– Boeing Employees Credit Union –
Don’t let the name fool you, You don’t have to work at Boeing to join Boeing Employees Credit Union and get a free checking and savings account; I know that’s what you’ve been hearing. Read on to get the true information about Boeing Employees Credit Union.
What is BECU?
It provides a variety of business services, plus secured term loans. With this option, businesses are needed to back their loan with collateral — like equipment, inventory, or anything else of cash value.
If your business can’t repay the loan, BECU takes that asset to make up for the loss.
Qualified businesses can borrow anywhere from $10,000 to $250,000 with terms from 1 year to 7 years. Fixed rates range from 4.89% to 12.69%.
If your account goes into default, your rate might increase to 18%, however. There are no application or origination fees, though BECU charges late and returned check fees of $25 each.
What Makes BECU Business Loans Unique?
BECU business loans come with some of the lowest rates out there. It also offers a wide range of loan amounts for a credit union — most only provide small-dollar business financing.
And allowing you to back your loan with collateral, gives your business the chance to potentially qualify for rates or amounts you might not get elsewhere.
Benefits of a BECU Business Loan
1. Competitive rates. With APRs ranging from 4.89% to 12.69%, BECU offers some of the most competitive rates out there.
2. Limited fees. BECU doesn’t charge any origination or application fees, so you’ll only be on the hook if your payment is late or doesn’t go through.
3. Wide range of loan amounts. Your business can borrow anywhere from $10,000 to $250,000 as long as you have the assets to back it.
Other Types of Business Loans from BECU
In addition to secured term loans, BECU also offers the following business financing options:
1. Business lines of credit. Both secured and unsecured options start at $10,000 and go up to $100,000. Variable rates range from 7% to 11.25% with no origination fee.
2. Business vehicle loans. Finance up to 100% of a new or used vehicle at fixed APRs ranging from 3.54% to 11.04% and terms up to six years.
3. Commercial real estate loans. Borrow anywhere from $100,000 to $15 million to purchase industrial, commercial or multifamily properties with terms up to 10 years.
How do I Apply?
Becoming a member involves scheduling an appointment with your local branch through its website.
You’ll need to download and complete a membership application form and bring your state-issued ID, business tax ID, UBI number, and North American Industry Classification System (NAICS) number to your appointment. But first, double-check you meet one of BECU’s business membership requirements.
Steps to apply
Are you already a member? Follow these steps to get started on the application:
- Go to the BECU site and click Business Banking.
- Scroll down and click Business Loans.
- Select Business Term Loans, then click Contact Us to Apply.
- Fill out the required fields with your name, business name, contact information, and loan amount before clicking Submit.
- Wait for a specialist to get in touch to guide you through the rest of the application process.
The BECU business loan application is one of the more complicated ones out there. It asks for information about your business and personal assets, as well as details on anyone who has at least 25% ownership of the company.
Filling out the application alone might take a few days if you don’t have all of the info on hand, so look elsewhere if you don’t have the time to spare.
What documents do I need to apply?
The documents you need to provide depend on your business, though BECU might ask to see the following:
- Purchase order or bill of sale for your collateral.
- Business plan including a two-year financial forecast.
- Interim business financial statements from the past 60 days.
- Business financial statements for the past three years.
- Personal financial statements for all business owners.
- Business tax returns for the past three years.
- Personal tax returns for the past two years from all business owners.
What do Customers Have to say About BECU?
Boeing Employees’ Credit Union doesn’t have solid online notoriety as of October 2018, however, just a bunch of customers have left audits.
It’s been accredited by the Better Business Bureau (BBB) since 1988, which gives it an A+ rating dependent on factors like time in business and straightforwardness.
Notwithstanding, each of the 15 surveys on its BBB page is negative, and 40 customers have documented a protest against the credit union.
It doesn’t have a page on Trustpilot — most neighborhood credit unions don’t — however a few of its branches have Yelp pages, additionally loaded up with negative surveys.
A significant number of the protests are about representative inadequacy, such as moving cash to an inappropriate record or giving off base data.
There were just a couple of audits from customers satisfied with the nature of customer administration and the credit union’s low expenses.
Boeing Employees’ Credit Union offers probably the biggest business advances you can get at a credit union with exceptionally serious rates.
Its application is surprisingly confusing, be that as it may, so it is anything but a decent hotspot for brisk financing. In addition, you can just get the sum you can back with your business’s advantages.
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