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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, over 586,000 members and more than $4 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, over 586,000 members and more than $4 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 8.20 percent for personal loans and 5.00 percent for share-secured loans. 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.
Physical branches.
Few fees.
Low APRs.
Membership requirements.
Eligibility criteria not disclosed.
Slower approval process and funding times.
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 does charge an origination fee of up to 6.99 percent. 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.
PenFed Credit union has similar offerings to MCU. In terms of features, PenFed offers financial assistance for borrowers who face temporary or permanent hardship.
But you will need to have a good to excellent credit score to take out a loan with PenFed — it's minimum credit score is 700. PenFed also has a higher maximum APR than MCU, meaning if you just meet the minimum requirements, you may end up with a higher rate than you would with MCU.
If you reside in the greater New York City area, you can Call MCU at 212-693-4900 to speak with someone from the Member Solutions team. Those who live outside of the New York City area can call 800-323-6713. 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 at its virtual lending location.
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. Before applying, you'll need to have the following information or documentation on hand:
The application will ask for the loan amount, terms you’re seeking and the general purpose of the loan. If you filled out your application online, you can electronically sign and finalize the loan agreement. If you choose to set up a direct deposit at MCU, you can choose autopay, which automatically deducts loan payments.
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 0.25 percent if you cancel direct deposit to your MCU account.
Score | Explanation | |
---|---|---|
Overall | 4.4 | |
Availability | 4.0 | Low minimum loan amount but many details are not available |
Affordability | 4.7 | The minimum and maximum APRs are low and the only fee is a late fee |
Customer experience | 4.7 | Online and in-person options as well as 24/7 customer support but low rated mobile apps |
Transparency | 4.0 | Municipal Credit has all fees and rates listed, but none of its credit requirements. |
To select the top personal loan lenders, Bankrate considers 20 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 over 30 lenders and gave each a Bankrate rating, which consists of four 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.