The history of the Service Credit Union dates back to 1957 when it was founded to serve military personnel and their families stationed at Pease Air Force Base in New Hampshire. Today, the credit union has grown to serve members all over the world, with over 800 employees providing financial services at 50 locations throughout New Hampshire, North Dakota, Massachusetts, and Germany. The credit union advertises its services at servicecu.org.

Service Credit Union Summary

There are many options available for securing a loan. This can make the decision-making process difficult, as you want to choose the best lender for your specific needs. Service Credit Union is one option that has received attention recently. However, is this credit union really the best choice for you? This article provides a closer look at what they offer so you can make an informed decision.

After taking a closer look at their website and terms and conditions, there were some interesting things that stood out to us. Here are the key points that caught our attention.

Rates are subject to change without notice.
Rates advertised with a .75% reduction are available for the Direct Deposit+ checking account tier.
Members must maintain the tier qualifications for the life of the loan in order to keep their loan discount.
Floor rate may apply.
It offers rates starting at 8.99% APR.
You can borrow up to $50,000.

What is Service Credit Union?

Service Credit Union Review: Is It A Scam Or Is It Legit? 3

A community’s ability to improve its standard of living by pooling resources is the basis for the existence of credit unions. The not-for-profit service model offered by these organization typically provides members with more favorable loan rates and terms, reduced fees, and increased savings opportunities when compared to those available from traditional financial institutions.

Located in Portsmouth, New Hampshire, the credit union offers financial solutions for its members. You can reach them by calling (800) 936-7730.

Although Service Credit Union has an A+, the Better Business Bureau does not accredit this company. In the last three years, it has had an average of 11 customer reviews and 33 complaints closed. Consequently, customers have given this company a 1-star rating.

How does Service Credit Union work?

There are several US branches, located in New Hampshire, Falmouth (Massachusetts), and the Grand Forks Air Force Base (North Dakota). Additionally, there are a number of branches situated in Germany.

There are over 5,000 shared branches in the CO-OP network that anyone can access. These shared branches cannot be used to open an account, but they can be visited for assistance. In addition, there is free access to over 85,000 ATMs combined in the CO-OP and Allpoint networks.

How to qualify?

Service Credit Union membership is open to those who:

For active military, veterans, or family members.
Work for the Department of Defense or are a family member of an employee
Employed by a Select Employer Group.
For members of the American Consumer Council.

Opening a Service Credit Union Primary Savings Account is required to become a member.

Service Credit Union BBB Reviews

Although it has an A+, the Better Business Bureau has not accredited this company. On average, 11 customer reviews and 33 complaints have been closed in the last three years. As a result, customers have given this company a 1-star rating.

Here are some reviews:

Frank C 09/21/2022

The worst lender ever. Since financing my motorcycle with them I have had issues with their payment system not taking my payment. Whether trying to pay through the online portal or over the phone, no matter which account it will not process my payments. Made my first payment over the phone, person confirmed it went through. Two weeks later the money still had not left my account. I called and the person I spoke with said it looked good on their end and the payment was processed. Two weeks later I get a call that I was 30 days past due and needed to make my payment.
I explained everything that occured to that point, I attempted to make my payment over the phone using two different accounts and the payment would not go through. I asked the rep if this would get reported to the credit bureaus and she said it shouldn’t because for 30 days the payment looked good and then it was reversed. I was able to make the payment throuh the portal several days later. And I still ended up with a late payment on my credit report. I have been trying to pay my current payment for weeks with no luck. My portal was wiped out. Loan removed, payment accounts gone. Had to set it all back up and I still can’t make payments.
I get more idiots on the phone who can’t figure out why my payments won’t process. The most recent moron emailed me saying that first payment was reversed because customer advised it was unauthorized. What? How is that possible when I made the payment over the phone? And she attaches a form to fill out to set up ACH payments and said once it’s filled out my payments will process. Umm, I never called about setting up ACH payments you ******* ****! Smh. This is the worst lender I have ever dealt with.

