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Is a Personal Loan the Answer To My Urgent Money Need?
Is a Personal Loan the Answer To My Urgent Money Need?7/4/2019

woman on phone in house that is flooded with waterQ: I need to get money together in a hurry. What can I do? Help!

A: There are times in your life when you need cash fast. It may be hospital bills, car trouble or crushing debt. A personal loan is for times like these. At MCCU, you can borrow $500 to $15,000, with repayment terms up to 60 months, keeping your monthly payments low. Personal loans are not secured with collateral. That means there’s no property that backs the value of the loan. Is a personal loan right for you? And if so, how do you go about getting one?

Let’s take a look at four critical questions to ask before getting a personal loan.

1) How’s my credit score?

Closely examine your credit score. You can check your credit score once a year at If your credit score is above average, finding a personal loan with a reasonable interest rate is easier. If your score is lower than you’d like, try a secured loan. Rates on secured loans are usually lower. You provide collateral (your MCCU savings or Certificate account) as insurance in case you can’t pay it back on time.

2) How do I apply?

The application process varies. At MCCU, you can apply online for a fast response. Plus, we won’t charge you any application fees. If you prefer not to apply online, you can visit a branch or call us to apply.

You’ll always need a form of identification, usually a Social Security card or a state-issued ID. You’ll need to show proof of income, usually in the form of W-2 forms, bank statements or paycheck stubs. If you’re self-employed, income statements or another proof of payment can be used. If you’ve recently lost your job, be upfront. Otherwise, you may end up with more loan than you can afford. You’ll also need proof of address such as recent mail or the lease for the property.

3) What can I use the money for?

When you get a personal loan, you can use it for whatever you want – from medical/vet bills to a much-needed vacation, or even high-rate debt consolidation (we’re looking at you, credit cards).

4) Where do I go?

Always deal with a company you trust. Don’t fall for large final payments, early payment penalties or other unfavorable terms. Be wary of scammers. That’s why you should always check with us first – our personal loans don’t have any pre-payment penalties, and you know you will get the loan from a company you trust.

Get more information on our personal loans today!

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