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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.

A Signature loan can be used for any life event. Whether you’re looking for an easy and convenient way to pay for your wedding or the honeymoon afterward or just want to take advantage of our great rates, an MECU Signature loan could be the perfect solution.

  • Competitive rates, take an additional 1/2% rate discount with Express Advantage
  • Quick loan decisions
  • Flexible terms
  • No prepayment penalties
  • 24/7 online access to your accounts and automatic transfers

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 Signature Loans

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

Secured Signature Loans

Our rates get even better when you secure a Signature loan with funds you currently have at MECU and use them as collateral.

Savings-Secured Loans.Borrow against the money in your savings account for up to 60 months without closing your account. As your loan balance is reduced, you may withdraw the amount repaid.

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.

Signatures loans can be used to finance any life event imaginable – a dream vacation, college expenses, your daughter’s wedding, your parents’ 50th wedding anniversary party, home improvements (unexpected or otherwise), you name it. Of course you can also take advantage of our great rates and consolidate higher interest debt easily.

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 (savings) dividend rate

Certificate-Secured Personal Loan

1.50% above (savings) dividend 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 $156.60 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%
MECU9.24%
Citibank9.90%
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 February 09, 2016.

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