Municipal Credit Union personal loans: 2025 review

Name: Municipal Credit Union
Item: Municipal Credit Union
Rating: 4.4
Author: Brittany Howard

Written by

Brittany Howard

Edited by

Pippin Wilbers

Reviewed by

Thomas Brock, CFA, CPA

Updated on June 9, 2025

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At a glance

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4.4

Bankrate Score

Availability

4.3

Affordability

4.9

Customer Experience

4.7

Transparency

3.5

Full methodology

Bankrate's Take: Municipal Credit Union offers impressive member benefits for those looking to improve their financial wellness — but only if you live or work in New York City or for New York’s government.

Lender Details

Loan amount

$1,000-$50,000

APR from

7.99%-17.99% (with autopay)

Term lengths

12-72 months

Municipal Credit Union is best for consolidating debt

When looking to consolidate debt, it is best to find a lender with the lowest possible costs and associated fees. Municipal Credit Union (MCU) offers personal loan annual percentage rates starting at a competitive 7.99 percent. Rates start at just 2.99 percent for share-secured loans, which use your funds on deposit with MCU as collateral. This lender also has low fees, only charging a $25 late payment fee.

These factors and its low minimum loan amount of $1,000 make Municipal Credit Union a favorable option for borrowers looking to consolidate their debt.

Municipal credit union personal loan purposes

MCU states its loans can be used for any legal purpose. Laws in some states prevent you from using personal loans to fund higher education and business expenses. Funds cannot be used for any illegal transactions. This includes, but isn't limited to, gambling, embezzlement and identity theft.

Where Municipal Credit Union personal loans stand out

Physical branches: If you prefer face-to-face interaction with a loan officer and live in New York City, Municipal Credit Union could be an ideal lender for you. There are 14 brick-and-mortar locations you can visit if you need assistance with your application or lending process.
Few fees: Unlike some lenders, MCU doesn't charge origination fees or prepayment penalties. This could help you save money, because fees like those can decrease your loan value or increase what you owe.
Low APRs: While not the lowest rates on the market, MCU's minimum annual percentage rate (APR) is low compared to most industry lenders at 7.99 percent.

Where Municipal Credit Union personal loans fall short

Membership requirements: To apply for a personal loan, you must become a member. Individuals who live, work, worship or attend school in New York City, those who work for New York state or federal employers and immediate family members of existing members can qualify.
Eligibility criteria not disclosed: MCU doesn’t list the minimum credit score or income to qualify for personal loans. However, it offers a share-secured loan option geared toward helping individuals build and improve their credit.
Unclear funding timeline: Municipal Credit Union might not be right for you if you need the funds within a few business days. Unlike many institutions, MCU doesn't state how long it will take you to receive your funds. However, personal loan approvals can take as little as a few minutes.

Municipal Credit Union customer resources

Customer support

If you're a member and have questions about the loan application or lending process, you can call 844-628-6969. Representatives are available Monday through Friday from 7 a.m. to 7 p.m. and Saturday from 9 a.m. to 2 p.m. ET.

You can also schedule an online appointment with a representative through the company's online portal. Be sure to specify that you're scheduling an appointment for loans assistance.

Digital experience

The credit union's digital resources are many and useful. You can apply for preapproval online, though you will have to visit a branch or call to finalize the loan. MCU’s website hosts a variety of financial resources and tools on its website. It also has a highly rated, free mobile app for both Android and Apple users.

What's more, members have exclusive access to the BALANCE program, which includes confidential, no-cost financial counseling services. Users can take advantage of the program's personalized financial guidance, like debt counseling services and credit report reviews, as well as tools to improve financial literacy and debt management skills.

How this lender compares

4.4

Bankrate Score

APR from

7.99%-17.99% (with autopay)

Loan Amount

$1,000-$50,000

Term Length

12-72 months

Min Credit Score

Not disclosed

Compare rates

on Bankrate

4.5

Bankrate Score

APR from

8.99%-29.99%

Loan Amount

$5,000 to $50,000

Term Length

12 to 60 months

Min Credit Score

640

Read our review

on Bankrate

4.7

Bankrate Score

APR from

6.99%-17.99%

Loan Amount

$600-$50,000

Term Length

Up to 60 months

Min Credit Score

Not disclosed

Read our review

on Bankrate

Municipal Credit Union vs. Achieve Personal Loans

Achieve lets you borrow up to $50,000 to consolidate debt, make a big-ticket purchase or meet other financial goals. A major upside is the rapid approval process and funding times — some borrowers receive loan proceeds as soon as 24 hours following approval.

