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 Type | APR 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.