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Municipal Credit Union Personal Loan
Fees
$25 late payment penalty
Municipal Credit Union Personal Loan
Fees
$25 late payment penalty
On Municipal Credit Union’s website
Loan Details
Fees
$25 late payment penalty
Pros & Cons
Highlights
Pros and cons of Municipal Credit Union personal loans
Municipal Credit Union is best for borrowers who want top-notch rates and a multitude of term options for their loan. You’ll be able to borrow as little as $1,000 and as much as $50,000, while choosing from a term length between one to seven years.
The biggest knock on the credit union is its tough eligibility requirements. But if you qualify, the lender is a fantastic option.
How Municipal Credit Union personal loans compare
How Municipal Credit Union compares
Editor’s rating
Regular APR
6.95% – 14.95%
Editor’s rating
Regular APR
7.49% to 18.00%
Editor’s rating
Regular APR
6.70% to 18.00%
Varies based on the amount of money you want to take out
You can get the smallest loan amount with Navy Federal Credit Union, as the credit union offers loans as small as $250. However, First Tech Federal Credit Union and Municipal Credit Union have similar minimums. The former will lend as little as $500, while the latter will let you borrow a minimum of $1,00. All three give you the option to borrow as much as $50,000.
First Tech has the simplest requirements to join. You can qualify to become a member 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 more stringent membership requirements, as you only qualify if you are an active military member, veteran, or employee or retiree of the Department of Defense. Family members of any of the aforementioned groups are also eligible.
To Join Municipal Credit Union, you’ll generally need some type of New York ties. This includes people who are employed by the New York City, or federal and state employees who work in one of the city’s five boroughs. Family members of customers who already have an account are also eligible.
See our ratings methodology for personal loans »
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 failure of Municipal Credit Union to respond to one complaint against it. The BBB evaluates companies by looking at their response to consumer issues, truthfulness in advertising, and transparency about business practices.
Municipal Credit Union hasn’t been involved in a scandal in the past three years. Because of its solid history and very good BBB score, you might consider getting a loan from the lender. However, you aren’t guaranteed to have a good relationship with the credit union, so reach out to others who have used the lender first 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 because they often offer low rates and excellent customer service, though there is frequently a membership requirement to apply. There’s no one-size-fits-all answer to this question, and different borrowers might prefer different options.
Yes, personal loans from a credit union will affect your credit score. Payments, or lack thereof, will be reported to the three major credit bureaus and may improve your score if you pay reliably and on time.
