Our Verdict
Logix Credit Union is a reputable credit union that offers a wide range of financial products and services to its members. Established in 1937, Logix Credit Union has a long history of providing outstanding service to its members. With branches throughout California and Nevada, Logix Credit Union is definitely a convenient choice if you are looking for a financial institution in these states.
Logix Federal Credit Union offers a variety of financial products and services, including savings and checking accounts, credit cards, home and auto loans, investment services, and more. You can also take advantage of free online and mobile banking services for added convenience.
In terms of states of operation, Logix Federal Credit Union is headquartered in Burbank, California, and has branches throughout the state. You can also access its accounts at over 30,000 surcharge-free ATMs nationwide. If you’re curious to know more about Logix Credit Union or becoming a member, you can visit its website at www.logixbanking.com or call its customer service number at 800-328-5328.
Pros
- Lower fees and interest rates
- Wide range of financial products and services
- Member-owned and not-for-profit
- Personalized service
- Strong focus on building relationships
Cons
- Smaller physical presence
- Membership restrictions
- Limited resources and financial stability
- Fewer services and perks compared to larger banks
Who This Product Is Best For
Consider Logix Credit Union if you:
- Want to save money on fees and interest rates
- Prefer personalized service and building long-term relationships with your financial institution
- Are comfortable with a smaller physical presence and limited number of ATMs and branches
- Are eligible for membership and appreciate the benefits of being part of a member-owned, not-for-profit organization
- Do not require significant levels of funding above what Logix Credit Union can provide.
Who This Product Isn't Right For
Do not consider Logix Credit Union if you:
- Prefer in-person banking or face-to-face customer service.
- Are not willing to become a member and participate in the credit union’s governance by attending meetings and voting.
- Need immediate access to cash, as Logix Credit Union has a processing time for transactions.
- Are not a big fan of credit union that is online-only, and does not have physical branches.
What This Product Offers
Savings and Checking Accounts: Open a savings or checking account to manage your finances and earn interest on your balances.
Credit Cards: Apply for a Logix Credit Union credit card with competitive rates and rewards programs.
Personal Loans and Business Lines of Credit: Get access to funds for personal needs, such as home improvement or debt consolidation, with flexible repayment terms.
Auto Loans and Leases: Finance your car purchase or lease with competitive rates and terms.
Mortgages and Refinancing Options: Apply for a mortgage or refinance your existing mortgage with Logix Credit Union for competitive rates and personalized service.
Business Accounts and Loans: Manage your business finances with Logix Credit Union’s business accounts and apply for loans to grow your business.
Online and Mobile Banking Services: Access and manage your accounts online or through Logix Credit Union’s mobile app for convenient banking on-the-go.
Product Details
Savings Accounts:
- Open a Savings Account: Start saving money today by opening a savings account with Logix Credit Union.
- High-Yield Savings Account: Take advantage of Logix Credit Union competitive rates and earn more interest on your savings with a high-yield savings account.
- Money Market Account: Earn higher interest rates than a traditional savings account with a money market
Checking Accounts:
- Free Checking Account: Enjoy no monthly service fees and no minimum balance requirements with Logix Credit Union free checking account.
- High-Yield Checking Account: Earn higher interest rates than a traditional checking account with a high-yield checking account.
- Dividend Checking Account: Earn interest on your checking account balance with a dividend checking account.
Credit Cards:
- Types of credit cards: Logix Credit Union offers a range of credit cards to suit your needs, including the Platinum, Platinum Rewards, and Signature Rewards cards.
- Benefits of Logix Credit Union credit cards: Enjoy a variety of perks, such as no annual fee, low interest rates, no foreign transaction fee and cashback rewards on purchases.
- Rates and fees: Logix Credit Union credit cards have competitive rates and fees, including low APRs (starting at 12.99%) and no balance transfer fees.
- Rewards programs: Depending on the card you choose, you can earn rewards points for every dollar you spend, which you can redeem for travel, merchandise, or cashback.
- Credit limits: Logix Credit Union credit cards offer generous credit limits, which can help you finance your purchases and build your credit score.
