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Loans for any reason

Borrowing from a credit union is a good idea. Loans can help you pay for things when you don’t have the cash available or don’t want to use up your savings. Whether you’re buying a car, applying for a mortgage, or looking for a fast loan to buy something you need right now, we’re your source for money when you need it.

A loan can help you pay for certain things when you don't have the immediate cash available or would prefer not to use funds you have on hand. It’s as simple as that. Funds borrowed may be used to purchase a car, or real estate, as well as tangible high-ticket items, necessary services, expensive school tuition or big events and experiences.

The benefits of borrowing from MIT Federal Credit Union

  • Competitive low rates
  • Various terms and options
  • Easy application, quick approval process
  • Flexible and convenient payment options
  • No processing fees for most loan types

Calculators

Loan Rates

Unsecured Loans
Effective Date: Saturday, November 27th, 2021
Type of LoanTermAPR*Payment/$1000
Personal Loan + Co-Application/Guarantor Loan 12 Months 6.00% $86.06
  24 Months 6.25% $44.43
  48 Months 6.50% $23.72
  60 Months 6.75% $19.69
Tuition Assistance Loan** 12 Months 6.00% $86.06
Credit Builder Loan 12 Months 6.00% $86.06
Overdraft Protection Line of Credit^ Line of Credit 15.00% Variable
Fuel Assistance Loan 12 Months 6.50% $86.52

Auto Loans
Effective Date: Saturday, November 27th, 2021
Type of LoanTermAPR*Payment/$1000
New Auto Up to 60 Months 2.50% $17.75
New Auto 61-84 Months*** 3.00% $17.97
Used Auto Up to 60 Months 2.50% $17.75
Used Auto 61-72 Months 3.00% $17.97

Other Vehicle Loans
Effective Date: Saturday, November 27th, 2021
Type of LoanTermAPR*Payment/$1000
New & Used Motorcycles and Trailers 12-36 Months 4.00% $29.53
  48 Months 4.25% $22.70
  60 Months 4.50% $18.65
  72 Months 4.75% $15.99
New Motorcycles and Trailers Only 84 Months 5.00% $14.14
New & Used Boats and RV’s 12-36 Months 7.25% $30.99
  48 Months 7.50% $24.18
  60 Months 7.75% $20.16
  72 Months 8.00% $17.54
  84 Months 8.25% $15.72
  85-120 Months 8.50% $12.40

Secured Loans
Effective Date: Saturday, November 27th, 2021
Type of LoanTermAPR*Payment/$1000
Share Secured (Frozen Share) Up to 60 Months 5.25% $19.01
Credit Builder Loan Up to 12 Months 6.00% $86.06
HEAT Loan, Micro ($500-$2,000) Up to 24 Months 0.00% $41.67
HEAT Loan, Expanded ($2,001-$25,000) Up to 84 Months 0.00% $11.91

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