Auto loan? Not quite.
Mortgage? Try again.
Consumers’ lending needs go far beyond transportation and shelter. Credit unions have long met those needs by providing personal loans, sometimes known as signature loans, for a variety of products and people.
Today, credit unions are embracing their clever side with creative packaging that presents loans in a way that makes them … well, a bit more personal. Here’s a look at six personal loan programs that just might meet the needs of members close to home. Take note, and start making loans.
Wanderlust Required
Vacation loans are a popular credit union personal loan offerings. Park View Federal Credit Union ($399.4M, Harrisonburg, VA) has measures in place to make those funds as easily accessible as possible, with loan amounts ranging from as little as $200 up to $1,200 for a one-year repayment term.
Park View prices vacation loans at 12% APR and requires a $20 application fee along with three months of membership with direct deposit. An online portal — advertised as “6 clicks in 60 seconds” — provides instant decisioning, with funds deposited directly into the member’s account. No credit check is required.
Head Of The Class
Credit Union of America ($1.7B, Wichita, KS) has offered educators a guaranteed loan for at least three decades. Today, the program provides $2,000 on a 19-month term. Priced at 6.99% APR, the rate is slightly lower than the credit union’s traditional personal loan — a perk for members who qualify. Although the credit union originally designed the loan for teachers, it now applies to any educator.
“It feels great to be able to give back to those who give so much to our kids,” says Drew Droegemeier, chief lending officer at Credit Union of America. “Anybody from the principal to the janitor does work that benefits our kids, and it’s great to be able to extend that benefit to everyone.”
Roughly 14% of Credit Union of America’s membership are educators, and the loan is guaranteed for anyone who meets that stipulation.
Borrowers can use loan proceeds for school-related purposes, but that’s not a requirement. Bradley Dyer, senior business development officer, says it’s often a stopgap for teachers who are hired during the summer but don’t draw a paycheck until September. For others, it can fund a downpayment or security deposit when moving for a job.
Flexible Funds In Tough Times
The average funeral in the United States cost between $6,000 and $8,000 in 2023, according to the National Funeral Directors Association. To lighten that burden during a difficult time, some credit unions provide loans to help cover the cost of funeral expenses.
Empower Federal Credit Union ($4.0B, Syracuse, NY) promotes funeral loan services on its website but also works with funeral directors in its market to funnel loans its way when a client needs a financing option. Approximately two-thirds of applications come via the website while the rest come from funeral directors in the credit union’s market.
Especially for this type of loan, we want to take care of our members. There are places looking for reasons not to give a loan … so we focus on getting them a loan.
The funeral loan is identical to Empower’s traditional personal loan in terms of qualifying stipulations and underwriting; however, the credit union prices the funeral loan one point below the personal loan rate.
“It’s a nice thing we can do to save them some money during a time when they need it,” says Kevin Peterson, vice president of consumer lending.
The loans don’t account for a substantial portion of Empower’s overall portfolio. So far in 2025, the credit union has funded 17 funeral loans for a total of approximately $110,000. By comparison, in 2024 it funded 23 funeral loans, totaling $136,000. Peterson says the approval rate for these is around 50%, and the decision generally comes down to credit scores and debt-to-income ratios.
One lesson Empower has learned over the years is that there is value in making things as easy as possible. When the credit union initially began offering funeral loans, it gave local funeral directors access to a portal via which they could submit loan applications to the credit union. That proved too cumbersome, so Empower put in place personalized URLs that allow it to see when applications are submitted and through which funeral homes. That has made the process easier and more efficient.
“Especially for this type of loan, we want to take care of our members,” Peterson says. “There are places looking for reasons not to give a loan. We know what they’re going through, so we focus on getting them a loan.”
Put Care Within Reach
The cost of gender-affirming care can vary wildly, ranging from a few thousand dollars to tens of thousands of dollars, depending on the procedure and whether insurance is involved. Funding that care can be an almost insurmountable burden for many people.
That’s where Alternatives Federal Credit Union ($168.9M, Ithaca, NY) comes in.
The credit union’s TransAction Financial Empowerment Program, offered in collaboration with Planned Parenthood of Greater New York, provides financing for surgical procedures and hormone therapy, along with legal documentation changes, vocal coaching, wardrobe updates, and more.
Members can apply either for a personal loan of up to $20,000 for one-time expenses related to gender-affirming surgeries and associated costs or a TransAction line of credit that provides up to $20,000 for ongoing transition-related care and expenses.
