A financial helping hand.
A personal loan is a flexible solution for many financial needs. Avoid putting purchases on high-interest credit cards and discover what a fixed rate and low interest can do for you.
| Product | Term | APR1 | Estimated Monthly Payment per $1000 | Apply Now |
|---|---|---|---|---|
| Personal Loan + Co-Application/Guarantor Loan | 12 Months | 8.75% | $87.32 | Apply now |
| 24 Months | 9.00% | $45.68 | Apply now | |
| 36 Months | 9.25% | $31.91 | Apply now | |
| 48 Months | 9.50% | $25.12 | Apply now | |
| 60 Months | 10.00% | $21.25 | Apply now | |
| Tuition Assistance Loan | 12 Months | 8.75% | $87.32 | Apply now |
| Overdraft Protection Line of Credit | Line of Credit | 11.00% | N/A | Apply now |
| Fuel Assistance Loan | 12 Months | 6.50% | $86.29 | Apply now |
| Express Loan | 12 Months | 18.00% | $91.67 | Apply now |
| Accessibility Lifestyle Loans | 12 Months | 8.50% | $87.20 | Apply now |
| 24 Months | 8.75% | $45.57 | Apply now | |
| 36 Months | 9.00% | $31.80 | Apply now | |
| 48 Months | 9.25% | $25.00 | Apply now | |
| 60 Months | 9.75% | $21.23 | Apply now | |
| Rental Assistance | 12 Months | 8.50% | $87.20 | Apply now |
| 24 Months | 8.75% | $45.57 | Apply now | |
| 36 Months | 9.00% | $31.80 | Apply now |
What is a personal loan?
Personal loans are lump-sum loans that you can use for a variety of purposes, such as:
- Consolidating debt for a lower rate
- Covering unexpected costs
- Funding home improvements
- Paying for medical bills
- Financing a major purchase or expense
Personal loans are unsecured, meaning they don't require you to put up collateral, like your home or car, as security.
Choose your personal loan
Personal Loan
Avoid putting purchases on high-interest credit cards and take out a personal loan instead.
- Amounts between $500 - $50,000
- No processing or service fees and no pre-payment penalty
Share Secured Loan
Pledge funds in your savings or share certificate account as collateral. You'll continue earning dividends on your full balance, as allowed by the account.
- Borrow between $500 and total balance of funds given as collateral
- Payments are made monthly
- Funds held as collateral are released to you when the loan is paid
Overdraft Line of Credit
Provides coverage for bounced checks and helps avoid the associated fees.
- Lines between $500 - $25K (max includes all personal loans)
- No annual, processing or servicing fees
- Monthly fixed rate payments based on the outstanding borrowed balance, which lowers as you pay it off
Credit Builder Loan
Get started on the road to building and improving your credit score.
- Borrow between $500 and $1,000
- Funds borrowed are placed into a savings account to earn dividends
- Make regular, on-time payments towards the loan
- Funds are released to you when the loan is paid
The Credit Builder Loan is a structured savings plan that teaches good savings habits while also helping you build and improve your credit. Credit Builder Loans do not qualify for Smart Money Rewards. Borrowed funds are placed in a savings account to earn interest. You may not withdraw the pre-specified amount until your loan is paid in full. You'll repay the loan balance plus interest. A Credit Builder Loan must be paid in full before another loan is extended.
Share Secured Loan
Pledge funds in your savings or share certificate account as collateral. You'll continue earning dividends on your full balance, as allowed by the account.
- Borrow between $500 and total balance of funds given as collateral
- Payments are made monthly
- Funds held as collateral are released to you when the loan is paid
Rental Assistance Loan
A personal loan to help our members who need assistance moving into an apartment. This loan can cover the first and last month's rent and the security deposit.
- Terms are up to 36 months
- Loan Amounts are up to $12,000
- No processing or service fees and no pre-payment penalty
Fuel Assistance Loan
Prepay your heating bill to take advantage of lower pricing or can spread your payments out to lower the monthly cost, our Fuel Assistance Loan may be the perfect choice for you and your household.
- Fixed rate provides predictability payments
- Terms available up to 12 months
- Loan amounts up to $3,500
- Checks are made payable to the utility/fuel company, or can reimburse for purchase of wood pellets, pellet stoves, cordwood, or wood stoves
- Only one Fuel Assistance Loan is allowed at a time
- No processing or service fees and no pre-payment penalty
Mass Save® Heat Loan
Our Mass Save® HEAT Loan program, offered in conjunction with Mass Save®, provides financing for energy-efficient upgrades to your primary residence. You’ll be helping the environment, lowering fuel consumption, and reducing home energy costs all at the same time. An authorized Mass Save® vendor will identify qualified upgrades during your Home Energy Assessment.
- Borrow from $500 to $25,000
- Flexible terms up to 84 months with no prepayment penalty
- Use for new furnace/heating systems, windows, insulation, energy-efficient water heaters, electric heating & cooling systems, smart & programmable thermostats and installation, appliances, and much more
- MIT Federal Credit Union members pay 0% APR1
- No processing or service fees and no pre-payment penalty
Ready to apply?
Discover the MIT FCU difference, and let us help you choose the right loan for you. Plus, setting up automatic payments qualifies you to receive APR discounts.
What would my loan payments be?
The loan amount, the interest rate, and the term of the loan can have a dramatic effect on the total amount you will eventually pay on a loan. Use our loan payment calculator to determine the payment and see the impact of these variables on a specified loan amount complete with an amortization schedule.
The Credit Union Difference
We are not a bank, and that's an advantage for our members. As a credit union member, here's how you benefit.
At credit unions, members are owners; we answer to them, not investors. Each member has equal ownership.
Thanks to the CO-OP branch network, you can access over 30,000 fee-free ATMs and over 5,000 branch locations nationwide.
Credit unions are not-for-profit cooperatives that give back to their members with great savings rates and lower loan rates.
Throughout the history of U.S. credit unions, taxpayer funds have never been utilized to rescue a credit union.
Credit union deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), a federal government agency.
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