Important disclosure

Lake Michigan Credit Union Personal Loans Calculator & Overview

Carla Soto
Updated 19 Aug 2023
Fact checked

Lake Michigan Credit Union logo

Lake Michigan Credit Union (LMCU) was founded in 1933 and is based in Grand Rapids, Michigan. They have assets of $11 billion and over 540,000 members. They offer a full line of banking services, including loan and deposit services, payment solutions, investment management, and financial planning.

We all know that emergencies come up from time to time. A personal loan, such as a Lake Michigan Credit Union personal loan, can be an easy way to get a quick fix for your problem, but before applying make sure it’s something you can see through to the end. The Lake Michigan Credit Union personal loans calculator can help figure out whether or not this might work in terms of how much you have to pay, monthly and overall.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

A quick guide to personal loans from Lake Michigan Credit Union

If you need money for an emergency or an unexpected need in your life, personal loans may be anideal option. Before taking out a loan, as with any major financial commitment, you should carefully examine the advantages and downsides. We’ll help you figure out if a personal loan from LMCU is your best option.

Listed below are the main features and benefits of a personal loan from Lake Michigan Credit Union:

  • Application fee: $0
  • Prepayment penalty: $0
  • Interest rates: as low as 7.00% APR
  • Loan option: without collateral (unsecured)

Requirements for a Lake Michigan Credit Union personal loan

LMCU personal loans are available for members. If you want to join, there are many ways to qualify for membership:

  • You live, work, worship, or attend school in Lake Michigan Credit Union recognized counties
  • You are a family member of a Lake Michigan Credit Union member
  • You are a current or former employee of Lake Michigan Credit Union recognized establishments, businesses, or institutions

To apply for a personal loan at Lake Michigan Credit Union, make sure you have these documents ready:

  • Social security number
  • Driver’s license or state-issued ID
  • Utility bill, lease/rental agreement, or mortgage statement
  • Pay stubs or bank statements

 

Lake Michigan Credit Union personal loan calculator

Loan Amount

$20,000

Term

3 months

Lake Michigan Credit Union

Lake Michigan Credit Union personal loans

Estimated Month Repayments
Interest Rate
28.90%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
1000
to $20,000
At Lake Michigan Credit Union we don't have shareholders to impress, we have a mission: to do what's best for our members. And as it turns out, our members really like earning more when they save and paying less when they borrow.

SeeLoans.com provides factual information about financial products. While SeeLoans.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on SeeLoans.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product, you will be dealing directly with that provider and not with SeeLoans.com. SeeLoans.com recommends reading the relevant product disclosure statement or product guide before taking up any financial product offer. Please view SeeLoans.com's Terms of Use for more information.

Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

Pros and cons of Lake Michigan Credit Union personal loan

Pros

  • No application fees
  • No prepayment penalties
  • Guaranteed fixed rate and payment
  • Flexible terms
  • 24/7 availability for phone applications
  • No collateral requirements
  • Credit life and credit disability insurance programs available

Cons

  • No specified loan amount
  • No specified loan term

Frequently asked questions

What are the minimum and maximum loan amounts for a Lake Michigan Credit Union personal loan?

Lake Michigan Credit Union does not provide specific information regarding loan amounts.

What are the repayment terms for a Lake Michigan Credit Union personal loan?

There is no available information about repayment term lengths for Lake Michigan Credit Union personal loans.

What interest rates does Lake Michigan Credit Union personal loan offer?

Interest rates can be as low as 7.00% APR.

What is the required credit score for a Lake Michigan Credit Union personal loan?

Applicants must have a credit score of at least 780 to be able to apply.

Are there fees involved when applying for a Lake Michigan Credit Union personal loan?

While there are no application fees or prepayment penalties involved, a Lake Michigan Credit Union personal loan comes with a $15 servicing fee.


Video: Do More with Lake Michigan Credit Union

Popular personal loan searches

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

.