How to get approved for an MCU personal loan?

Municipal Credit Union, or MCU, is the oldest credit union in New York State. With over 550,000 members, MCU offers various financial products, including auto loans, credit cards, checking accounts, and savings accounts. You can read about MCU Personal Loan in this article.

To qualify for a loan with MCU, you need to be a member. MCU personal loan amounts range from $1,000 to $50,000, with refund terms of 12 months to 72 months for unsecured loans.

Municipal Credit Union lets borrowers use the money for various purposes, including debt consolidation, new appliance purchases, or even tuition payments.

MCU Personal Loan

A personal loan is an unsecured loan generally used for personal or household expenses, such as consolidating debt, paying for a break, or making home improvements.

MCU Personal Loan

Banks, credit unions, and online lenders normally offer personal loans typically repaid over a fixed period, with regular principal and interest payments.

MCU (Municipal Credit Union) Personal Loan Pros and Cons

Following are the pros and cons.

  • Excellent rates
  • Wide loan amount range
  • Variety of term lengths to choose from
  • Membership requirements
  • Late fee
  • Long approval process

Personal Loans

Need money for household or personal expenses, debt consolidation, or higher education? An MCU Personal Loan is the simple answer.

An MCU Personal Loan helps you meet your important or unexpected needs. These are the four types of loans.


  • Regular Annual Percentage Rate (APR): 8.20% – 15.70%
  • Loan Amount Range: $1,000 to $50,000
  • Minimum Credit Score: 640


  • The repayment period ranges from 12 to 72 months.
  • To join MCU, you generally must work at a qualifying New York institution or be a family member of someone with an account.
  • Up to 5 days to finish the approval process; get your funds 24 hours later.
Unsecured Personal Loans

An MCU Personal Loan helps you meet your important or unexpected needs.

Attributes & Advantages

  • Low-interest rates and affordable payments
  • Members who qualify may borrow up to $50,000 (minimum $1,000)
  • Use borrowed funds for any purpose.
  • Consolidate your bills and lower your expenses.
  • Get extra cash for unpredictable expenses.
  • Direct Deposit or Payroll Deduction for payments
Share Secured Loans

If you have money on deposit in your MCU Share Account, a Share Secured Loan allows you to borrow against those funds.

Attributes & Advantages

  • Minimum loan amount of $500
  • Funds are “frozen” to match the principal balance of the loan
  • Interest accrued on funds has been frozen in Share Account
  • Borrow against savings for a low rate
  • As payments have been made, the amount posted to the principal has automatically been released for member access.
  • On-the-spot approval; no credit check needed
  • Members can build or rebuild their credit
  • Direct Deposit or Automatic Payroll Deduction for paying back loan
CD Secured Loans

If you have money on deposit in your Share Certificate of Deposit (CD), a CD Secured Loan allows you to borrow against those funds.

Attributes & Advantages

  • Minimum loan amount of $500
  • 2-month minimum term/60-month maximum term
  • Continue to earn a dividend on the deposited funds.
Education Assistance Loans

An MCU Education Assistance Loan (EAL) can bridge the gap between the total cost of school and the aid you can receive based on your FAFSA.

Attributes & Advantages

  • Low Fixed Rates and flexible terms
  • Borrow up to $25,000
  • Covers the total cost of attendance, housing, and other school-related expenses
  • Funds are made payable directly to the school.
  • Easy repayment through Direct Deposit/Automatic Payroll Deduction

Benefits of Personal Loans

These are the benefits.

Convenient Fee Chances

Easily make loan payments with Automatic Transfer.

Top-Notch Member Support

Our team of Lending Sales Specialists is there to help do the heavy lifting, answer pressing questions, and guide you in the right direction.

Low-Interest Rates

We want you to feel confident that you’re getting the best deal possible. Qualified members may borrow up to $50,000 at competitive rates.

Adjustable Term Lengths

With terms up to 72 months (based on the amount borrowed), choose the term length that best suits you and your family’s needs.

$50,000 Borrow Limitation

Depending on terms and approval, members who qualify for an MCU personal loan may borrow anywhere from $1,000 to $50,000.

All-Purpose Funding

Paying off debt, family expenses, consolidating bills, and covering medical expenses—the funds from a personal loan can use to pay for almost any expense. And, if you have no credit or poor credit, you can use a Credit Loan to launch, build or improve your credit.

