Nebraska, South Dakota, or Wisconsin.
• You're a University of Iowa student, staff member, or alumnus.
• You're a member of the Iowa Consumer Council or American Consumer Council (the latter requires a one-time $10 membership fee).
• You have a direct relative who is a current GreenState member.

How to Qualify For and Apply For a GreenState Credit Union Personal Loan

1. Get started. You can apply online through the credit union's website. You'll declare your membership status or eligibility, and then have the option to submit an individual or joint application. Required information includes your desired loan amount, maximum monthly payment, loan purpose, and repayment term.
2. Provide your information. Give your name, mother's maiden name, date of birth, Social Security number, phone number and email address, housing status and payment, and employment and income information. You'll also need to provide a copy of your driver's license or other government-issued photo ID.  
3. Submit your application. Review the information you've provided, then read the terms and conditions and other disclosures before submitting your application.
4. Review and accept the loan offer. Within one business day, you should receive a call with a decision on your application. If you're approved, you can choose to sign the loan agreement electronically or in person at a local branch. Carefully review the loan terms before you sign.
5. Receive your loan funds. Once you accept the loan offer, you may receive the funds in your bank account as soon as the same day.

Other Banking Services and Loans Offered by GreenState Credit Union

In addition to personal loans, GreenState also offers the following products and services to its members:

• Checking and savings accounts
• Money market accounts
• Certificates of deposit
• Health savings accounts
• Credit cards
• Auto loans
• Mortgage loans
• Home equity loans and lines of credit
• Individual retirement accounts
• Wealth management services
• Insurance policies
• Trust services
• Small business loans and services

Compare GreenState Credit Union With Other Personal Loan Lenders

	GreenState Credit Union
APR Range	10.99%–18.00%	7.99%–17.99%	8.99%–18.00%
Loan Amount	$500 minimum; maximum not disclosed	$600–$50,000	$250–$50,000
Loan Terms	12–84 months	12–60 months	6–180 months
Recommended Minimum Credit Score	620	700	Not disclosed
Origination Fee	None	None	None
Time to Receive funds	Same day	1 day	Same day

The Bottom Line

GreenState Credit Union's personal loans can be a good fit if you live in one of the eight states where it offers them and you have fair credit. The lender's low maximum APR and no origination fee can potentially save you money compared to other personal lenders.  That said, if you have excellent credit, you may be able to get a lower interest rate with a different lender. And if you don't live in an eligible state, a GreenState personal loan won't be an option.

What Credit Score Do You Need to Get a Personal Loan at a Credit Union?

Like other types of lenders, each credit union has its own criteria for determining eligibility for a personal loan. In most cases, however, you can expect to need fair credit or better.

Who Is Eligible for GreenState Credit Union Membership?

You may be eligible to join GreenState if you live or work in an eligible county, belong to a participating organization, or have a direct family member who is a current member of the credit union.

How Big Is GreenState Credit Union? 

Despite primarily serving a small region, GreenState has more than 447,000 members and manages over $10 billion in assets. It has roughly 35 branches across Iowa and surrounding counties.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.