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Municipal Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 18 Aug 2023
Fact checked

Municipal Credit Union logo

Municipal Credit Union (MCU) is a state chartered credit union founded in 1916. This NYC-based non-profit cooperative has approximately 425,000 members and holds US$2.68 billion in assets. They offer a full range of products and services for personal banking, including personal loans, investment management, and financial planning.

Personal loans, such as a Municipal Credit Union personal loan, can be a more practical alternative to credit cards, allowing you to take care of urgent expenses while saving money on interest. Use the Municipal Credit Union personal loans calculator to view potential repayments. This can help you decide whether to proceed with your application or seek alternative financing.

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.

Municipal Credit Union personal loans at a glance

It is important to know about the features and benefits of a personal loan from Municipal Credit Union. Read on to find out if any of the items below correspond to what you’re looking for in a personal loan:

  • Loan amounts: minimum $1,000; maximum $50,000
  • Loan terms: from 12 to 72 months
  • Interest rates: between 7.95% and 15.95% APR

Requirements for a Municipal Credit Union personal loan

A Municipal 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 Municipal Credit Union recognized counties
  • Is a family member of a Municipal Credit Union member
  • Is a current or former employee of Municipal Credit Union recognized establishments, businesses, or institutions

There is no available information on borrower criteria for a Municipal Credit Union personal loan. Typically, most lenders have a general expectation among potential loan applicants. These are the following:

  • You are at least 18 years old (provide a copy of your government-issued IDs such as certificate of citizenship, driver’s license, passport, or military ID)
  • You are a US resident (provide a copy of a recent utility bill, lease or rental agreement, or mortgage statement)
  • You have a good credit history – minimum of 600 is acceptable although 700 or higher is ideal.
  • You have a debt-to-income ratio of less than 40%.
  • You have a valid and active bank account.
  • You have proof of steady employment – provide a copy of paystubs, W-2s and 1099s, or an employer statement.
  • If you have a business or a self-employed individual, provide income verification such as tax returns, bank statements, annuity statements.

 

Municipal Credit Union personal loans 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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Municipal Credit Union

Municipal Credit Union personal loans

Municipal Credit Union personal loans
Estimated Month Repayments
$617 Inclusive of fees
Interest Rate
6.95%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$1,000
to $50,000
Go to site
Need money for a household, personal expense or debt consolidation? An MCU Personal Loan is the simple solution.
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Wells Fargo

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.
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Eastman Credit Union

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
ECU offers extraordinary products & services that make life just a little easier.

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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 Municipal Credit Union personal loans

Pros

  • A wide range of borrowing limits
  • Borrow for as low as $500 for personal expenses
  • Borrow for as high as $50,000 for large purchases or major life events
  • Low interest rates and affordable payments
  • Consolidate your bills and lower your payments

Cons

  • Exclusive to credit union members
  • APR will increase if automatic payments are canceled
  • Late payment fee of $25

Frequently asked questions

How much can I borrow from Municipal Credit Union?

You can borrow between $1,000 and $50,000 from the Municipal Credit Union.

How much does Municipal Credit Union charge for its personal loans?

The personal loan rates from Municipal Credit Union start at 7.95% up to 15.95%.

How long should I repay a personal loan from Municipal Credit Union?

Municipal Credit Union offers personal loan terms between 12 and 72 months.

Is there a rate discount for automatic loan payments?

Municipal Credit Union did not provide details about potential rate discounts for those who will set up automatic payments.

Are there fees involved when I apply for a personal loan at Municipal Credit Union?

There is no information regarding origination fees or prepayment penalties when applying for a loan from Municipal Credit Union. However, they charge a $25 fee for late payments.

Video: MCU Celebrating 100 years

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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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