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MSGCU Personal Loans Calculator & Overview

Updated 18 Aug 2023

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Michigan Schools and Government Credit Union (MSGCU) was founded in 1954 and is headquartered in Clinton Township, Michigan. MSGCU holds over $3 billion in assets and has more than 137,000 members. They offer an array of products for consumers, including checking accounts, savings accounts, share certificates, loans, credit cards, and business banking services.

Personal loans, unlike credit cards, can provide flexibility with payment terms that are more suited for those who want to save some cash. Want to borrow cash from Michigan Schools and Government Credit Union but worried about your EMIs (equated monthly installments)? Let the MSGCU personal loans calculator do the work for you.

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 MSGCU in a nutshell

Like other lenders, MSGCU offers its own list of features and benefits. Look at the list below so you can determine if they fit your personal expectations and payment preferences:

Loan terms: from 1 month to 72 months
Prepayment penalty: $0
Interest rates: from 8.25% to 19.25% APR

Requirements for a MSGCU personal loan

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

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

MSGCU expects potential applicants to meet the following qualifications:

To be 18 years of age or older
Have a Social Security Number (SSN)
Have a driver’s license, military ID, or passport
If funding your new accounts by electronic transfer from another financial institution, you’ll need their routing number and your account number
If funding with a debit or credit card, you’ll need the card number, expiration date, and CVV code

MSGCU 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

Michigan Schools and Government Credit Union personal loans

Estimated Month Repayments

$624 Inclusive of fees

Interest Rate

7.75%
APR

Repayment Period

12 months
to 72 months

Loan Amounts

$1,000
to $20,000

Go to site

At MSGCU, we make sure to understand your terms before we offer any of ours. We'll help you find the right fit when it comes to financing, whether you're looking for a lump-sum loan or flexible line of credit.

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

Go to site

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

Go to site

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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 MSGCU personal loans

Pros

Competitive APRs compared with those from other lenders
Longer repayment term limits
No penalty for early repayment
Automatic payment

Cons

No loan amount disclosed
No information regarding application fee or origination fee
Credit score and minimum income requirements are not listed

Frequently asked questions

What are the minimum and maximum loan amounts for a MSGCU personal loan?

MSGCU did not make the borrowing limits clear. There is no information online regarding the minimum and maximum amount you can borrow from them.

What interest rates does MSGCU personal loan offer?

Interest rates for a personal loan from MSGCU can range between 8.25% and 19.25%.

What are the repayment terms for a MSGCU personal loan?

You have between 1 and 72 months to repay your personal loan from MSGCU.

How long does it take to get a loan approved once the application has been turned in?

MSGCU makes decisions regarding loan applications within 24 – 48 hours.