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Debt Consolidation

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

Molly RingerBy Updated:No Comments6 Mins Read
Service Credit Union

Since 1957, the Service Credit Union has served military personnel and their families who were stationed at Pease Air Force Base, New Hampshire. In addition to serving members throughout the world, the credit union has grown to have over 800 employees who provide financial services in 50 locations throughout New Hampshire, North Dakota, Massachusetts, and Germany. The credit union advertises its services on its website, ServiceCU.org.

This Service Credit Union Review is an opportunity to see if it really is the best option for you when it comes to securing a loan.

Summary

You have a variety of options for securing a loan. This may make the decision-making process difficult since you wish to select the best lender for your specific needs. One option that has recently received attention is Service Credit Union, but is it really the best option for you? To be able to make an informed decision, this article examines what they have to offer in greater detail.

As a result of taking a closer look at their website and terms and conditions, we noticed some interesting points. Here are a few of them.

  • There may be a change in rates at any time without notice.
  • Rates advertised with a .75% reduction are available for checking accounts with Direct Deposit+. 
  • To maintain the loan discount, members must maintain the tier qualifications throughout the life of the loan. 
  • There may be a floor rate.
  • Rates begin at 8.99% APR.
  • It is possible to borrow up to $50,000.

Service Credit Union: What is It?

Credit unions are based on the ability of communities to improve their standard of living through pooling resources. In comparison with traditional financial institutions, these organizations typically offer their members more favorable loan rates and terms, reduced fees, and increased savings opportunities due to their non-profit service model.

You can contact the credit union by calling (800) 936-7730 in Portsmouth, New Hampshire.

Despite having an A+ rating, Service Credit Union is not accredited by the Better Business Bureau. The company has received an average of 11 reviews from customers and closed 33 complaints in the past three years, thus receiving a one-star rating from customers.

How Does This Company Work?

Several US branches are located in New Hampshire, Falmouth (Massachusetts), and Grand Forks Air Force Base (North Dakota), as well as in Germany.

Over 5,000 shared branches are available in the CO-OP network, but they cannot be used to open an account, but they can provide assistance. The CO-OP and Allpoint networks offer free access to over 85,000 ATMs.

How To Qualify For Service Credit Union?

Membership in Service Credit Union is open to those who meet the following criteria:

  • Members of the armed forces, veterans, or their families.
  • You are either a member of the family of an employee of the Department of Defense or you work for it
  • A member of a select employer group.
  • Members of the American Consumer Council.

To become a member, you must open a Primary Savings Account at Service Credit Union.

Service Credit Union Reviews

This company has an A+ rating, but it has not been accredited by the Better Business Bureau. Customers have given this company a 1-star rating based on an average of 11 customer reviews and 33 complaints.

The following 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 was removed, and payment accounts gone. Had to set it all backup 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 the first payment was reversed because the 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 a 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 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, and 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 to in person.
There are 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 itself 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 by 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 the 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.

FAQs

How Much Does Service Credit Union Charge?

The rates at Service Credit Union start at 8.99% APR, and they offer loans up to $50,000. Rates may change at any time.

Direct Deposit+ checking account holders get a 0.75% discount on advertised rates. To keep your discount, you must maintain your qualifications.

Is There Any Pre-Payment Penalty?

It is important to note that Service Credit Union does not charge prepayment fees, so you may pay off your loan early without incurring any penalties.

How Does It Affect Your Credit?

The process of applying for a loan can be confusing and intimidating, especially when it comes to your credit score. It is imperative that you fully understand how the loan application process may affect your credit score before proceeding.

To determine your eligibility for a loan, most lenders will conduct a soft credit check first. This will not affect your credit score. However, once you decide to move forward with the actual loan application, the lender will need to conduct a hard credit inquiry to obtain an in-depth understanding of your credit history and provide you with a final rate. A hard inquiry can negatively impact your credit score.

How To Cancel Service Credit Union?

Personal loans should be taken with caution and deliberate consideration. Once the funds have been deposited into your account, the transaction cannot be reversed, so it is important to make sure you make the right decision. You should ensure that everything is double-checked before completing the loan to avoid potential complications.

Do you need help meeting your financial obligations? Here are a few tips to help you get back on track.

Planning for your financial future is crucial, regardless of your financial situation. By following some simple steps, you can get your finances in order and prepare yourself for the future.

  • As a first step, you should create a budget and adhere to it. This will help you keep your spending under control while allowing you to afford other essentials.
  • It is also a good idea to consult with a financial advisor. They can explain your options and develop a plan that meets your needs.
  • Last but not least, try not to worry too much about debt. Many companies are willing to work with customers to develop a more manageable repayment plan.

Service Credit Union: Is It Legit?

The Service Credit Union has been in business for more than 60 years and provides consumers with a variety of financial services. Although it has an A+ rating from the Better Business Bureau, it is not accredited by the organization. In the last three years, it has received 11 customer reviews and 33 complaints, which indicate a 1-star rating from customers. The company has received a large amount of negative feedback from customers.

When it comes to taking out a loan, there are many factors to consider, such as interest rates and repayment terms. That is why you should do your research and compare different lenders’ options. Additionally, you may be able to avoid taking out a loan that you cannot afford by reviewing customer reviews.

Leave your experience and review of servicecu.org below.

Thanks for reading!

Service Credit Union
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Service Credit Union Review

With over 60 years of experience, Services Credit Union provides a range of financial services. The Better Business Bureau has given the company an A+ rating, but it is not accredited. The company has received 11 customer reviews and 33 complaints closed in the last three years, receiving a 1-star rating. Feedback is mostly negative.

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Molly Ringer is a seasoned writer with expertise in debt consolidation and financial topics. With over a decade of experience in the industry, she has become a go-to resource for readers seeking reliable and informative content on debt management. Molly's passion for writing began in college, where she studied journalism and honed her skills as a researcher and storyteller. She went on to earn a master's degree in finance, which has given her a unique perspective on the complex world of debt and personal finance.

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