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When you need cash, but don’t want to use a credit card, a personal loan may be the way to go.

Personal loans are “unsecured” meaning no collateral is required, as would be the case with a car loan or a home loan. They offer a low fixed rate with a variety of terms depending on the amount borrowed and purpose of the loan.

Plus, setting up automatic loan payments automatically qualifies you to receive APR discounts**

  • Amounts between $500 - $50,000
  • No processing or service fees and no pre-payment penalty

Current Members Apply Here

Non-Members Apply Here

Poor Credit or No Credit? A Share Secured Personal Loan Can Help!

Share Secured Loans allow you to borrow against your own money. You pledge1 funds in your savings account or share certificate account as collateral. You’ll still earn 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.

1Pledging funds 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.

Current Members Apply Here

Non-Members Apply Here


Don't Qualify for a Loan on Your Own?

Co-Applicant/Co-Guarantor Loans are your answer. Whether you have bad credit, low credit, or no credit, getting another person to sign on the loan with you can help. Loan decisions are made based on their creditworthiness.

  • Borrow between $500 and $50,000
  • No processing fees, service fees or pre-payment penalty
  • Payments are made monthly

Current Members Apply Here

Non-Members Apply Here

InternetActive Calculators™
Standard Loan Calculator

Looking to Start Building Your Own Credit or Improving Your Score?

A Credit Builder Loan can you get started on the road to building or improving your credit.

  • 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
  • When it's paid in full, the funds are released to you

It’s a structured savings plan that teaches good savings habits while also helping you build/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

Current Members Apply Here

Non-Members Apply Here

*APR = Annual Percentage Rate.       Rate disclosed is based on a highly qualified credit candidate. Rates may vary based on individual creditworthiness. Rates are valid as of 7/14/2024 and are subject to change without notice.

**Automatic loan payments qualifies you for a 0.25% APR reduction, with the exception of the Tuition Assistance Loan. All Personal, Student, Auto, Motorcycle, Trailer, Boat, and RV loans are eligible for an ANNUAL PERCENTAGE RATE reduction of 0.25%. 
MIT FCU does not charge for the autopay service.
Discontinuing autopay will result in the loss of promotional 0.25% ANNUAL PERCENTAGE RATE reduction. Any increase in the ANNUAL PERCENTAGE RATE will result in an increase of remaining payments. For example, if Your loan was for $10,000 at 6.4% for 5 years, and the rate increased by 0.25% after 12 months, Your payment would increase by $0.95.

For the life of the loan this offer will never expire. However, the promotion may end at anytime and without notice.

^The fee/s for the payment of each overdraft: $25 Negative Balance fee. If multiple items are presented against your account on the same day, each item will be assessed a Negative Balance fee.

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