Space Coast Credit Union Loans of July 2024

Secure loans with competitive rates and flexible terms from Space Coast Credit Union, all verified by our experts. As of 24.07.2024, you have 1 options available. Boost your chances of approval by completing an application with a free credit score check.
Offers: 1
Personal Loans
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
2000.00 – 100000.00 $

Interest rate

6.34 – 35.89 %

Loan term for the financial product

2 months – 72 months

Space Coast Credit Union (SCCU) offers a range of loan products designed to meet your financial needs. They focus on providing low loan rates, tailored product choices, and a streamlined application and approval process.


  • No Application Fee. When applying for any of the loans from Space Coast Credit Union, you won't have to pay an application fee. This means you can explore your borrowing options without any upfront costs.

  • Free Online Banking & Mobile Banking. SCCU provides free access to both Online Banking and Mobile Banking. This allows you to manage your loan account, make payments, track your balances, and stay connected to your finances conveniently through their online platform and mobile app.

  • Fast Approval Decisions. The credit union emphasizes quick approval decisions, ensuring that you receive a prompt response to your loan application. This is particularly beneficial when you need funds urgently.

  • Flexible Terms and Competitive Rates. SCCU's loan products come with flexible terms, meaning you have options to choose the repayment period that suits your financial situation. Additionally, the credit union offers competitive interest rates, which can help you save money over the life of the loan.

  • Free FICO® Score. SCCU provides borrowers with a free FICO® Score. This is an important tool that helps you monitor your credit health. It allows you to keep track of your credit score, which can impact your ability to secure favorable loan terms in the future.

  • Account Alerts to Monitor Activity. SCCU offers account alerts to help you keep a close eye on your financial activity. These alerts notify you of transactions, balance changes, and other important account updates. This feature enhances your ability to effectively manage your loan and overall financial situation.

SCCU Personal Loan Options

Share Loans & CD Secured Loans

These loans allow you to use your regular Savings or CD (Certificate of Deposit) balances as collateral to secure the loan. This can be particularly beneficial if you're looking to rebuild or establish your credit. Key features of these loans include:

  • You can request up to 100% of your Regular Savings or CD balance as the loan amount.

  • Fast approval decisions, ensure you get the funds you need quickly.

  • Flexible loan terms and competitive interest rates.

  • They provide you with a free FICO® Score to keep track of your credit.

  • No application fee for applying for these loans.

  • Access to free Online Banking & Mobile Banking for convenient account management.

  • Account alerts to monitor your financial activity and account health.

Signature Personal Loans

These loans offer flexibility and convenience, allowing you to use the funds for various purposes. Signature loans are unsecured, with a credit limit capped at three times your gross monthly income or a maximum of $40,000. Features of these loans include:

  • Quick approval decisions for speedy access to cash.

  • Flexible loan terms and competitive interest rates.

  • Like Share Loans, you'll receive a free FICO® Score to monitor your credit standing.

  • No application fee for applying.

  • Access to free Online Banking & Mobile Banking for easy account management.

  • Account alerts to help you monitor your financial transactions.

Pros and Cons


Flexible Terms and Competitive Rates. SCCU's loans come with flexible repayment terms, allowing borrowers to choose a timeframe that fits their financial situation. Coupled with competitive interest rates, this flexibility enables borrowers to tailor the loan to their needs and potentially save money on interest over time.

Free FICO® Score and Account Alerts. Offering a free FICO® Score helps borrowers monitor their credit health, which is crucial for future financial decisions. The account alerts provide an extra layer of security and awareness by notifying borrowers of any account activity and helping them detect potential fraud or unauthorized transactions.

Quick Approval Decisions and No Application Fee. SCCU's emphasis on fast approval decisions can be a significant advantage for individuals who need immediate financial assistance. The absence of an application fee further reduces the upfront costs associated with applying for a loan, making it more accessible for potential borrowers.


Collateral Requirement for Secured Loans. While using savings or CDs as collateral for secured loans can be beneficial for credit-building, it might not be an option for borrowers who don't have these assets. This could limit the accessibility of secured loans to a specific group of individuals.

Unavailability of Larger Loan Amounts. Depending on SCCU's specific lending policies, the loan amounts offered might not be sufficient for individuals seeking larger sums of money for major expenses. Borrowers requiring substantial funding might need to explore other lending options.

Limited Information about Loan Terms. The provided information lacks specific details about loan terms, such as interest rates, minimum and maximum loan amounts, and repayment periods. Without this information, potential borrowers might struggle to make fully informed decisions about which loan type suits their needs best.

How to Apply for a Space Coast Credit Union Personal Loan?

Apply for a loan

  1. Visit the Website. Go to the Space Coast Credit Union website and navigate to the "Personal" section.

  2. Select Loan Type. Choose the type of personal loan you're interested in. You'll be given options to apply for a loan without collateral or by securing it using an SCCU CD or savings.

