Municipal Credit Union Personal Loans Review 2023
Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
See Insider's picks for the best personal loans.
Who is Municipal Credit Union Best For?
Municipal Credit Union is best for borrowers who want top-notch rates and a multitude of term options for their loan. You'll be able to borrow as little as $1,000 and as much as $50,000, while choosing from a term length between one to seven years.
The biggest knock on the credit union is its tough eligibility requirements. But if you qualify, the lender is a fantastic option.
Municipal Credit Union Personal Loan Details
Municipal Credit Union offers personal loans for a variety of purposes. Its personal loan APRs range from
You're able to borrow between
In general, you'll need New York ties to become a member at Municipal Credit Union. Common qualified customers include people who are employed by the New York City, or federal and state employees who work in one of the five boroughs. Here's the full list of eligibility requirements. Many other credit unions have less restrictive membership qualifications.
Municipal Credit Union Personal Loan Pros and Cons
How to Apply for a Municipal Personal Loan
As Municipal doesn't let you apply without a credit union membership, the following steps are the most common when applying to a personal loan anywhere.
1. Sign up for the credit union or sign into your account. You'll need to be a member of the credit union to apply for a loan and receive your rates. There is no way to prequalify without being a member of Municipal.
2. Formally send in an application and await approval. When submitting a formal application, you may have to send in proof of income, like a W-2, tax returns, or other financial documents. This may take up to five days.
3. Sign loan agreement and get your money. After you sign your loan agreement, you may get your money within 24 hours with Municipal Credit Union.
4. Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
Municipal Personal Loan Frequently Asked Questions
Do credit union loans from Municipal affect your credit score?
Yes, personal loans from a credit union will affect your credit score. Payments, or lack thereof, will be reported to the three major credit bureaus and may improve your score if you pay reliably and on time.
How long does it take MCU to approve a personal loan?
It may take as long as five days to finish your loan approval process, per a customer service representative.
Is it harder to get a loan from a credit union?
No, it is not harder to get a loan from a credit union than it is from another source.
Municipal Credit Union Trustworthiness
Municipal Credit Union has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB says the reason for its rating is the failure of Municipal Credit Union to respond to one complaint against it. The BBB evaluates companies by looking at their response to consumer issues, truthfulness in advertising, and transparency about business practices.
Municipal Credit Union hasn't been involved in a scandal in the past three years. Because of its solid history and very good BBB score, you might consider getting a loan from the lender. However, you aren't guaranteed to have a good relationship with the credit union, so reach out to others who have used the lender first before making a decision.
Municipal Credit Union Competitors
Municipal Credit Union vs. First Tech
First Tech has the simplest requirements to join. You can qualify to become a member simply by joining the Financial Fitness Association for $8. You may also be eligible if you live or work in certain parts of Oregon.
To Join Municipal Credit Union, you'll generally need some type of New York ties. This includes people who are employed by the New York City, or federal and state employees who work in one of the city's five boroughs. Family members of customers who already have an account are also eligible.
Municipal Credit Union vs. Navy Federal
You can get the smallest loan amount with
Navy Federal has more stringent membership requirements than Municipal Credit Union, as you only qualify if you are an active military member, veteran, or employee or retiree of the Department of Defense. Family members of any of the aforementioned groups are also eligible.
How We Rated Municipal Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our ratings methodology for personal loans »