Take back control of your finances and consolidate with MECU

Consolidating your high-interest debt with MECU could lower your monthly loan and credit card payments, save you hundreds in interest, and knock years off your repayment term.
Get a fixed, easy loan payment
Lower your interest rate
Repay your debt more quickly

Which type of consolidation is right for you?

MECU offers our members three ways to help you cut down on debt whether it be credit card debt or loan debt. Explore the option that suits your needs.
Personal Loan Credit Card Home Equity
Get up to $50,0001 cash at a great rate Transfer high-interest balances to a MECU Visa® and save! Tap into your home's equity for a lump sum of cash to pay off high-interest debt
No fees No annual fee2 $0 closing costs
- - No fees3
Learn More about Personal Loans Learn More about Credit Cards Learn More about Home Equity Loans
 


How much money could you save?

  Your High-Interest Debt4 MECU Personal Loan5 MECU Home
Equity Loan6
Loan Amount $20,000 $20,000 $20,000
Monthly Payment $800.00 $446.91 $372.86
Interest Payment 15.50% APR* 12.24% APR* 4.49% APR*
Time To Pay Off Debt 11 years and 4 months 5 years 5 years
ESTIMATED MONTLY
PAYMENT REDUCTION
$353.09 $427.14
ESTIMATED INTEREST SAVINGS $3,020.94 $7,464.15
ESTIMATED REDUCTION
IN TIME TO PAY OFF DEBT
6 years and 4 months 6 years and 4 months
 

Calculate Your Savings
 


 

Did you know?

MECU offers FREE financial coaching!

Sign-up for a one-on-one financial coaching session with a MECU levelUp coach and achieve your 2023 financial goals!

Disclosures
*APR = Annual Percentage Rate. All loans are subject to credit approval and membership eligibility. Other terms and conditions may apply.

1Maximum loan amount may be lower than stated depending on the loan type and your credit score, income, debt-to-income, repayment term and total amount of unsecured debt with MECU.

2ATM fees may apply. For additional information, please view our credit card disclosure information.

3May be subject to closing costs. MECU will pay the initial closing costs on a “Standard” Home Equity. If the account is paid off and closed within 12 months of original note date, closing costs must be reimbursed to MECU by the borrower. Closings costs vary and generally range around $850 to $1,000 on a $20,000 loan.

4Your High-Interest Debt Example:  includes one major credit card, two store cards and a personal line of credit. Major credit card - $5,000 balance at 18.00% APR and a minimum monthly payment of $200. Store card #1 - $3,000 balance at 21.00% APR and a minimum monthly payment of $120. Store card #2 - $3,500 balance at 22.00% APR with a minimum monthly payment of $140. Personal line of credit - $8,500 balance at 9.40% APR with a minimum monthly payment of $340.

5MECU Personal Loan Example:  based on a $20,000 loan amount at 12.24% APR with a 60-month repayment term and a $446.91 monthly payment.

6MECU Home Equity Loan Example:  based on a $20,000 loan amount at 4.49% APR (maximum loan-to-value ratio of 80%) with a 60-month repayment term and a $372.86 monthly payment.