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
Loan Rates
Unsecured Loans
Effective Date: Monday, September 20th, 2021
| Type of Loan | Term | APR* | 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: Monday, September 20th, 2021
| Type of Loan | Term | APR* | 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: Monday, September 20th, 2021
| Type of Loan | Term | APR* | 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: Monday, September 20th, 2021
| Type of Loan | Term | APR* | 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 |