Personal Loans:
- Apply for personal loans for purposes such as debt consolidation, home improvement, vacations, and unexpected expenses.
- Borrow up to $50,000 with flexible terms ranging from 12 to 84 months.
- Enjoy competitive interest rates that vary based on creditworthiness and loan term.
- Avoid application fees or prepayment penalties.
- APR ranges from 8.99% to 18.00% based on your credit score.
Business Lines of Credit:
- Take advantage of a flexible borrowing option with a line of credit from Logix.
- Borrow up to $50,000 with a revolving credit line, allowing you to borrow, pay back, and borrow again as needed.
- Enjoy variable interest rates based on your creditworthiness and other factors.
- Skip annual fees or cash advance fees, and only pay interest on what you borrow.
- APR ranges from 6.50% to 17.50% depending on your credit score.
Auto Loans:
- Borrow up to 125% of the vehicle’s value for new or used cars, trucks, and SUVs, or refinance your existing auto loan.
- Choose from flexible terms of 36 to 84 months.
- Benefit from competitive interest rates based on creditworthiness and loan term.
- Pay no application fees or prepayment penalties.
- Get a discount for setting up automatic payments.
- Check the APR range of 4.99% to 18.00% based on your credit score and loan term.
Auto Leases:
- Enjoy lower monthly payments with Logix’s auto leasing options.
- Select from various lease terms from 24 to 84 months depending on the vehicle model and year.
- Get flexible mileage options and end-of-lease buyout options.
- Take advantage of competitive rates based on the vehicle’s value and lease term.
- Pay no security deposits, upfront fees, or disposition fees at the end of the lease.
- Check the APR range of 5.24% to 10.00% based on your credit score and lease term.
Mortgages:
- Logix offers a variety of mortgage options, including fixed-rate and adjustable-rate mortgages, as well as jumbo and government-backed loans.
- You can apply online and get pre-approved for a mortgage before you start shopping for a home.
- Logix offers competitive interest rates and low closing costs.
- You can choose from flexible terms ranging from 10 to 30 years.
- You don’t have to pay for application fees or prepayment penalties.
Refinancing Options:
- If you already have a mortgage, Logix can help you refinance to lower your monthly payments, reduce your interest rate, or shorten your loan term.
- Logix offers competitive interest rates and low closing costs for refinancing.
- You can choose from flexible terms ranging from 10 to 30 years.
- No application fees or prepayment penalties.
- You can also use a cash-out refinance to borrow against the equity in your home for other expenses.
Business Accounts:
- Logix offers a variety of business account options, including checking, savings, and money market accounts.
- You can easily manage your funds through online banking, mobile banking, and other convenient services.
- Logix also provides free online bill pay, debit cards, and unlimited transactions for most accounts.
- The fees for the accounts are competitive and depend on the type of account your business needs.
Business Loans:
- Logix offers business loans for various purposes, including equipment financing, real estate purchases, and working capital.
- You can borrow up to $5 million with flexible terms ranging from 12 to 120 months.
- The interest rates are competitive and vary based on creditworthiness and loan term.
- There are no application fees or prepayment penalties.
- Logix also offers a discount for setting up automatic payments.
- The APR ranges from 4.75% to 10.00% depending on the credit score and loan term.
Where This Product Stands Out
Attractive and competitive rates and terms:
Logix Credit Union offers attractive and competitive rates and terms for all its financial products, including personal loans, lines of credit, auto loans, mortgages, and business loans. This means you can get favorable rates and terms that can save you money and help you achieve your financial goals. Talk to a Logix representative to understand the rates and terms that fit your needs.
Customer service excellence:
Whether you need help with your account, have questions about your loan, or need assistance with your financial planning, Logix is always there to help you. Contact Logix through phone, email, or in-person at one of their branches to get personalized support—and guidance from a team of dedicated and knowledgeable representatives.
Technology-driven banking solutions:
Keep in mind that Logix Credit Union leverages the latest technology to offer innovative and convenient banking solutions that make banking easier and more accessible. This includes mobile banking, online banking, bill pay, eStatements, and more. You can access your account information, make transfers, and pay bills from anywhere at any time. Talk to a Logix representative to understand how to use these digital tools.
