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Member One FCU Personal Loans Calculator & Overview

Updated 18 Aug 2023

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Member One Federal Credit Union was founded in 1940 and can be found in Roanoke, Virginia. Member One FCU has assets of at least $1 billion, and more than 145,000 members. Their services include savings and checking accounts, CDs, loan products, mortgage, and refinancing.

Always think twice about whether you really need to take out a personal loan, or whether you can find alternative ways to finance your needs. But if you’re determined to go through the application for a Member One Federal Credit Union personal loan, you have to be aware of the rates, fees, and total cost involved. View potential monthly payments through the Member One FCU personal loans calculator.

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.

An overview of Member One FCU personal loans

Member One FCU offers a variety of personal loan products: Money Line of Credit, Savings Secured, and Debt Consolidation. Qualified borrowers receive personalized loan service to help them get access to funds they need. Loan features and benefits, along with other important information, can be found here.

Listed below are the key features and benefits of Member One FCU personal loans:

Money Line of Credit

Loan amounts: minimum $500
Loan feature: can be used for overdraft protection

Savings Secured

Loan amounts: minimum $500
Loan feature: access the cash you need as a one-time personal loan – option for 25%, 50%, 75%, and 100% secured loans

Debt Consolidation

Loan amounts: minimum $500
Loan feature: competitive rates to lower your bill

Requirements for a Member One FCU personal loan

You must be a member of Member One FCU to be eligible for a personal loan. Here are the criteria you must meet to become a member of Member One FCU:

You live, work, worship, or attend school in Member One FCU recognized counties.
You are a family member of a Member One FCU member.
You are a current or former employee of Member One FCU recognized establishments, businesses, or institutions.

The borrower criteria for a Member One FCU personal loan are undisclosed. However, most lenders require potential loan applicants to prepare and submit the following documents:

Proof of identity (driver’s license, birth certificate, social security card, passport).
Proof of residence (utility bill, lease or rental agreement, mortgage statement, property tax receipt).
Proof of employment for traditionally employed individuals (paystubs, W-2s and 1099s, employer statement).
Income verification for self-employed individuals or business owners (tax returns, bank statements, annuity statements).

Member One FCU personal loan calculator

Loan amount

Term

Provider

Product Information

EST Monthly
Repayment

Interest
Rate

Repayment
Period

Loan
Amounts

Sort loans by

Loan Amount

$20,000

Term

3 months

Change

Member One Federal Credit Union personal loans

Estimated Month Repayments

$629 Inclusive of fees

Interest Rate

8.24%
APR

Repayment Period

12 months
to 60 months

Loan Amounts

$500
to $20,000

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Do you enjoy higher dividend rates on deposit accounts, lower rates on loans, paying fewer fees, 24/7 banking convenience, and much more? Then you'll love being a member of Member One FCU.

Featured

Wells Fargo personal loans

Estimated Month Repayments

$606 Inclusive of fees

Interest Rate

5.74%
APR

Repayment Period

12 months
to 84 months

Loan Amounts

$3,000
to $10,000

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Checking and savings accounts and credit cards for your everyday business expenses and cash management.

Featured

Eastman Credit Union personal loans (Shared Secured Personal Loan)

Estimated Month Repayments

$848 Inclusive of fees

Interest Rate

29.90%
APR

Repayment Period

12 months
to 12 months

Loan Amounts

$1,000
to $20,000

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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 Member One FCU personal loans

Pros

There is a variety of loan options to accommodate borrowers with a wide range of needs and qualifications.
Competitive interest rates.
Flexible repayment terms.
No application fees.
No prepayment penalties.
Options of choosing a lower rate or 90 days no payment.

Cons

For members only.
Online loan application is through an external site.
No clear list of borrower criteria and requirements.

Frequently asked questions

How much can I borrow from Member One FCU?

You can borrow a minimum of $500, the maximum amount is not specified.

How long should I repay a personal loan from Member One FCU?

You have up to 60 months to repay your personal loan.

How much does Member One FCU charge for its personal loans?

The personal loan interest rates can be as low as 9.24% and can reach up to 17.99%.

How does the Money Line of Credit from Member One FCU work?

This unsecured personal loan from Member One FCU can be immediately accessible online and in retail centers. Qualified borrowers can use funds (up to the agreed limit) at any time without having to reapply.

How does Savings Secured from Member One FCU work?

For example, if you choose a $500 loan at 50%, you receive $250 while they hold $250). As you make payments for the money you received, the remaining funds will be disbursed to your account, minus the loan interest.

How does a debt consolidation loan from Member One FCU work?

Qualified borrowers of a debt consolidation loan can receive a minimum APR or floor rate of 3.25%. This is to make the repayments easier.

Member One FCU Personal Loans Calculator & Overview