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Merck Sharp & Dohme Federal Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 18 Aug 2023
Fact checked

Merck Sharp & Dohme Federal Credit Union (MSDFCU) logo

Merck Sharp & Dohme Federal Credit Union (MSDFCU) was founded in 1950 and can be found in Pennsylvania. MSDFCU serves its 30,000 members across seven branches in eastern Pennsylvania. They have a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards.

There are times when you might face a situation when you urgently need money. A personal loan from MSDFCU can be a practical financing option for you. Want to get an idea of your estimated monthly payments? Get started by using the Merck Sharp & Dohme Federal Credit Union 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.

Personal loans from Merck Sharp & Dohme Federal Credit Union in a nutshell

A personal loan from MSDFCU has potentially lower rates than credit cards. Use the funds to take care of personal expenses, large purchases, emergency bills, or other worthwhile projects. This article provides you with all the details you need to know before taking out a loan from Merck Sharp & Dohme.

Here is a roundup of the key features and benefits of a personal loan from Merck Sharp & Dohme Federal Credit Union:

  • Loan amounts: $75,000 maximum
  • Loan terms: between 12 to 84 months
  • Interest rates: as low as 6.24% APR

Requirements for a Merck Sharp & Dohme Federal Credit Union personal loan

A Merck Sharp & Dohme Federal Credit Union personal loan is only available to current members and employees. If you are not yet a member, there are different ways to join. Membership is available to anyone who:

  • Lives, works, worships, or attends school in Merck Sharp & Dohme Federal Credit Union recognized counties.
  • Is a family member of a Merck Sharp & Dohme Federal Credit Union member.
  • Is a current or former employee of Merck Sharp & Dohme Federal Credit Union recognized establishments, businesses, or institutions.

When you apply for a personal loan from Merck Sharp & Dohme Federal Credit Union, you must send a copy of the following documents:

  • Your government issued identification (driver’s license, state ID, or passport).
  • Your social security number / individual taxpayer identification number.
  • If applying with a co-borrower, they will need to submit their personal information.
  • Financial information, including gross monthly income and monthly expenses.
  • Employment details or source of income such as two most recent pay stubs or copies of bank statements for the past three months.
  • For self-employed applicants or business owners: proof of source of income such as bank statements for the past three months or the latest tax return.

 

Merck Sharp & Dohme Federal Credit Union personal loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$20,000

Term

3 months

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Merck Sharp & Dohme Federal Credit Union

Merck Sharp & Dohme Federal Credit Union personal loans

Merck Sharp & Dohme Federal Credit Union personal loans
Estimated Month Repayments
$590 Inclusive of fees
Interest Rate
3.99%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$1,000
to $75,000
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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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Estimated Month Repayments
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APR
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$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 Merck Sharp & Dohme personal loans

Pros

  • Higher borrowing limits for qualified borrowers.
  • Longer repayment terms than those from other lenders.
  • Repayment terms up to 84 months.
  • Easy online application.
  • Detailed list of borrower criteria and requirements.

Cons

  • Non-members cannot apply.
  • The minimum loan amount is unclear.
  • Higher APRs for longer repayment term length.

Frequently asked questions

How much does Merck Sharp & Dohme offer for its personal loans?

Qualified borrowers can receive funds as high as $75,000.

What are my options for repaying the full loan amount from Merck Sharp & Dohme?

The loan can be repaid for a period between 1 year and 7 years.

What are the potential rates for a personal loan from Merck Sharp & Dohme?

Potential interest rates start from 6.24%.

If my Merck Sharp & Dohme loan application has been approved, how will funds be disbursed?

The money will be deposited directly to your account. Just use eSignature and save a trip to the branch to receive your funds.

Video: Merck Sharp & Dohme FCU services

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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.

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