Overwhelmed by countless due dates?
Consolidate your monthly bills into one loan and simplify the pay-off process.
Flexible repayment terms
Fixed rate and payments options that will never go up
Lump-sum payout you can use to pay off higher-rate bills
Which type of consolidation is right for you?
MECU offers our members three ways to help you lower your monthly payments, reduce your loan interest, and improve your monthly cash flow.| 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 | $440 | $387 |
| Interest Payment | 15.50% APR* | 11.49% APR* | 5.99% APR* |
| Time To Pay Off Debt | 11 years and 4 months | 5 years | 5 years |
| ESTIMATED MONTHLY PAYMENT REDUCTION |
– | $360 | $413 |
| ESTIMATED INTEREST SAVINGS | – | $2,419 | $5,611 |
|
ESTIMATED REDUCTION
IN TIME TO PAY OFF DEBT
|
– | 6 years and 4 months | 6 years and 4 months |
Reduce your debt and make fewer payments each month
with a low-rate MECU loan.
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 11.49% APR with a 60-month repayment term and a $440 monthly payment.
6MECU Home Equity Loan Example: based on a $20,000 loan amount at 5.99% APR (maximum loan-to-value ratio of 80%) with a 60-month repayment term and a $387 monthly payment.