Total Protection Guarantee

We safeguard your funds, your privacy and your transactions.

Personal Loans

Friends are there when you need them. So are our loans.

Fast, low-cost financing for a variety of uses.

Personal loans are quick, convenient loans that people use to affordably finance an expense or purchase for a relatively short period of time.

Looking to finance something you really need or want? A personal loan from MECU could be the perfect solution. 

Personal loans are typically used for such things as vacations, weddings, a new computer, credit card debt consolidation, as well as many other things. MECU personal loans feature:

  • Competitive rates
  • Quick loan turnaround
  • Varying terms (depending on the loan amount)
  • No prepayment penalties
  • 24/7 online access to your accounts
  • 1/2% rate discount with Express Advantage

At MECU, we make repaying your loan hassle-free with automatic transfers that:

  • Transfer funds automatically from one MECU account to another
  • Ensure each payment is made on time
  • Save the time and expense of going to the credit union or mailing your payments
  • Avoid deposit withdrawal fees

MECU offers both unsecured and secured personal loans. Since secured loans are tied to collateral, you’ll enjoy a better rate than with an unsecured loan.

Unsecured Personal Loans

Borrow up to $40,000 at a fixed rate (less any outstanding MECU Visa balance) for up to 60 months with no collateral.

Secured Personal Loans

A secured loan is based on funds you currently have (in an MECU account or in your stock portfolio) as collateral to ensure repayment of your loan.

Savings-Secured Loans. Borrow against the money in your share, vacation or savings account, without closing that account, for up to 12 months. As your loan balance is reduced, you may withdraw the amount repaid. In the case of a loan secured by your holiday or vacation savings account, it must be repaid before the end of the program year in which the money is borrowed.

Certificate-Secured Loans. Borrow up to 90% of the face value of any MECU certificate. You must repay the loan before or immediately upon the maturity of the certificate.

For more information, call 847-576-5199 (877-270-6392 toll-free).

For a list of our fees, please check our fee schedule.

Loan TypeAPR As Low As*
Share-Secured Personal Loan

1.50% above dividend (savings) rate

Certificate-Secured Personal Loan

1.50% above dividend (savings) rate

Unsecured Personal Loan

9.24%

* Annual Percentage Rate (APR) reflects a .50% discount for Express Advantage members (those with MECU checking and direct deposit) who make automatic loan payments from an MECU savings or checking account. Your actual rate will be based on credit qualifications and underwriting factors. All credit union loan programs, rates, terms and conditions are subject to change at any time without notice. All loans subject to credit approval. Repayment example: A $7,500 loan with a 60 month term and 9.24% APR is $156.62 per month.

Compare personal loan rates

APRs in this table are for personal loans of $15,000 with a 60-month term.

Financial InstitutionAPR
Wells Fargo7.25%
Citibank8.99%
MECU9.24%
BMO Harris Bank13.84%

Competitors’ fixed APRs are for Illinois only and are based on mybanktracker.com. MECU’s fixed APR reflects a .50% discount for Express Advantage members (those with MECU checking and direct deposit) who make automatic loan payments from an MECU savings or checking account. Some competitors’ APRs may reflect relationship-pricing discounts; check with each institution for details. All rates are effective as of April 15, 2014.

Not Ready to Apply?

Still need more information or someone to contact you?

Related Services



Be advised

You have chosen to follow a link to a website that resides outside of mecu.org.

MECU, its affiliates, parents, directors, employees, agents, sponsors and partners are not responsible for the content that you may experience as a result of visiting this website.