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The Velocity Credit Union was originally incorporated as Austin Municipal Federal Credit Union in 1947. Their name was changed to Austin Metropolitan Financial Credit Union (AMFCU) in 1998 to better reflect their membership change. Their name was again changed to Velocity Credit Union in January 2003 to more accurately reflect their mission and values. To meet your financial needs, it offers a wide range of financial products and services. Its website, velocitycu.com, advertises its services.

velocity credit union logo

Summary Of Velocity Credit Union

Knowing which lender to turn to when you require a loan can be a challenging task. When there are so many options available, you must do your research to find the one that meets your needs the best. Recent attention has been drawn to Velocity Credit Union as one option. Is this lender the right choice for you? You can make an informed decision by taking a closer look at what they have to offer.

A closer look at Velocity Credit Union’s website and terms and conditions revealed some interesting information. Here’s what we found.

The National Credit Union Administration insures this credit union.

  • It is possible to obtain a personal loan between $500 and $40,000.
  • The loan term can be up to 60 months.
  • You can get an APR as low as 10.49% with it.
  • The rates and terms are subject to change without notice.
  • There may be a change in fees at any time.
  • With the lowest rate, the payment per $1,000 is $21.50.
  • When your loan application is processed, they will determine your interest rate, term, and payment.
  • Based on your credit rating score obtained from a credit reporting agency, you will receive an annual percentage rate (APR).

Velocity Credit Union: What Is It?

Texans have had access to financial services provided by Velocity Credit Union since January 2003. They claim to be one of the largest credit unions in the country with over $922 million in assets and 88,000 members. It is open to anyone who lives or works within the five-county area (Travis, Hays, Williamson, Bastrop, Caldwell). Velocity Banking offers personal loans for a variety of purposes, such as home improvement, debt consolidation, emergency expenses, and many more.

There are multiple locations of Velocity Credit Union. Their telephone number is (512) 469-7000.

The Velocity Credit Union is not accredited by the Better Business Bureau (BBB), but it has received an A- rating from the organization. In the last three years, the credit union has received an average of eight customer reviews and resolved 30 complaints. It is for this reason that the company has a relatively low rating from customers, with a rating of 1.13 stars out of five.

How Does Velocity This Company Work?

You can borrow from Velocity Credit Union for some purposes, including buying a car, remodeling your home, or covering life’s little surprises. Providing low, fixed rates and convenient payment options, they may be able to assist you with your financial needs. In just a few minutes, you can apply online.

How To Qualify For It?

Your eligibility for a Velocity Credit Union loan depends on many factors. It is important to consider your credit history, employment history, and debt-to-income ratio when applying. You can determine whether you qualify for a Velocity Credit Union loan by applying for the type of loan you are interested in.

BBB Reviews

Velocity Credit Union is not too shabby in comparison to other credit unions. The Better Business Bureau (BBB) has given the company an A- rating, and it has received an average of eight customer reviews. In the last three years, 30 complaints have been resolved. This has resulted in a bad rating of 1.13 stars out of 5.

Here are some reviews:

Emma L. 09/16/2022

If I could give zero stars I would. Do not use Velocity for your banking needs if you need your money. First, I put cash into the atm months ago looked at my account balance the next day and it didn’t show I had deposited anything. Called they said they had to audit their machine and it would take 2 weeks. I did end up getting it but I am not wealthy and really couldn’t afford to wait. Last week, I had multiple transactions go through two times, and I overdraft. They waived the $5 fee when I called but wouldn’t fix the double charges.
Then this week my available balance is half of what is reflected in the online transactions both through the app and their website. When I called, for the second time in as many weeks, the representative started reading off my transactions that already went through saying there was no mistake when clearly there was. I have been with velocity for 6 or 7 years and have never had an issue with this but now it’s constant and I am over it. If you depend on your money to be in a safe and reliable establishment do not use velocity. I am pulling my money out first thing tomorrow morning but I am having anxiety leaving it in even THAT long. Velocity, you had one job and you’ve failed SPECTACULARLY.

Mark 02/09/2021

This company has the absolute worst customer service. I have spent well over 5 hours just trying to access my account online. Each time I call the people are very unfriendly and unwilling to help. It seems their only goal is to make the process so painful that you do not call back. I am so thankful to be moving my business elsewhere.

Initial Complaint

05/16/2022Complaint Type: Billing/Collection IssuesStatus: AnsweredMore info

I am attempting to pay off a loan. Velocity Credit credit union sent the wrong payoff amount to my new bank. When all was finally resolved they backdated the second payoff amount to the initial payoff statement and pulled $106.69 out of my payoff amount as interest. The reason my loan was paid off almost a month late was that they provided my new bank with an incorrect statement to pay off the loan. I am requesting they refund me the $106.69 + $129.75 (of other overpayments they owe me) for a total of $236.44 of overpayments. They are refusing the amount and only paying $129.75.

FAQs About Velocity Credit Union

How Much Does Velocity Credit Union Charge?

Velocity Credit Union review

There is no doubt that Velocity Credit Union offers some of the most competitive APRs in the industry. In addition, they also offer a wide range of flexible loan terms, ranging from 12 months to 60 months. It is important to note that rates, terms, and fees are subject to change without notice at any time.

Is There Any Pre-Payment Penalty?

If you choose to pay off your loan sooner than originally scheduled, Velocity Credit Union does not charge prepayment penalties.

How Does This Company Affect Your Credit?

Check your credit score before applying for a loan and determine what interest rates and terms you may qualify for. It is done by performing a soft credit pull, which has no impact on your credit score.

To a final rate and a full view of your credit history, the lender will do a hard credit inquiry once you decide to move forward with the loan application. If you apply for a loan, you are likely to receive hard inquiries, which will lower your credit score.

Is It Possible To Cancel Velocity Credit Union?

A personal loan should only be applied for if you are certain that you are making the right decision. You cannot cancel or reverse a transaction once the funds have been disbursed into your account. It is therefore important that you are completely comfortable with your choice before proceeding. In this way, you will be able to avoid any cancellations or changes in the future.

Are you having difficulty making ends meet? Here are some tips that may assist you in getting back on track.

To get your finances back on track, you can do a few key things.

  • Creating and adhering to a budget is the first step. By doing so, you will be able to keep track of your spending and ensure that your money is being used most effectively.
  • You may also wish to speak with a financial advisor. To develop a plan that works for you, they can assess your unique financial situation.
  • Finally, don’t worry too much about debt. Customers can usually work with companies to come up with a payment plan that works for them. Contact their customer service team for more info.

Velocity Credit Union: Is It Legit Or A Scam?

Velocity Credit Union loan

Velocity Credit Union was established over 75 years ago and provides financial assistance to residents of Texas. Despite its A- rating from the Better Business Bureau, the company is not accredited by the organization. According to customer reviews, this company has received a 1-star rating out of 5. There are more negative reviews and complaints about the company than positive ones.

When it comes to financing large purchases or consolidating debt, loans can be a great option, but it is important to do your research before signing anything. To make sure you get the best deal, compare interest rates and customer reviews. In this way, you can avoid taking out an unaffordable loan.

Velocity Credit Union
  • Velocity Credit Union
    (2.5)
2.5

Velocity Credit Union

Velocity Credit Union was established over 75 years ago and provided financial assistance to residents of Texas. Despite its A- rating from the Better Business Bureau, the company is not accredited by the organization. According to customer reviews, this company has received a 1-star rating out of 5. There are more negative reviews and complaints about the company than positive ones.

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