Personal loans from municipal credit unions: 2022 balance sheet, rates

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Municipal Credit Union Personal Loan

Costs

$25 late payment penalty

Municipal credit union Municipal credit union Personal loan

Municipal Credit Union Personal Loan

Costs

$25 late payment penalty

On the site of the Municipal Fund

Costs

$25 late payment penalty

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Advantages and Disadvantages of Municipal Credit Union Personal Loans

Municipal Credit Union is best for borrowers who want top rates and a host of term options for their loan. You will be able to borrow as little as $1,000 and up to $50,000, while choosing from a term of one to seven years.

The biggest blow to the credit union is its strict eligibility requirements. But if you qualify, the lender is a fantastic option.

Municipal Credit Union Personal Loan Comparison

How Municipal Credit Union Compares

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Editor’s note

3.5/5
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Regular APR

6.95% – 14.95%

Editor’s note

3.75/5
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Regular APR

7.49% to 18.00%

Editor’s note

3.75/5
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Regular APR

6.70% to 18.00%

Varies depending on the amount of money you want to withdraw

You can get the smallest loan amount from Navy Federal Credit Union, as the credit union offers loans as small as $250. However, First Tech Federal Credit Union and Municipal Credit Union have similar minimums. The former will lend as little as $500, while the latter will allow you to borrow a minimum of $1.00. All three give you the ability to borrow up to $50,000.

First Tech has the simplest requirements to join. You can qualify for membership simply by joining the Financial Fitness Association for $8. You may also be eligible if you live or work in certain parts of Oregon.

Navy Federal has stricter membership requirements, as you are only eligible if you are an active military member, veteran, Department of Defense employee, or retiree. Family members of any of the above groups are also eligible.

To join the Municipal Credit Union, you will usually need some type of connection in New York. This includes people employed by the City of New York or federal and state employees who work in one of the city’s five boroughs. Family members of customers who already have an account are also eligible.

See our Personal Loan Scoring Methodology »

Frequently Asked Questions

Municipal Credit Union has an A- rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB says the reason for its rating is the Municipal Credit Union’s inability to respond to a complaint against it. The BBB rates companies by examining their response to consumer concerns, the truthfulness of advertising and the transparency of business practices.

The Municipal Credit Union has not been involved in a scandal in the past three years. Due to its strong history and very good BBB score, you might consider getting a loan from the lender. However, you are not guaranteed to have a good relationship with the credit union, so contact others who have used the lender first before making a decision.

You can get a loan through many different avenues, including credit unions, banks, and online lenders. Credit unions are a great option as they often offer low rates and excellent customer service, although there is often a membership requirement to apply. There is no single answer to this question, and different borrowers may prefer different options.

Yes, personal loans from a credit union will affect your credit score. Payments, or lack thereof, will be reported to the three major credit bureaus and can improve your score if you pay reliably and on time.

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