Golden 1 Credit Union Personal Loan Review

Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: Golden 1 Credit Union offers low-interest personal loans to its members. If you qualify, the loan can be an excellent choice for debt consolidation. But the duration and interest rates are not clear enough for consumers shopping for the best deals.

Personal loans are famous for their considerably low-interest rates. Comparing every available option is crucial when considering a loan. One option for Californians is the Golden 1 Credit Union personal loan.

Golden 1 Credit Union members can take out loan amounts starting at $1000 with interest rates as low as 8.49%. But they must open an account at least six months before submitting the loan application to get such competitive rates. Non-members cannot apply.

But who is Golden 1, and is their personal loan worth consideration?

Who is Golden 1 Credit Union?

Golden 1 is a member-owned credit union headquartered in Sacramento, California. It is a financial cooperative offering all financial products, including banking services, personal loans, and credit lines.

Members must be Californian or be related to a current member. You may also qualify if you work for an eligible employer.

Golden 1 Credit Union personal loan reviews

The Better Business Bureau (BBB) gives Golden 1 an excellent A+ rating. However, as of 2023, the cooperative is not BBB accredited and has a consumer review of 1.11 out of 5 stars.

Here is an example of a real consumer complaint against Golden 1, as found on its BBB page:

“Golden One filed an incident on Chex System stating that I owe them money. After multiple attempts to pay them, I was finally instructed to deposit $59 into my savings account at Golden One, and they will use that to pay what I owe them. This payment was made and completed.

"Once the money was deposited, Golden One immediately debited my account for the amount owed. I have tried contacting them multiple times, but nobody there seems to know what is happening. They claim they sent a letter to Chex System and me, but I never received it. Their incident is still showing up on my Chex System report saying I owe them money even though it has been months since I paid fully.”

Among Golden 1's best-known products is its personal loan. As with all its products, you must be a member to apply for this loan. But there are other factors to consider.

Why is Golden 1's personal loan a good choice?

Golden 1 personal loan is a good choice for those looking to enjoy the following advantages:

Quick approval: Golden 1 Credit Union claims to approve personal loans in as little as 30 minutes. Apparently, this is possible since applicants are already members of the union. Even if applicants needed to wait an hour or more to know their fate, that would still be faster than other institutions.

It is unsecured: You would not be risking your property by applying for the loan. And you can borrow up to $1500 without a cosigner or a guarantor.

Membership benefits: Golden 1 is a not-for-profit company. So any money it earns from taking out the personal loan goes back to you, the member. Perks include free services such as the no-fee countrywide ATMs, free checking, and mobile banking.

Considerably low APR: While Golden 1's interest rates are already low, it gives long-standing members further discounts. For example, if you have been a member for over six months before submitting a personal loan application, you receive a 1% discount. As a result, you would owe just 8.49% APR.

Low APR means you can use a Golden 1 personal loan to consolidate high-interest credit cards or other debts.

Why you may need to reconsider taking the Golden 1 Credit Union personal loan

As exciting as quick approval and no collateral sound, remember to consider the cons of the personal loan.

Member-only: You must be a Golden 1 Credit Union member to access the loan. If you are not yet a member, submit your request and open an account with at least a dollar deposited. Additionally, the criteria for membership leaves out interested consumers simply for not residing in California.

Unclear loan terms and interest rates: Golden 1 considers your creditworthiness and the loan term to decide on your custom APR. That leaves you in the unknown and makes it hard to compare it with other loan options. And despite being a member, you can still pay some high-interest rates (with no stated caps) if you have a low credit score.

Should you apply for a Golden 1 personal loan?

The Golden 1 Credit Union personal loan is a worthwhile option to have. For long-time members, the lower interest rates are a welcome feature.

The following table summarizes the pros and cons of a Golden 1 Credit Union personal loan.

Statute of Limitations on Debt in Illinois
Advantages	Disadvantages
You don't need a guarantor or cosigner for loans under $1,500.	Only members of the credit union can apply.
You can be approved in less than an hour and receive your money within a day or two.	Loan terms are uncertain.
The loan terms are flexible.	New members pay higher APRs.
You can borrow large amounts, starting from $1,000-$50,000.	You never know how high the interest rates can go, especially for consumers with below-average credit.

SoloSuit is constantly researching information about debt and credit to help you stay financially healthy. We simplify the processes to help consumers respond to debt collectors, Answer debt collection lawsuits, and settle debts without hiring expensive attorneys.

Learn how to Settle your debt for good.

Key takeaways

Golden 1 Credit Union offers low-interest personal loans to its members. If you qualify, the loan can be an excellent choice for debt consolidation. But the duration and interest rates are not clear enough for consumers shopping for the best deals.

But who is Golden 1, and is their personal loan worth consideration?

Settle with SoloSettle

Make an Offer

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Debt collector guides

Are you being contacted by a debt collector? We’re making guides on how to resolve debt with each one.

Arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Bankruptcy

Bankruptcy is a great way to legally resolve debt, but it's usually best to consider it as a last resort. Here are some bankruptcy guides to help you decide which debt resolution option is best for you.

Check your case status

Don’t have time to go to your local courthouse to check the status of your case? We’ve created state guides on how to check the status of your case throughout the US, complete with online search tools and court directories.

Credit

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt, along with other credit-related resources.

Debt collection FAQs

Find answers to some of our the most commonly-asked questions about debt collection below.

Debt collection documents and templates

If you're dealing with debt, these documents and templates will help you respond, protect your rights, negotiate, and resolve your debts.

Debt relief

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt settlement

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created state guides on debt settlement. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

Eviction

Facing an eviction? The following guides will help you navigate your situation with confidence.

Federal debt collection laws

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Legal aid

Helping people find access to justice is at the heart of Solo's misison. If you're dealing with a legal debt issue, the following guides will help you through it.

Medical debt

Having a health challenge is stressful, but dealing with medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Personal finance

Learn how to manage your finances and overcome crushing debt. Check out our personal finance guides below.

State debt collection laws

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote guides on each state’s statutes and more.

Stop collection calls

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Wage garnishment

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in your state, plus other wage garnishment resources.

The Debt Hotline

Hosted by Team Solo, The Debt Hotline breaks down debt and personal finance topics with help from attorneys, financial experts, and industry pros. We respond to real questions to help you navigate debt with knowledge and courage.

Other debt resources

It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.

"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather

Get Started