Municipal Credit Union Personal Loans: 2022 Review, Interest Rates

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Personal loans from the municipal credit union

fees

$25 late payment penalty

City Credit Union City Credit Union personal loans

Personal loans from the municipal credit union

fees

$25 late payment penalty

On the City Credit Union website

fees

$25 late payment penalty

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Pros and cons of municipal credit union personal loans

Municipal Credit Union is best suited for borrowers who want premium interest rates and a variety of loan term options. You can borrow as little as $1,000 and up to $50,000 while choosing between one and seven year terms.

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

Comparison of Municipal Credit Union Personal Loans

How the Municipal Credit Union Scores

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Editor’s Rating

3.5/5
A five-pointed star A five-pointed star A five-pointed star A five-pointed star A five-pointed star

Regular APR

6.95% – 14.95%

Editor’s Rating

3.75/5
A five-pointed star A five-pointed star A five-pointed star A five-pointed star A five-pointed star

Regular APR

7.49% to 18.00%

Editor’s Rating

3.75/5
A five-pointed star A five-pointed star A five-pointed star A five-pointed star A five-pointed star

Regular APR

6.70% to 18.00%

Varies depending on the amount of money you wish to withdraw

The smallest loan amount is available from Navy Federal Credit Union, as the credit union offers loans starting at $250. However, the First Tech Federal Credit Union and Municipal Credit Union have similar minimum amounts. The former only lends you $500, while the latter gives you a minimum of $1.00 in credit. All three offer you the opportunity to borrow up to $50,000.

First Tech has the easiest 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 because you only qualify if you are an active duty military member, a veteran, or a Department of Defense employee or retiree. Family members of any of the above groups are also eligible.

In general, to join the Municipal Credit Union you need some sort of New York affiliation. This includes people employed by New York City or federal and state employees working in any of the city’s five boroughs. Family members of customers who already have an account are also eligible.

Check out 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 failure to respond to a complaint against it. The BBB ranks companies by examining their response to consumer concerns, truthfulness in advertising, and transparency about business practices.

The Municipal Credit Union has not been involved in a scandal in the past three years. Because of the solid history and very good BBB score, you should consider getting a loan from the lender. However, there is no guarantee that you will have a good relationship with the credit union, so check with others who have used the lender 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 interest rates and great customer service, although there is often a membership requirement to apply. There is no one-size-fits-all answer to this question, and different borrowers may prefer different options.

Yes, personal loans from a credit union affect your credit score. Payments or non-payments are reported to the three major credit bureaus and can improve your score if you pay reliably and on time.

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