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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: Sunday, January 24th, 2021
TermAPR*Smart Money Rewards**Payment/$1000
Tuition Assistance Loan
12 Months 6.75% 6.50% Balloon Payment
Overdraft Protection Line of Credit****
Line of Credit 15.00% 14.75% Variable
Fuel Assistance Loan
12 Months 6.50% 6.50% $86.52
Personal Loan + Co-Application/Guarantor Loan
12 Months 6.24% 5.99% $86.17
24 Months 7.24% 6.99% $45.83
36 Months 8.24% 7.99% $31.39
48 Months 9.24% 8.99% $24.93
60 Months 10.24% 9.99% $21.29

Auto Loans
Effective Date: Sunday, January 24th, 2021
TermAPR*Smart Money Rewards**Payment/$1000
New & Used Auto
Up to 5 Years 2.50% 2.25% $17.67
New Auto
61-84 Months 3.00% 2.75% $13.10
Used Auto
61-72 Months 3.00% 2.75% $15.09

Other Vehicle Loans
Effective Date: Sunday, January 24th, 2021
TermAPR*Smart Money Rewards**Payment/$1000
New Motorcycles
Up to 7 Years 5.25% 5.00% $14.14
Used Motorcycles
Up to 6 Years 5.25% 5.00% $16.11
New or Used Boats
Up to 10 Years 5.25% 5.00% $10.75
New or Used RV
Up to 10 Years 5.25% 5.00% $10.75
New or Used Utility Trailer
Up to 5 Years 5.25% 5.00% $19.01

Secured Loans
Effective Date: Sunday, January 24th, 2021
TermAPR*Smart Money Rewards**Payment/$1000
Share Secured (Frozen Share)
Up to 5 Years 5.25% 5.00% $19.01
Share Certificate Secured (Frozen Share)
Up to 5 Years Certificate + 3.00% Certificate + 2.75% Variable
Credit Builder Loan
Up to 12 Months 5.25% N/A $85.73

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