Loan Rates

Deposit Rates | Loan Rates | Real Estate Rates

Unsecured Loans   Secured Loans   Visa Credit Cards

Effective February 1, 2012

Unsecured Loans^£

Secured Loans

Credit Cards

MITFCU Visa cards could be your spending partner of choice. You'll save big with our low rates, credit limits from $500 to $25,000, cash advances and balance transfers have the same low APR as purchases, and there is a 25 day interest-free grace period on new purchases. MITFCU Platinum, Classic, Onyx and Alumni credit cards have NO annual fee. The MITFCU Onyx Smart Rewards card give you an opportunity to earn points just for using your card; for every dollar of purchase, you earn 1 point. You can redeem those points for a wide variety of great rewards.

An MITFCU Visa makes life easier with online access and payments, auto rental discounts, 90 day product protection on property purchased with your Visa, an online purchase security program, and fraud protection provided by a zero liability policy. Are you currently paying a higher interest rate? Transfer your balance***^V to your MITFCU Visa for free.

• Apply
• Balance Transfer
• Credit Limit Increase

Loan Account Disclosures
^£ Unsecured Loans: The maximum loan amount is $20,000 combined for all unsecured loans (excluding Visa credit cards).
 

*^LAPR = Annual Percentage Rate. Rates are accurate as of February 1, 2012. The rates published above are for members with the best credit.  Auto Loan APR reflects a 1.00% discount with a 20% cash down payment or trade. The Smart Money Rewards* rate on vehicle loans reflects a 0.50% discount on published vehicle loan rates and requires Smart Money Rewards membership with the automatic payment method of repayment AND one of the following: (a) purchasing Guaranteed Asset Protection (GAP) coverage, (b) purchasing Credit Disability insurance, or (c) financing a hybrid vehicle. If you discontinue one of these products/services during the term of the loan, your discounted rate will no longer be valid and it will revert back to the prevailing rate at the time of the loan open date.

**^L Cost per thousand borrowed uses Smart Money Rewards* rates (when available) and the term noted. Payment examples include the Credit Disability premium. Some restrictions may apply for this coverage.

^A Balloon payment option available.

¹ Up to 100% financing of the purchase price (including sales tax and extended warranty) for members with a qualifying credit score who purchase a new vehicle. A new vehicle is defined as a current or previous year model with 8,000 miles or less. Up to 100% financing of the Kelley Blue Book value for members with a qualifying credit score who purchase a used vehicle. Members who do not qualify based on their credit score may only receive 90% financing or may be required to pay an additional 1.00% on their loan rate in order to receive 100% financing.

² Maximum loan amount is $80,000. Boats must be 14 feet or longer.

³ Secured by funds on deposit in an MITFCU Savings Account.

⁴ Secured by funds on deposit in an MITFCU Share Certificate Account. Balloon payment option available.

⁵ Available for loan amounts of $500-$1,000. The approved loan amount is placed in an MITFCU Savings Account, where it will earn interest. Funds cannot be withdrawn from the Savings Account until the loan is repaid in full. Another loan will not be granted until the Credit Builder Loan is repaid in full. All applicants must be in good standing with MITFCU and must have the capacity to repay the loan.

⁶ Secured by UCC Lien placed on primary residence.

*Smart Money Rewards: To qualify, each direct deposit you receive must exceed $100. If at any time MITFCU no longer receives your net pay, pension, or Social Security via direct deposit or if your Checking Account is closed or becomes inactive (zero transactions within a 90-day period), the rate on increased Share Certificates will be reduced 0.25% and the rate on discounted loans will be increased 0.25% and you will no longer receive any of the discounts associated with Smart Money Rewards. Maximum dividend rate increase and/or Annual Percentage Rate reduction is 0.50% in combination with other offers.

*^V APR = Annual Percentage Rate. The Annual Percentage Rate is subject to change on the statement cycle date of each quarter (January, April, July & October) to reflect any change in the Index and will be determined by the Prime Rate ten (10) days prior to the first day of the first month of the new quarter found in The Wall Street Journal “Money Rates” table plus 5.74% (Platinum) and 7.74% (Classic). Any increase in the annual percentage rate will take the form of additional payments shown as Total Minimum Payments on the statement. If the Index is no longer available, the credit union will choose a new index which is based upon comparable information.The APR will never be greater than 18%. 1% finance charge applies to all foreign transactions. Finance Charge: 1% for foreign transactions, which includes (a) any transactions converted to U.S. currency, and (b) any cross-border transactions, where the licensed Visa merchant and the issuer are located in different countries. Visa will also impose a 0.8% fee on foreign transactions where a currency conversion is not performed.

**^V If you sign a separate pledge of shares, these pledged shares from your Savings account will secure your Visa account. You may not withdraw amounts that have been specifically pledged to secure your Visa account until the Credit Union agrees to release all or part of the pledged amount.

***^V Transfers will not be issued in excess of your MITFCU credit limit. Transfers and balance payoffs will not automatically close out any other credit cards you may have. You must notify your original credit card company directly to request closure.