  3. Provide Loan Information. Fill in the required loan information, including the amount you're requesting (minimum $1,000) and the desired loan term, which can range from 12 to 60 months. Specify the reason for the loan.

  4. Provide Personal Information:

    • First Name

    • Middle Name

    • Last Name

    • Suffix (if applicable, like Jr., Sr., etc.)

    • Social Security Number (SSN)

    • Date of Birth (mm/dd/yyyy)

    • Member Number (if applicable)

    • Citizenship Status

  5. Provide Contact Information:

    • Preferred Contact Method (Email, Home Phone, Cell Phone, Work Phone)

    • Email

    • Home Phone

    • Cell Phone

    • Work Phone

    • Current Physical Address (Address, Zip, City, State)

    • Occupancy Status

    • Occupancy Duration

    • Indicate whether you want to use a different address for mailing.

  6. Provide Identification Information:

    • ID Type

    • ID Number

    • ID State

    • ID Date Issued (mm/dd/yyyy)

    • ID Expiration Date (mm/dd/yyyy)

  7. Provide Financial Information:

    • Gross Monthly Income (before taxes)

    • Add other income (if applicable)

    • Employment Status

  8. Monthly Expenses. Enter your monthly expenses, including your mortgage or rent payment.

  9. Document Upload. If required, you may need to upload documents. Click or tap the relevant area to capture or upload images or documents.

  10. Additional Applicant. Indicate if you have another applicant (co-borrower).

  11. Review and Submit. Review all the information you've provided for accuracy and completeness. Once you're satisfied, submit your application.

  12. Application Termination. If you have completed all the necessary steps, your application will be submitted for review. Follow the appropriate instructions if you encounter any issues or want to terminate the application.


  1. Membership Eligibility. SCCU requires applicants to be credit union members to apply for loans.

  2. Personal Identification. You will need to provide personal identification, such as a valid government-issued ID (driver's license, passport, etc.), to verify your identity.

  3. Social Security Number (SSN). A valid SSN is required for loan applications, especially for credit checks and identity verification.

  4. Proof of Income. SCCU will want to assess your ability to repay the loan, so you may need to provide proof of income. This could include recent pay stubs, tax returns, or other documentation.

  5. Loan Amount and Purpose. You'll need to specify the amount you're requesting and the purpose of the loan. Different loans might have different requirements based on their intended use.

  6. Employment and Income Details. SCCU will want to know about your employment status, including your employer's information and your job title. This helps them assess your stability and income.

  7. Debt-to-Income Ratio. SCCU will evaluate your ability to manage additional debt by considering your debt-to-income ratio, which is your monthly debt payments divided by your monthly income.

  8. Other Financial Obligations. You might need to disclose other financial obligations you have, such as existing loans or monthly expenses.

  9. Contact Information. Providing accurate contact information is important so the lender can reach you for updates or additional information.

  10. Loan Term and Repayment Preferences. Specify the desired loan term and repayment preferences, including how you plan to repay the loan.

Ways to Receive the Money

The most common method for receiving funds from a Space Coast Credit Union (SCCU) personal loan is through direct deposit. Direct deposit involves electronically transferring the approved loan amount directly into your designated bank account. This method offers several advantages, including convenience, security, and speed. Once your loan is approved and the necessary paperwork is processed, SCCU initiates the electronic transfer, ensuring the funds are swiftly deposited into your account.

How to Pay off a Space Coast Credit Union Personal Loan?

  • Online or Mobile Banking. You can easily make payments using SCCU's Online Banking or Mobile Banking platform. Log in to your account and select "Pay My SCCU Loan" at the top of your dashboard. You can choose to pay from your SCCU account or an external bank account. This option allows you to set up one-time or recurring payments.

  • Mobile Wallet Loan Payments. If you use mobile wallet apps like Apple Wallet or Google Pay (GPay), you can add your SCCU Auto or Home Loan to the app. This enables you to make secure and convenient one-time loan payments directly through your mobile wallet.

  • SCCU Branch. Visit an SCCU branch to make a payment. You can use your SCCU account, write a check, provide a cash payment, or perform a cash advance from a credit card or non-SCCU debit card. Please note that fees may apply for certain payment methods.

  • SCCU's Automated Phone System. You can use SCCU's automated phone system to make payments. Simply call the appropriate local number based on your area and follow the prompts. Have your PIN ready for verification.

  • Mail. You can send a payment by mail. Include your account number and send a check to the address provided below. Acceptable forms of payment include personal or business checks, on-us checks, teller checks, money orders, and debit cards.