Elaine P. 07/28/2022

Service Credit Union gave me a personal loan, which due to family member seriously hospitalized, I lost track online. When I called to make arrangements to catch up one month behind, my debit card was turned off until a payment goes through. Additionally, there is no availability to make arrangements for breaking up payments to catch up or to alleviate a loan payment in a crisis. They don`t care, pay or lose access to your account and debit card. There is no bank in my area to go to in person, so, I wait on the phone, get cut off while trying to pay them after waiting at least 15 minute intervals. No way of buying food or necessities unless I go in person to take out cash from a teller? There is no bank in my area to go in person.
There is always at least 20 people at any given time ahead of you, when you call them Get this, they ask you questions to identify yourself which you have no access to answer online. We had these accounts for 35 years with direct deposit retirement going into it to pay our critical bills. Service Credit at any time for any late money takes it upon themselves to take money out at any time to make up the personal loan, which can cause bank charges and issues with paying key bills on time. They let you know about it after the fact regular mail. Additionally, if you are more than 30 days late on the loan, not only your debit card is turned off, but access to the bank account website is blocked too. Hence, no access to see if money came in to pay them to catch up nor any oversight of other bills in auto pay going smoothly.
This is how Service Credit Union makes money on late fees, cuts you off from the account to accommodate payments. Last, I asked if something bounces due to lack of access to see if everything is being paid, you have to with no luck ask a reversal from the bank. This is a chain reaction, since fees and lateness to other bills can cause further damage than just being a bit more than 30 days late on a loan.

Service Credit Union FAQs

How much does Service Credit Union charge?

Service Credit Union‘s rates start at 8.99% APR and they offer loans of up to $50,000. Keep in mind that their rates are subject to change without notice.
For their Direct Deposit+ checking account holders, they offer a .75% reduction on advertised rates. Remember that you must maintain the qualifications for this tier in order to keep your loan discount.

Are there any pre-payment penalties?

Service Credit Union does not charge prepayment fees, so you can pay off your loan early without any penalties. This makes it a great option for borrowers who want the flexibility to pay off their loans on their own terms.

How does Service Credit Union affect your credit?

Applying for a loan can be a confusing and daunting process, especially where your credit score is concerned. It’s important to understand how your credit score may be impacted by the loan application process before you make any decisions.
Most lenders will do a soft credit check first in order to give you an idea of the interest rates and loan terms you could qualify for. This won’t affect your credit score. However, once you decide to go ahead with the actual loan application, the lender will need to do a hard credit inquiry in order to get a full view of your credit history and offer you final rates. These hard inquiries can lower your credit score.

How to cancel Service Credit Union?

It is important to be thoughtful and deliberate when taking out a personal loan. Once the funds have been deposited into your account, the transaction cannot be undone, so it is crucial to be certain in your decision beforehand. Avoid any potential complications by double-checking everything prior to moving forward with the loan.

Service Credit Union Review: Is It A Scam Or Is It Legit? 4

Are you struggling to make ends meet? Here are some helpful tips to get you back on track.

Financial planning is key to a bright future, no matter your current circumstances. By following some simple steps, you can get your finances in order and set yourself up for success.

The first step is creating and sticking to a budget. This will help ensure that your spending is kept under control, leaving room for other essential expenses.
Another great tip is to consult with a financial advisor. They can help explain your different options as well as set up a plan that suits your unique circumstances.
And lastly, try not to stress too much about debt. Many companies are understanding and willing to work with customers in order to create a more manageable payment plan. All it takes is reaching out to their customer service team for more information.

Is Service Credit Union legit or a scam?

Founded over 60 years ago, Services Credit Union offers an array of financial services to consumers. It has an A+ rating from the Better Business Bureau but is not accredited by the organization. With 11 customer reviews and 33 complaints closed in the last three years, it received a 1-star rating out of 5 from customers. The majority of feedback about the company is negative.

Taking out a loan can be a big decision. There are a lot of things to consider, like interest rates and repayment terms. That’s why it’s important to do your research and compare options from different lenders. Checking customer reviews can also help you make the best choice for you and avoid taking out a loan that you can’t afford.

Do you know servicecu.org? Leave your experience and review below!

Thank you for reading!

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