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SDCCU Debt Consolidation Review

Melissa Lyken | December 12, 2023

Melissa Lyken
Legal Expert, Paralegal
Melissa Lyken, BS

Melissa Lyken is a senior paralegal and legal-finance content writer with over eight years of professional legal and business experience and a bachelor’s degree in Sociology and Community Studies from the University of California, Santa Cruz.

Edited by Hannah Locklear

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: Aren't credit unions supposed to be more understanding than big banks? That's not always true when you default on a loan. Find out how to defend yourself against San Diego County Credit Union.

If you are struggling to pay off your debts, you are among the millions of Americans in a similar situation. It is incredibly stressful when creditors constantly hound you for mortgage payments, medical bills, student loans, and credit card bills.

If you're in debt, the chances are that you can't afford to hire an accountant. That means that you're handling it all by yourself. You have to remember how much money you owe each creditor when it's due and who to pay. Even the smallest mixup could ruin your credit score and result in a world of trouble.

Who Is San Diego County Credit Union?

San Diego County Credit Union (SDCCU) offers low-interest payment rates to people living or working in the area. The company provides various loan services that include purchase, refinance, home equity, jumbo mortgages, and additional services at fixed and adjustable rates. With over 44 branches, this is a well-established company that provides quality services and delivers on its promises.

Additionally, you'll need to know what services the company offers:

  • Loans offered: purchase, refinance, home equity, jumbo mortgages, and additional services at fixed and adjustable rates.
  • Loans not offered: veteran (VA), Federal Housing Administration (FHA), USDA, or home improvement categories.

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How Debt Consolidation Works

Debt consolidation is a money management process that requires a mediator. They contact all of your creditors and come up with a policy that everyone agrees with, and you end up with a single amount to pay to one creditor.

The primary benefit of debt consolidation, besides being able to have all of your monthly payments bundled into one, is taking advantage of a lower interest rate. Debt consolidation is usually beneficial to debtors who have high-interest debts. Obtaining a lower interest rate allows you to pay your debt off faster.

Debt consolidation companies stay in business because they can reduce your monthly installments. As a debtor, it is hard to make ends meet when a large chunk of your income goes towards debt. Any decrease in this sum can make a big difference to your quality of life. Take an accurate look at all of your debts and current interest rates to determine if working with a debt consolidation company may benefit you.

SDCCU's Methods for Debt Consolidation

Debt consolidation companies pool all your loans together. Then they give you an interest rate that they have already discussed with your creditors. However, there is no guarantee that you'll receive a lower interest rate as it depends on the creditor, your credit score, and the details of your specific case.

Generally, however, there is some leeway for a debt consolidation company to negotiate on your behalf. If you choose to consolidate your debts, you agree to extended payments. While this may be an unavoidable scenario, you should ask your company exactly how long you will need to pay.

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The Pros of Working with SDCCU

1. Low interest rates

SDCCU is a top choice among debtors because they offer lower interest rates than other lenders on the market. They offer custom quotes on a case-by-case basis, and clients with higher credit scores receive better rates.

SDCCU provides clients with three 5/5 ARM packages. These competitive options mean you can make a downpayment at a low ten percent rate and not have to pay closing costs to get complete lender-paid mortgage insurance. These interest rates only change after five years, and SDCCU policies restrict rate changes with a five percent band of the initial rate.

2. Low origination fees

Another positive when choosing this service is their low origination fees. When you sign up for this service, the minimum downpayment is five percent. Since it is a credit union and not a for-profit organization, you have the assurance that they are working for you and not to meet their financial benchmarks.

3. Transparent service

When you're trusting an agency to manage your money, a high level of transparency is essential. The best part about SDCCU is that their website openly states their rates and terms for various programs. These include mortgage packages over 10, 15, 20, or 30-year spans at a fixed rate, adjustable terms over 5 to 7 years, and home equity loans with fixed rates. The range of options means there is a high chance you will find what you're looking for.

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The Cons of Working with SDCCU

1. Limited service options

SDCCU does not offer VA Loans, Federal Housing Administration or FHA loans, USDA or home improvement categories. So if you're looking for help in these categories, this is not the agency for you.

2. No online loan tracking

Many people rely on online processing to pay their bills and manage their finances. If this sounds like you, it may be disappointing to learn that SDCCU does not offer internet tracking services.

Our Final Verdict on SDCCU Debt Consolidation

The main factor that makes San Diego County Credit Union a reliable and authentic option is the high level of transparency they offer. All you need to do is visit their website to check out the types of loans they offer and the corresponding rates. These payment plans range from 5 to 30 years in the fixed-rate and adjustable-rate categories. So you can pick whichever loan best suits your needs.

Additionally, SDCCU is a union, not a company. This means that members own shares, and there is no board or stockholders. It isn't run for profit, and no hidden financial goals are at play. As a result, their number one priority is helping their clients. This makes them far more reliable than other debt consolidation agencies.

Overall, SDCCU receives a solid 4.5 out of 5 online rating, which is excellent news for the people of San Diego, Riverside, and Orange counties. When broken down, this ranking includes:

  • 5 out of 5 stars for loan types
  • 5 out of 5 stars for rate transparency
  • 4 out of 5 stars for online convenience
  • 4.5 out of 5 stars for rates and fees

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How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.

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