
About Bankrate Score
Municipal Credit Union, the largest credit union in metropolitan New York, was founded in 1916 to help city workers avoid loan sharks. It now has 16 branches, more than 500,000 members and more than $4.2 billion in assets.
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About Bankrate Score
Municipal Credit Union, the largest credit union in metropolitan New York, was founded in 1916 to help city workers avoid loan sharks. It now has 16 branches, more than 500,000 members and more than $4.2 billion in assets.
When looking to consolidate debt, it is best to find a lender with the lowest possible costs and associated fees. Municipal Credit Union offers low APRs starting at 7.95 percent for personal loans and 2.99 percent for share-secured loans. According to Bankrate, the average APR for borrowers with excellent credit is 11.08 percent as of October 2022. 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.
In-person branch presence for those who like in-person options
Few fees
Low APRs
Membership requirements
Eligibility criteria not disclosed
Slower approval process and funding times
Call MCU at 212-693-4900 to speak with someone from the Member Solutions team. Representatives are available Monday through Friday from 7 am to 7 pm and Saturday from 9 am to 2 pm EST.
To borrow from MCU, you must have an account in good standing with MCU — meaning at least $5 in your account without any unpaid charge-offs or outstanding bankruptcies.
The application process is straightforward and can be done at a branch, over the phone, through the MCU online banking platform or the credit union’s mobile app.
The application will ask for the loan amount, the terms you’re seeking and the general purpose of the loan. You also have to provide employment and monthly income information, which MCU will verify. The site has a loan payment estimator so you can get a rough estimate of what your monthly payments will be.
If you’re set up with direct deposit at MCU, you can choose autopay, which gives you the lowest rates and automatically deducts loan payments biweekly.
Online applicants can electronically sign and finalize their documents. MCU will contact you if you need to upload any supporting documentation.
MCU does not charge origination fees or prepayment penalties, but there is a $25 late fee if a payment is more than 30 days late. Additionally, your APR will increase by 0.5 percent if you cancel automatic payroll deduction or direct deposit.
Score | Explanation | |
---|---|---|
Overall | 4.3 | |
Availability | 3.6 | Low minimum loan amount but many details are not available |
Affordability | 4.8 | The minimum and maximum APRs are low and the only fee is a late fee |
Customer experience | 4.6 | Online and in-person options as well as 24/7 customer support but low rated mobile apps |
To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:
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.