However, Achieve charges an origination fee of up to 8.99 percent. MCU does not charge an origination fee. Its maximum APR is also significantly higher than what Municipal Credit Union charges, meaning MCU may be better if you have a less-than-stellar credit rating.

Municipal Credit Union vs. PenFed Credit Union

PenFed Credit Union offers loans with a very similar APR range, but PenFed has a lower loan minimum amount of $600. Unlike MCU, PenFed advertises financial assistance for borrowers who face temporary or permanent hardship.

However, PenFed’s loan terms only go up to 60 months. That makes MCU a better choice if you need the smaller monthly payment a longer loan term offers.

Do you qualify for a Municipal Credit Union personal loan?

MCU's qualifications are a bit different than with a traditional bank or online personal loan lender. For one, you'll need to become a member first, which will require you to meet a specific set of guidelines, including living in New York. You'll also need to have an account in good standing with MCU — meaning you have a balance of at least $5 without any unpaid charge-offs or outstanding bankruptcies.

The credit union doesn't list what requirements your finances must meet for approval. However, members with a steady stream of income and a good credit score are most likely to qualify. You will need to provide a Social Security number or taxpayer identification number.

How to apply for a personal loan with Municipal Credit union

You'll need to be a member to apply for a personal loan with MCU. Then you can apply for preapproval on MCU’s website. Preapproval requires a hard credit check, which will temporarily ding your credit score. Unlike competitors like Upgrade and Lending Club, MCU does not offer prequalification, which lets you preview your rates without the hard credit check.
Before applying, you'll need to have the following information or documentation on hand:
- Proof of identity. This can be any of the following: birth certificate, certificate of citizenship, military ID, passport, drivers license, Social Security card, taxpayer identification number or your state-issued ID.
- Employer information. You may also be asked to provide income information, so you'll need to have pay stubs, tax returns, W-2s and 1099s, bank statements or employer contact information on hand.
- Other personal or financial documentation. MCU states that you may also be required to submit additional documentation, but if that's the case you'll be notified during the application process.
Once submitted, you can track the status of your application through its website and mobile banking platforms.
When your application has been formally reviewed, a staff member will reach out to discuss the closing process. Make sure you carefully review your loan documents, looking specifically at your APR, fees and loan amount. If everything looks good, you can sign in person or over the phone.

How Bankrate rates Municipal Credit Union

	Score	Explanation
Overall	4.4
Availability	4.3	MCU offers a low minimum loan amount, but many eligibility and funding timeline details are missing.
Affordability	4.9	The minimum and maximum APRs are low and the only fee is a late fee.
Customer experience	4.7	You can get online, in-person or phone-based customer support six days a week.
Transparency	3.5	Municipal Credit has all fees and rates listed, but none of its credit requirements.

Methodology

Bankrate's trusted personal loans industry expertise

Read our full methodology

years in business

lenders reviewed

loan features weighed

900

data points collected

Availability covers loan amounts, qualification requirements, available terms and time to approval and funding. Lenders that serve the widest variety of customers and needs with speedy loans get the highest scores.
This category measures interest rates, penalties and fees. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and the ability to change borrowers' due dates.
Customers want a convenient application process and easy ways to contact the lender and manage their loan. We score lenders on their customer service hours and whether they offer an online application and account access, with a bonus for offering a highly rated app.
To effectively shop around, customers should be able to judge their eligibility and potential rates without a hard credit check. A lender scores higher if its website clearly discloses credit requirements, rates and fees, in addition to offering prequalification.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Municipal Credit Union personal loans: 2025 review

The Bankrate promise

At a glance

Lender Details

Loan amount

APR from

Term lengths

Municipal Credit Union is best for consolidating debt

Municipal credit union personal loan purposes

Where Municipal Credit Union personal loans stand out

Where Municipal Credit Union personal loans fall short

Municipal Credit Union customer resources

Customer support

Digital experience

How this lender compares

Municipal Credit Union vs. Achieve Personal Loans

Municipal Credit Union vs. PenFed Credit Union

Do you qualify for a Municipal Credit Union personal loan?

How to apply for a personal loan with Municipal Credit union

1. Get a quote

2. Add information and finalize your application

3. Review the loan details

How Bankrate rates Municipal Credit Union

Methodology

Bankrate's trusted personal loans industry expertise

Availability

Affordability

Customer experience

Transparency

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