How Atlas Loans Can Lift Your Financial Burdens

What are Atlas Loans?

Atlas loans are a type of personal loan offered by the Atlas Credit Union to its members. They provide an alternative source of financing for major expenses or projects, separate from credit cards, auto loans, or mortgages.

An Atlas personal loan is an unsecured, fixed-rate loan that does not require collateral. Atlas offers both short-term and long-term personal loan options, with varied repayment terms from 12 to 84 months. Loan amounts range from $1,000 up to $50,000.

These loans can be used for almost any legal purpose, such as consolidating high-interest debt, financing home improvements, covering medical bills, or funding a major purchase. The flexible use of funds and predictable repayment schedule make them a practical borrowing choice for many borrowers.

A key benefit of Atlas personal loans is that they generally have lower interest rates compared to credit cards or payday loans. Interest rates are fixed for the full repayment period, so monthly payments remain the same. There are often no prepayment penalties for early repayment.

Approval for an Atlas loan depends on an applicant’s creditworthiness, debt-to-income ratio, and other factors. Having an existing relationship with Atlas Credit Union can help streamline the application process. Overall, Atlas personal loans provide a transparent, affordable borrowing option for credit union members in need of extra financing.

Benefits of Atlas Loans

Atlas Loans offer several key benefits that make them an attractive borrowing option for many people.

Lower Interest Rates

Compared to other lenders, Atlas Loans typically offer lower interest rates on their loan products. This can translate into significant interest savings over the life of your loan. Atlas Loans are able to offer competitive rates by streamlining their lending operations and passing the savings on to borrowers.

Flexible Terms

Atlas Loans provide borrowers flexibility in structuring their loan terms. You can choose loan lengths ranging from 12 months to 84 months. This allows you to select a term that best fits your budget and financial situation. Many other lenders only offer fixed terms.

Easy Application Process

Applying for an Atlas Loan is straightforward and can be completed entirely online. There is minimal paperwork required. Atlas Loans utilizes automation and technology to provide quick loan decisions. You will know if you are approved within minutes of submitting your application. The funds can be deposited into your bank account in as little as 24 hours after approval.

Types of Atlas Loans

Atlas Loans offers several loan options to meet a variety of borrowing needs.

Personal Loans

Personal loans can provide funds for major expenses like home renovations, medical bills, vacations, and more. Atlas offers unsecured personal loans from $1,000 to $50,000 with fixed interest rates and terms from 2 to 5 years. These loans don’t require collateral and can be a flexible way to consolidate debt or finance major purchases.

Business Loans

Atlas business loans range from $5,000 to $500,000 to help cover costs like equipment, inventory, marketing, expansions, and more. Options include term loans, lines of credit, SBA loans, and invoice financing. Business loans can require collateral like real estate, inventory, or accounts receivable.

Student Loans

For students looking to pay for college, Atlas offers private student loans with variable and fixed rates, deferred payment options, and cosigner release after graduation. Undergraduate students can borrow up to the cost of attendance less other aid received. Graduate and professional students can borrow up to $225,000 over the lifetime of their education.

Home Loans

Atlas offers a full range of home loan products including fixed and adjustable rate mortgages, jumbo loans, FHA loans, and VA loans. Home buyers can get prequalified to see potential loan amounts and interest rates. Refinancing current mortgages to lower rates or cash out home equity is also available.

Atlas Loan Requirements

To qualify for an Atlas loan, there are a few key requirements you’ll need to meet regarding your credit score, income, and employment status.

Credit Score

Your credit score is one of the most important factors lenders consider when reviewing your Atlas loan application. Each lender will have their own minimum credit score requirement, but you’ll generally need a score of at least 620 to qualify. The higher your credit score, the better your chances of approval and securing a lower interest rate.

Lenders want to see that you have a proven track record of responsibly managing credit and making on-time payments. Having a higher score shows them you are a lower credit risk and more likely to repay the loan as agreed. If your score is on the lower end, taking steps to improve it prior to applying can significantly help your chances.


Your income level and ability to afford the loan payments will also be evaluated. Many lenders require a minimum annual income, often around $30,000. They will look at your gross monthly income and ensure it is sufficient to cover the proposed monthly payments plus your existing obligations.

Provide recent pay stubs and your W-2 forms when applying to verify your income. If your income is inconsistent, providing a couple years of tax returns can help establish an earnings history. Having a higher income relative to the loan amount requested improves your chances of qualifying.

Employment Status

Lenders want to confirm your source of income is stable. They generally require at least 1-2 years at your current job or within the same field. If you are self-employed, providing business tax returns for the last 2 years can document your earnings.

Having full-time employment or a reliable income source shows lenders you are less of a risk for default. Significant gaps in employment or switching jobs frequently can decrease your chances of approval. Maintaining steady employment leading up to your application is ideal.

Meeting these key requirements shows lenders you are financially capable of taking on and repaying the loan responsibly. A strong credit history, sufficient income, and stable employment provide the basis for qualifying for Atlas loan financing.

How to Apply for an Atlas Loan

Applying for an Atlas loan is a straightforward process that can be done entirely online. Here are the steps to take:

Online Application

The first step is to fill out the online application form on the Atlas Loans website. You’ll need to provide basic personal and financial information like your name, address, income, expenses, and the loan amount you are requesting. The online form is secure and only takes about 10-15 minutes to complete.

Required Documents

In addition to the online application, you’ll need to provide supporting documentation to verify your identity and income. Required documents include:

  • Copy of your government-issued ID
  • Proof of income such as recent pay stubs or tax returns
  • Bank statements showing regular income deposits
  • Documentation of any other debts or assets

These documents help Atlas Loans assess your financial situation to determine loan eligibility and terms. You can easily upload digital copies of documents right through the online application.

