All Loans > Personal Loans > University Of Michigan Credit Union Personal Loans Calculator
Important disclosure

University of Michigan Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 11 Aug 2023
Fact checked

University of Michigan Credit Union personal logo

University of Michigan Credit Union was established in 1954 and is found in Ann Arbor, Michigan. UMCU has over 100,000 members, and holds $1 billion in assets. They have a broad range of financial products such as loans and credit cards, mortgages and refinancing services, insurance, Certificate of Deposit (CDs), and individual retirement accounts (IRAs).

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 University of Michigan Credit Union personal loan, you have to be aware of the rates, fees, and total cost involved. View potential monthly payments through the University of Michigan 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.

General facts about University of Michigan Credit Union personal loans

A personal loan, like one from University of Michigan Credit Union, typically has lower rates than credit cards. Look at the features and benefits so you can figure out if they fit your personal expectations and payment preferences:

  • Loan amounts: maximum $50,000
  • Loan terms: up to 60 months
  • Interest rates: from 6.75% to 12.75% APR

 

Requirements for a University of Michigan Credit Union personal loan

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

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

 
University of Michigan Credit Union did not provide a list of all the borrower criteria. However, most lenders expect potential applicants to meet the following qualifications:

  • Proof of identity: Submit a copy of government-issued IDs such as driver’s license, passport, or birth certificate to prove that you are at least 18 years old and with a permanent US address.
  • Capacity to pay: For employed individuals, submit pay stubs or employer contact information; for self-employed individuals, submit bank statements or tax returns.
  • High credit score: The minimum is at least 600; ideally, a score of 700 is better.
  • Low DTI ratio: It should be lower than 40% although some lenders will approve those with a debt-to-income ratio of up to 50%.

 

University of Michigan 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

Change
University of Michigan Credit Union

University of Michigan Credit Union personal loans

University of Michigan Credit Union personal loans
Estimated Month Repayments
$643 Inclusive of fees
Interest Rate
9.75%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$1,000
to $50,000
Go to site
Whether your expenses are planned or unexpected, UMCU offers the My Choice Loan as a solution. We lend our members funds at reasonable rates so you can remodel your home, take a trip, or simply make your finances more manageable.
Featured
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.
Featured
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.

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 UMCU personal loans

Pros

  • Qualified borrowers can receive up to $50,000
  • Lower APRs compared with those from other lenders
  • Skip-a-Pay option available
  • Co-signers are allowed

 

Pros

  • Non-members cannot apply
  • No information on minimum loan amount or loan term
  • $30 processing fee for every payment skipped
  • Borrower criteria and requirements are not listed

Frequently asked questions

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

UMCU offers personal loans up to $50,000. The minimum loan amount is undisclosed.

How long should I repay a personal loan from UMCU?

You have up to 60 months (5 years) to repay your UMCU personal loan.

What interest rates does a UMCU personal loan offer?

Interest rates for a personal loan from UMCU can range between 6.75% and 12.75% APR.

Do UMCU personal loans have a Skip-a-Pay option?

Yes. UMCU allows borrowers with good standing to defer a payment on personal loans.

What payment options do I have for my UMCU personal loan?

You have the option to make your payments online through your UMCU Online Banking account, by phone, through the mail, or at any branch location.

What number do I need to call to ask about personal loans from UMCU?

You can call 734.662.8200 to find out more about UMCU personal loans.

Video: Who We Are

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.

.

Seeloans.com provides factual information in relation to 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 that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see Seeloans.com’s Terms of Use and Services Guide.

© 2024 Seeloans.com