Pay Off High-Interest Debt

Ditch Your Debt

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Pay Off Your 2020 Debt Fast!

Consolidating your bills with MECU could lower your monthly payments, save you hundreds in interest and knock years off your repayment term.

Lower your loan interest and pay off debt faster
Lock into a fixed monthly payment that will never go up
Simplify your finances with one easy loan payment


Which type of consolidation loan is right for you?

Personal Loan

  • Get up to $30,0001 cash at a great rate.
  • No fees

Credit Card

  • Transfer high-interest balances to a MECU Visa® and save!
  • $0 balance transfer fee
  • No annual fee2

Home Equity

  • Tap into your home’s equity for a lump sum of cash to pay off high-interest debt. 
  • $0 closing costs
  • No fees3


How much 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

Disclosures
*APR = Annual Percentage Rate. All loans are subject to credit approval and membership eligibility. Other terms and conditions may apply.
1 . Maximum 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.
2. ATM fees may apply. For additional information, please view our credit card disclosure information.
3. May 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.
4. “Your 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.
5. “MECU 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.
6. “MECU 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.