Referrals from medical providers are required as part of the application, although referrals do not need to provide details on the type of care being provided. Free financial counseling from the credit union and consultative services from Planned Parenthood are also available.
Room To Grow
Adoption or fertility treatments can cost growing families tens of thousands of dollars. That’s a substantial amount of money before a baby even arrives.
To alleviate that burden, Rize Credit Union ($1.2B, Irwindale, CA) offers its Forever Family Loan, which provides up to $50,000 for terms from 12 to 60 months. Borrowers can use the funds for travel, legal costs, and other expenses.
Similar products at the credit union cover medical treatments, including fertility, necessary and elective surgeries, body beautification, and more.
Befitting its Southern California location, Rize also offers quinceañera loans, along with loans for relocation, home repairs, and debt consolidation.
“We decided to make personal loans more personal,” says CEO Jennifer Oliver, noting that consumers don’t always understand what they can use personal loans for.
These loans are identical from a qualifying perspective but packaging them around specific needs helps convey the variety of options available. That also helps keep things manageable for staff, although some specific coding is involved on the back end.
“Whenever [members] choose one of those specialized loans — whether it’s the Forever Family Loan or Home Care Loan or a relocation loan — it shows on their online banking experience with that name, so they know exactly what it is,” Oliver says. “It follows them all the way through the paperwork.”
While debt consolidation is the most popular loan option, the others attract plenty of interest, thanks in part to community partners who help promote them.
“If I was to do it all over again, we’d dedicate more resources to each launch and align the partnerships so they can be supportive of those launches — but that’s coming,” Oliver says. “I believe in building things, exercising a muscle, doing what’s right and setting the organization up for success.”
No Argument Here
As if the cost of undergrad and law school weren’t enough, the fees to take the bar exam — a requirement to practice law anywhere — range from less than $200 to more than $1,400, depending on the state. And that doesn’t include possible late-registration fees, textbooks that can reach $300 each, study materials, and more.
With those hurdles in mind, Harvard Federal Credit Union ($1.2B, Cambridge, MA) offers loans to help defray the cost of preparation and taking the exam. The credit union’s bar loans are designed for students in their final year of law school or recent graduates of Harvard Law, and loan amounts can range from $1,000 to as much as $15,000. Pricing starts at 7% APR, and fixed-rate terms of five or 10 years are available, with quarter-point discounts available in some instances.
U.S. citizenship is not required, and anyone with a social security number, U.S. address, and proof of income may apply.
‘I Do’ (Need A Loan For This Wedding)
Tying the knot? It’ll cost.
According to a 2025 report from The Knot, the average wedding now costs approximately $36,000. That’s a 28% increase compared to 2019, although costs vary by state and the size of the event.
Service Credit Union ($6.0B, Portsmouth, NH) offers wedding loans to help members manage the costs associated with the big day.
“At the core it’s still our personal loan product,” explains Heather Dufourny assistant vice president of consumer lending. “It’s really a marketing technique to meet our members where they are.”
Services prices and structures the wedding loan like its other personal loans, with terms ranging from 36 to 72 months and interest rates from 11.49% to 18% APR. Members who log into online banking can see displays for perpetual preapproval offers — which Dufourny says helps keep the loans top of mind — but many others apply after seeing the offers on the credit union’s website.
The maximum loan amount is $50,000, and Dufourny says demand is seasonal with most requests coming in the spring and summer. Service closed 92 wedding loans in 2024 totaling neraly $1.1 million, an average of about $11,700. Service has closed 87 loans so far this year with a slightly lower average amount funded.
“We’ve had to learn to be cautious because it’s a popular purpose for fraudsters to take advantage of because it’s essentially just cash to you,” says Dufourny, adding that underwriters look closely at credit reports and proof of income documentation to ensure legitimacy.
And if things don’t work out for the happy couple, Service can still be a resource — the credit union doesn’t specifically offer divorce loans but has received applications in the past to cover attorneys’ fees and related costs.
Are Your Loans Meeting The Moment? From tuition to transition, credit unions are getting creative with personal lending — but how do your products perform? With Peer Suite, credit unions can track portfolio trends, analyze performance by loan type, and spot new growth opportunities based on verified real-world data. Book your analysis session with a Callahan advisor today, and walk away with a free, customized performance report.
