Personal Loan
- Get up to $50,0001 cash at a great rate.
- No fees
Simplify Your 2021 Debt and Save!
Consolidating your bills with MECU Credit Union could lower your monthly loan and credit card payments, save you hundreds in interest, and knock years off your repayment term.
No annual fees
Quick decision
One easy loan payment
Which type of consolidation loan 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.
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 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 |
Disclosures
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.