Focus on community:
Be aware that Logix Credit Union is a member-owned financial institution committed to giving back to the community. LCU supports local charities and initiatives that make a positive impact on people’s lives. By banking with Logix, you can contribute to these efforts and help build a stronger and more vibrant community.
Competitive auto loan and lease options:
Logix Credit Union offers competitive auto loan and lease options that can save you money and make financing a car more affordable. You can choose from flexible terms, competitive rates, and options that fit your budget and lifestyle. Whether you want to buy a new or used car or lease a vehicle, Logix has an option for you. Reach out to a Logix representative to understand the auto loan and lease options that fit your needs.
Where This Product Falls Short
Limited physical branch locations:
Check Logix Credit Union’s physical branch locations before you sign up, as Logix Credit Union only operates in Southern California.
Limited product offerings:
Keep in mind that Logix Credit Union does not offer credit cards or investment services. Consider other options if you need these products.
Membership eligibility requirements:
Make sure you’re eligible for membership before you apply for any of their products, as Logix Credit Union has specific requirements. Check its website for details.
Higher credit score requirements:
Be aware that Logix Credit Union has higher credit score requirements than some other lenders. Take steps to improve your credit score if necessary.
Limited availability for business loans:
Note that Logix Credit Union may not offer as many business loan options compared to other lenders. Explore other options if you need financing for your business.
How to Qualify for This Product
To qualify for Logix Credit Union products, you can follow these general guidelines:
Membership Eligibility:
Logix Credit Union is a member-owned financial institution, which means you must be a member to access their products and services. To become a member, you must live, work, or worship in one of the designated areas or have a family member who is already a member. You can check their website to see if you are eligible to become a member.
Credit History:
Logix Credit Union typically requires a good credit history for most of its products. Having a higher credit score can help you qualify for better rates and terms. However, if you have a lower credit score, you can still apply and speak with a representative to explore your options.
Income and Employment:
Logix Credit Union may require proof of steady income and employment to qualify for certain products. This can include recent pay stubs or tax returns, as well as verification of employment from your employer.
Gather financial information:
Prepare to show Logix Credit Union your financial history and current financial standing. This may include your credit score, income, debt-to-income ratio, and any other relevant financial information.
How to Apply for This Product
To apply for a business loan with Logix Credit Union, you may need to contact a banker to discuss the specific requirements. Although Logix Credit Union representatives may not provide direct instructions on the application process, you can generally submit the following documents when applying for a loan or credit cards, along with any other lender-specific requirements:
To apply for a Logix Credit Union product, follow these steps:
- Visit the Logix Credit Union website and select the product you are interested in applying for.
- Make sure you meet the eligibility requirements for the product.
- Gather the necessary documentation, such as proof of income, identification documents, and financial statements.
- Fill out the online application form or visit a Logix Credit Union branch to apply in person.
- Provide all the required information, such as your name, address, social security number, and date of birth.
- Submit your application and wait for Logix Credit Union to review it.
- If approved, follow any additional instructions provided by Logix Credit Union to complete the application process.
Note that the application process may vary depending on the product you are applying for and your individual circumstances. Make sure to carefully review the application requirements and instructions provided by Logix Credit Union before submitting your application.
Alternatives to This Product
U.S Bank: Explore U.S. Bank, a national bank that provides term loans, lines of credit, SBA loans, and commercial real estate loans. They also offer equipment financing and accounts receivable financing.
Capital One: Look into Capital One, a financial institution that offers lines of credit, term loans, and SBA loans. They also offer commercial real estate loans and equipment financing.
Online Lenders: Consider online lenders like OnDeck and Kabbage. OnDeck offers short-term loans, lines of credit, and SBA loans, while Kabbage specializes in providing lines of credit to small businesses.
Customer Reviews
Logix Credit Union has an outstanding customer reviews, with a rating of 4.0 out of 5 on the Yelp website. This is mainly due to customer giving credits to its low-fee account options, customer service and competitive interest rates.
Methodology
We reviewed *this product* based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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