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ALERT
Please be advised that the ATMs at our Georgetown branch, located at 2142 Ralph Avenue in Brooklyn, may be temporarily unavailable due to a planned electrical shutdown on the following dates:
 
Wednesday, 6/19 to Friday, 6/21, from 5 PM until 2 AM
Saturday, 6/22, from 1 PM until 8 PM

During these times, please visit one of our other local ATMs or use our Digital Banking platform. We apologize for any inconvenience this may cause.

PERSONAL LOANS

Freedom, Flexibility and Rates as Low as 7.99%*

Flexible and cost-effective lending solutions to help you meet your financial goals.

*APR - Annual Percentage Rate. Members who currently have or will establish direct deposit to their MCU checking account will receive an additional .25% discount.  If your direct deposit is not established within 60 days of this loan, the Annual Percentage Rate will increase during the term of this transaction. If you discontinue direct deposit, your interest rate will increase by .25% and you will be required to make additional payments of the same amount until what you owe has been repaid. For example, if your loan was for $15,000 for 60 months at 6.25% and the rate increased to 6.50% after 24 months due to discontinuance of direct deposit, you would have to make 1 additional payment.

The APR of 7.99% is available for loan term of 36 months up to $50,000 – higher rates apply for loan terms over 36 months.  Rates may be higher based on your creditworthiness. Repayment terms range from 12 months to 72 months. APRs range from 7.99% to 17.99%. Late payment fee of $25.00. Certain restrictions apply. Rates and terms are subject to change without notice. Membership is required.

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Get What You Need, When You Need It.

An MCU Personal Loan is a hassle-free way of consolidating debt or lessening the impact of a larger expense. Whether you need to take care of medical expenses, vehicle repairs, or a bill you didn’t see coming, an MCU Personal Loan gives you access to the cash you need, when you need it most. 

Apply online now—it’s easy, and the application only takes a few minutes.

Features & Benefits

  • Low rates, fixed for term of loan
  • Flexible terms from 12 – 84 month
  • No home lien required
  • Access to cash in a lump-sum payment
  • No application fees
  • No pre-payment fees
  • Easy application process
  • Debt protection options available
  • Use the funds for virtually anything

Today's Rates

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Personal Loan

$1,000-$50,000

36 Months

7.99 %

APR1
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Personal Loan

$5,000-$50,000

60 Months

8.49 %

APR1
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Personal Loan

$25,000-$50,000

72 Months

10.49 %

APR1
APY = Annual Percentage Yield (OPEN TO READ MORE)

1Minimum Opening Deposit is $0.01, funded by MCU.

These are variable rate accounts and the rate may change after the account is opened.

Fees and other conditions could reduce earnings.

The disclosed Dividend Rates and Annual Percentage Yields are accurate as of the last dividend declaration date.

Personal Loans to Cover All of Life’s Curveballs

With low rates and member-friendly repayment options, MCU makes it easy for you to handle your finances on your terms with a personal loan. And, borrowed funds can be used for any purpose—from consolidating bills to paying for a wedding.

Consolidate Your Debt Before It Gets Out of Control.

Tired of working hard to make hefty loan and credit payments each month that just seem to be going toward interest? A personal loan through MCU allows you to pay off your high-interest debts and switch to a single monthly loan payment instead.

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2 Easy Steps From Application to Approval

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Apply Online Today (you may have to upload your most recent paystub, and potential credit card statements for bill consolidations).

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If Pre-Approved, visit your nearest branch to follow up and finalize or call 1-844-628-6969 (Option 2).

Personal Loan Calculator

Get a breakdown of your anticipated monthly payment based on factors like price, loan term, down payment, and more.

Lending Products Built for the Heroes of NYC

Whether you’re ready to purchase your dream home or have a job-related expense—we’re here to help. MCU offers the lending services you need to achieve your goals.

Get Peace of Mind with Debt Protection.

In partnership with TruStage, Debt Protection could be used to cancel your personal, or auto loan balance or payments up to the contract maximums should you experience a covered life event.

Eligibility requirements are simple. Protected events include involuntary unemployment (certain restrictions may apply), disability, or loss of life.

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FAQs

Get Answers to Our Most Frequently Asked Questions.

What type of documentation do I need for a Personal Loan?

To apply for a personal loan at MCU you will need a few things.

  1. You will need to be an existing MCU member.
  2. You will need to submit a loan application—online, at your local branch, or by calling us at 1-844-MCU-NYNY (1-844-628-6969).
  3. You will need to provide proof of identity such as: Birth certificate, certificate of citizenship, driver’s license, military ID, passport, Social Security card, or state-issued ID.
  4. You will need to provide employer information and may need to provide income verification, such as: pay stubs, tax returns, W-2s and 1099s, bank statements, or employer contact information.
  5. You may also be required to provide additional documentation, but if that time comes, we will be sure to let you know.

What is the difference between a Personal Loan and Share Secured Loan?

The main difference is that a Share Secured Loan requires you to have funds on deposit that will be used as collateral for the loan at a lower interest rate compared to Personal Loans, which require no collateral.

How long does it take to get approved for a Personal Loan?

Personal Loan approvals can take as little as a few minutes. Once you apply, you can always check the status of your application online by visiting this link.

Can I get my payments taken out of my payroll?

Your payments can be automatically transferred from your MCU savings or checking account. Payroll deduction can be established to deposit directly to your savings or checking account.
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