Personal Loans
Brooklyn Coop’s personal loans are popular because they fit your needs for short-term, low-cost, flexible credit. Members use personal loans to consolidate debt, to move into a new apartment, to pay for either expected or unexpected expenses like a funeral, buying a used car, or medical costs. Personal loans work better than credit cards if you value a fixed repayment schedule, and if you need funds upfront.
If you would like to download the loan application in pdf format, click here. (Español)
If you would like to bring a cosigner, download the cosigner application here. (Español)
Details
| Loan Type | Loan Size | Rate | Maximum Term | Fees* |
| Personal loans | $500 – $15,000 | Fixed. See app for current rate | 12 years | $25 late fee |
| Credit cards | $500 – $15,000 | Variable. See app for current rate |
Open-end | $40 annual fee $25 late fee $25 bounced payment fee |
All personal loans must have a security deposit equal to at minimum 20 percent of the approved amount. This amount is frozen in your account while the loan is in repayment. Once the loan is paid off the deposit is unfrozen and you may withdraw it.
* There is a $25 application fee per person for any personal loan or credit card.