Approval Process

After submitting your application and documents, a loan officer will review your information and may contact you for any clarification needed. Within 1-3 business days you will receive a decision on your loan application.

If approved, you’ll receive loan terms including the interest rate, monthly payment amount, and loan disbursement method. Atlas Loans prides itself on quick loan decisions and funding.

That covers the key steps for applying and getting approved for an Atlas Loan all online. With an easy application and fast decision process, Atlas Loans makes getting necessary financing convenient.

Interest Rates for Atlas Loans

Atlas Loans offers competitive interest rates on all of their loan products. Here are some details on the ranges you can expect for different loan types:

Personal Loans

For personal loans, Atlas offers rates ranging from 5.99% APR to 35.99% APR. The rate you receive will depend on your credit score, income, and other factors. Those with excellent credit scores can qualify for rates on the lower end of this range.

Mortgage Loans

Atlas mortgage rates are tied to current market rates. For a 30-year fixed rate mortgage, expect rates between 3% – 7% APR based on your credit and the type of property. 15-year fixed rate mortgages are available with slightly lower rates.

Auto Loans

New auto loans from Atlas have interest rates starting as low as 2.49% APR for those with great credit. Used auto loans have rates from 4.99% up to 20% APR depending on the vehicle age and your credit score.

Business Loans

Atlas offers a wide variety of business loan options including SBA loans, equipment financing, lines of credit and more. Interest rates start as low as 5% APR. Rates vary significantly based on your business, credit score, collateral, and loan terms.

Be sure to check Atlas’ website or speak with a loan officer to get current rate information for your specific loan situation. The rates above give you a general idea of what to expect. Managing your credit score and providing strong income/collateral can help you qualify for the lowest rates possible.

Atlas Loan Terms

Atlas Loans offer borrowers flexibility when it comes to repayment terms. Borrowers can choose repayment terms ranging from 6 months to 5 years, depending on the size of the loan and their financial situation.

Some of the common repayment terms available for Atlas Loans include:

  • 6 months – For smaller loan amounts under $5,000
  • 1 year – For loan amounts up to $15,000
  • 2 years – For loan amounts up to $25,000
  • 3 years – For loan amounts up to $50,000
  • 5 years – For larger loan amounts above $50,000

Borrowers should carefully consider their budget and cash flow when selecting a repayment term. A longer term means lower monthly payments but more interest paid over the life of the loan.

Atlas Loans do allow for early repayment without any prepayment penalties. Borrowers can pay off the loan early to reduce interest costs. Any extra payments are applied directly to the principal balance.

Borrowers should review the terms of their specific Atlas Loan to understand any conditions around early repayment. But in most cases, Atlas Loans can be paid off early with no extra fees or charges.

Choosing the right repayment term is an important decision when taking out an Atlas Loan. Borrowers need to balance getting an affordable monthly payment with minimizing long-term interest expenses through shorter terms or early repayment.

Atlas Loan Alternatives

When considering an Atlas loan, it’s important to also research and compare other lending options. Here are some alternative personal loans to consider:

Local Banks and Credit Unions

Borrowing from a local bank or credit union can provide some advantages over an online lender like Atlas.


  • Established relationship and familiarity with the lender
  • Potentially lower interest rates
  • More flexibility in loan terms


  • Lower loan amounts may be available
  • Slower application and funding process
  • Require visiting a branch to apply

Online Lenders

In addition to Atlas, there are many other online lending companies to consider.


  • Fast and easy online applications
  • Large loan amounts may be available
  • Competitive interest rates


  • Less personalized customer service
  • Approval requirements may be stricter
  • Variable interest rates

Peer-to-Peer Lending

Borrowing from individual investors through a P2P lending platform is also an option.


  • Fast funding times
  • Loan amounts from $1,000 up to $40,000
  • Fixed interest rates


  • Higher interest rates than banks
  • Strict credit requirements
  • No branch locations for support

Evaluating and comparing multiple lenders can help you find the best personal loan for your specific needs and situation. Be sure to consider all costs, fees, terms, and eligibility criteria when choosing a lender.

Tips for Managing an Atlas Loan

Managing your Atlas loan responsibly can help you avoid financial stress. Here are some useful tips:

Create a Budget

  • Make a budget to understand where your money is going each month. Account for necessities like housing, transportation, food, utilities, etc.
  • See where you can cut back on discretionary spending to free up more cash for your loan payment. Reduce expenses like dining out, entertainment, shopping, etc.
  • Use budgeting apps or spreadsheets to track spending and stay on target each month.

Pay More Than the Minimum

  • Pay more than the monthly minimum due on your Atlas loan if possible. This will save money on interest and pay off the balance faster.
  • Even paying just $10-20 extra per month can make a difference over the loan term.
  • Set up automatic payments for an amount above the minimum to force yourself to pay extra every month.

Pay on Time

  • Always make at least the minimum payment by the due date to avoid late fees. Atlas charges a hefty late fee, usually $25-50.
  • Set up autopay through your bank to have the payment automatically withdrawn each month.
  • Mark payment due dates on your calendar so you don’t forget.

Apply Extra Funds

  • Use any windfalls like tax refunds, bonuses, or gifts to make extra payments on your Atlas loan principal.
  • Specify that extra payments should go towards the principal balance. This will reduce the total interest paid over the loan term.

Reevaluate Terms

  • Check if Atlas offers lower rates for existing customers, especially if your credit score has improved. You may be able to refinance for better terms.
  • Consider consolidating other debts through an Atlas balance transfer offer. This can simplify payments and potentially get a lower rate.

Communicate with Atlas

  • If you anticipate having trouble making payments, reach out to Atlas immediately. They may offer hardship options or temporary reduced payments.
  • Be proactive and transparent. Atlas is more likely to work with borrowers who communicate early about payment issues.

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