Automated Transfer

Never worry about missing a payment on a loan. Set up automatic transfers to conveniently ensure payments has made on time.

Competitive Rates & Fees

With low rates and affordable payment options, we make it easy for you to repay your loan over time—without the added financial burden of high-interest rates.

Personal Loan Rates

These are the MCU personal loan rates.

Maximum Amount FinancedMaximum Terms (Months)Direct Deposit APR*Monthly Payment* per $1,000 Borrowed*
based on longest term
$1,000 – $15,000608.20%$20.37
$15,001 – $50,000
$15,001 – $50,0007210.00%$18.53
Share Secured Loan
Minimum Amount FinancedMaximum Terms (Months)APR*Monthly Payment per $1,000 Borrowed
$50084 Months4.50%$13.90
CD Secured Loan
Minimum Amount FinancedMaximum Terms (Months)APR*Monthly Payment per $1,000 Borrowed
$500Equal to CD
(Up to 48 months)
Education Assistance Loan
Minimum Amount FinancedMaximum Terms (Months)APR*Monthly Payment per $1,000 Borrowed
$100060 months8.95%$20.75

Credit score for a personal loan with MCU

You’ll need a minimum score of 640 to permit, but the maximum rate you’ll pay is lower than many other lenders in the market-wide loan amount range. You can borrow between $1,000 to $50,000 with Municipal Credit Union.

Municipal Credit Union’s personal loan credit score is around 570-600. That means that people with scores at the upper end of the bad credit range may have a shot at approval.

Yet, it’s important to recognize that your credit score is only one factor in the conclusion procedure.

MCU will also look at your income, existing debts, open accounts, recent credit inquiries, and more when deciding whether to approve your application.

Documentation for MCU Personal Loan.

These are the main documents.

  • It would help if you were an existing MCU member.
  • You must submit an online loan application at a local branch or call us at (212) 693-4900.
  • Must give proof of identity such as a Birth certificate, certificate of citizenship, drivers driver’s license, military I.D., passport, Social Security card, or state-issued I.D.
  • You need to give employer data and may need to provide income proof, such as pay stubs, tax returns, W-2s and 1099s, bank statements, or employer contact information.
  • Supply extra documentation, but we will let you know if that time comes.

MCU Personal Loan Calculator

Use this personal loan calculator to determine the total amount of your loan (principal + interest) and how much you have to contribute monthly to pay it off by the end of the loan term.

For Example

  • Loan Amount: $ 50,000
  • Loan Term: 60 months
  • Interest Rate: 8

You must pay back $60,829, with a monthly payment of $1,014 over the next 60 months.

MCU personal loan contact number

With MCU’s Automatic Tell phone System, get your banking done anytime, day and night. With 24/7 access, you can perform your banking needs transfers, withdrawals, account balance checks, and inquiries—from your touch-tone phone.

MCU Automated Phone Teller Service: (212) 693-4900. You will need a few things to apply for a personal loan at MCU. Must be an existing MCU member.

You must submit a loan application—online, at your local branch, or by calling us at (212) 693-4900.

Phone Number:

These are 24/7 services.

  • Greater New York City: (212) 693-4900
  • Outside New York City: (800) 323- 6713

MCU Contact Details:

Reach MCU by mail: Need to contact MCU by mail? 

  • Municipal Credit Union (MCU), Post Box 3205, Church Street Station, New York City, NY 10007

Supervisory Cabinet/Internal Audit: Mail should send to the below address 

Address: Municipal Credit Union, Supervisory Cabinet/Internal Audit Dept, P.O. Box 3418, New York, NY 10277-1863

Subpoena: MCU Subpoena Unit

  • Email:
  • Phone Number: 212-238-3366/3367
  • Fax: 212-416-7038


Municipal Credit Union (MCU) is an excellent lender with great rates for qualifying borrowers and a range of term lengths.

However, funding time can be slow, and the credit union’sunion’s restrictive membership qualifications will shut out many potential borrowers.


How long does MCU take to approve a personal loan?

It may take five days to finish your loan approval process. However, once approved, you’ll get your funds within 24 hours.

Do you have to be a member of the MCU to get a loan?

You must be an MCU member to qualify for a loan. And if you have a family member who’swho’s already an MCU member, you may be eligible for membership.

What is the phone number for the MCU account balance?

Call the Contact Center at (212) 693-4900 for help.

Does Mcu give personal loans?


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