Updated 6/8/20: Our Lincoln Laboratory and Student Center branches remain closed. Our Tech Square branch is open Monday - Friday 8:30 am - 4 pm. Appointments are encouraged. Please call 617-253-2845 for an appointment. Please visit MITFCU.ORG/COVID19Support for more information.

FRAUD ALERT: Fraudsters have been sending out counterfeit cashier’s checks and money orders appearing to be issued by MIT Federal Credit Union. If you received one of these checks in payment for services as a mystery shopper, please do not cash or deposit, and do not send money to the company sending the check! Read more here.

Personal Loans

MIT Federal Credit Union's Personal Loans provide flexible funding that can be used for almost any purpose. Choose from various terms and secure a low, fixed rate.

Personal Loans (Unsecured) Deliver Financing You Need 

Get a personal loan for almost any purpose without using any assets as collateral. It's a convenient option with a low, fixed rate available over various terms. 

  • Borrow between $500 and $25,000
  • Pay monthly via check or automatic withdrawal 
  • No processing fees, service fees or pre-payment penalty
  • We've made it easy to pay your MIT FCU loan from an external account. Learn more here.

Savings Secured Loans Allow You To Borrow From Yourself

Borrow money using your MIT Federal Credit Union Savings account or Share Certificate account as collateral, and continue earning dividends on your money.

  • Borrow between $500 and the total amount of your MITFCU deposits
  • Secure our lowest rate by pledging* funds from your Savings account or Share Certificate account
  • Refinance your higher-interest loans held by other institutions
  • Write checks or use convenient electronic solutions to make loan payments with money from your MITFCU Savings account that earns interest

*Pledging means you may not withdraw the pre-specified amount until your loan is repaid in full. In some cases, the Credit Union may agree to release all or part of the pledged amount before it is fully repaid.

Co-Applicant/Guarantor Loans Provide A Helping Hand

When members cannot qualify for a loan, the Co-Applicant/Guarantor Loan allows another consumer to co-sign for a loan.

  • Borrow between $500 and $25,000, based on the co-signer's credit-worthiness
  • Refinance your loans held by other institutions
  • Choose from multiple payment options, both paper-based and electronic
  • No processing fees, service fees or pre-payment penalty

Credit Builder Loans Get You On Your Feet

Even if you have credit problems, MIT Federal Credit Union can assist you with a Credit Builder Loan that provides needed funds while helping you rebuild your credit.

  • Borrow between $500 and $1,000
  • Funds are placed in a Savings account to earn interest, but you may not withdraw the pre-specified amount until your loan is paid in full
  • Borrower repays the loan balance plus 5.00% Annual Percentage Rate
  • Credit Builder Loan must be paid in full before another loan is extended

MIT Federal Credit Union's Personal Loans are structured to save you money while you use the funding to reach important goals.

  • Smart Money Rewards participants receive a 0.25% Annual Percentage Rate discount on Share Secured Loans and Co-Applicant/Guarantor Loans
  • The Credit Builder Loan promotes better savings habits and helps you improve your credit score with timely payments