  • Mail Payment Address. Space Coast Credit Union P.O. Box 419001 Melbourne, FL 32941-9001

Things to Consider

  1. Loan Terms and Interest Rates. Carefully review the loan terms, including the repayment period and interest rates. Understand how these factors will impact your monthly payments and the total amount you'll repay over the life of the loan. Compare rates among different SCCU loan options to find the most favorable terms for your financial situation.

  2. Affordability and Budgeting. Evaluate your financial capacity to repay the loan comfortably. Calculate the impact of the monthly payments on your budget and ensure that you can manage them without straining your finances. A realistic assessment will prevent future financial stress and ensure timely repayment.

  3. Credit Score and History. Understand that SCCU will likely consider your credit history when assessing your loan application. A higher credit score may lead to better loan terms, including lower interest rates. Review your credit report beforehand to address any inaccuracies and potentially improve your creditworthiness.

  4. Alternatives and Comparison. Explore alternative borrowing options, both within SCCU and from other financial institutions. Compare the terms, rates, and fees of SCCU loans with offerings from other lenders. This comparison will help you make an informed decision, ensuring that you secure the most suitable loan for your needs.


  1. Online Lenders. Online lending platforms like SoFi and LightStream offer personal loans with competitive rates and flexible terms. These lenders often streamline the application process and provide quick funding. SoFi focuses on various loan types, including student loan refinancing, while LightStream offers low-interest loans for various purposes.

  2. Traditional Banks. Established banks like Wells Fargo, Regions Bank, and Fifth Third Bank provide personal loan options. These banks offer the convenience of in-person service and may provide discounts for existing customers or those with certain accounts.

  3. Other Credit Unions. Similar to SCCU, other credit unions offer personal loans with varying terms and rates. Research credit unions in your area or those you can join to explore their loan offerings.

  4. Peer-to-peer lending platforms such as Prosper and LendingClub connect borrowers with individual investors willing to fund loans. This approach can provide competitive rates and terms outside of traditional financial institutions.

  5. Credit Card Balance Transfers. If you have existing credit card debt, some credit card companies offer balance transfer promotions with low or 0% interest rates for a limited time. Transferring high-interest debt to a lower-interest credit card can be cost-effective if managed carefully.

  6. Home Equity Loans or Lines of Credit. If you own a home, you might consider a home equity loan or a home equity line of credit (HELOC). These options use your home's equity as collateral and typically offer lower interest rates compared to unsecured personal loans.

  7. Borrowing from Retirement Accounts. Depending on your retirement plan, you might be able to borrow from your 401(k) or other retirement accounts. While this can provide quick access to funds, it's important to consider potential tax implications and the impact on your long-term savings.

Editorial Opinion

Space Coast Credit Union (SCCU) loans stand out as a reliable and customer-focused option in the world of borrowing. SCCU's commitment to providing tailored solutions that cater to diverse financial needs is evident through its array of loan offerings. With an emphasis on convenience, SCCU ensures that the loan application and repayment process is accessible through multiple channels, be it online, in-person, or mobile banking. This flexibility allows borrowers to choose the method that aligns best with their preferences and circumstances.

One of SCCU's commendable features is its dedication to transparency and customer empowerment. Offering free FICO® Scores, competitive rates, and various repayment terms, SCCU prioritizes equipping borrowers with the tools and information they need to make informed financial decisions. Moreover, their emphasis on not charging loan pre-payment penalties speaks volumes about their commitment to enabling borrowers to manage their financial commitments without unnecessary obstacles. SCCU's holistic approach, combined with a diverse range of loan types, positions it as an institution that prioritizes its members' well-being and financial success, making it a noteworthy choice for those seeking lending solutions tailored to their individual needs.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional resources


What credit score do you need for a Space Coast Credit Union personal loan?

Borrowers aiming to secure a Space Coast Credit Union (SCCU) personal loan typically need a credit score in the high 600s and above. This range reflects a reasonably good credit standing and increases the likelihood of qualifying for more favorable loan terms, such as lower interest rates and higher loan amounts.

How fast does Space Coast Credit Union approve loans?

Space Coast Credit Union (SCCU) takes pride in offering flexible loan terms with fast approval processes. While the exact timeframe for loan approval can vary based on factors such as the type of loan, the applicant's financial profile, and the documentation provided, SCCU is known for its efficient and streamlined approach to loan approvals. This means that borrowers can typically expect to receive prompt decisions on their loan applications, allowing them to access the funds they need promptly.

Does Space Coast Credit Union verify income?

Yes, Space Coast Credit Union (SCCU) typically verifies income as part of the loan application process. Verifying income helps SCCU ensure that borrowers have the financial capacity to repay the loan as agreed upon. Income verification is a common practice among lenders to assess the borrower's ability to manage loan payments responsibly. SCCU may request documents such as recent pay stubs, tax returns, or other proof of income to validate the information provided during the application. This verification step contributes to responsible lending practices and assists both the borrower and the credit union in making informed financial decisions.