Navigating Personal Loans: A Guide from MCCU

Personal loans are a powerful tool to help you achieve your goals—whether that means funding a home improvement, consolidating debt, or covering an unexpected expense. At Members Choice Credit Union, we understand that borrowing money is a big decision, and we’re here to make the process clear, supportive, and member-focused. 

As a credit union, MCCU offers competitive rates, personalized service, and a commitment to your financial well-being. This guide walks you through every step of the personal loan journey, so you can borrow with confidence. 

What Is a Personal Loan? 

A personal loan is a type of installment loan that provides a fixed sum of money, repaid over time with interest. Unlike auto loans or mortgages, most personal loans are unsecured, meaning they don’t require collateral. 

Credit unions like MCCU offer flexible personal loans with lower interest rates than many traditional banks or online lenders, thanks to our not-for-profit structure. We return value to our members—not shareholders. 

Types of personal loans you might encounter: 

● Fixed-rate loans (predictable monthly payments) 

● Variable-rate loans 

● Secured or unsecured loans 

● Co-signed loans, which involve a second person helping guarantee repayment We’ll help you choose the loan that best fits your financial situation and goals. 

Evaluating Whether a Personal Loan Is Right for You 

Before applying, take a moment to reflect on your needs:

● How much do you really need to borrow? 

● What’s the purpose—debt consolidation, an emergency, or a planned purchase? 

● Could alternatives like savings, a credit card, or a home equity loan be better suited? 

MCCU’s team can walk you through all your options and help you determine whether a personal loan makes the most sense for your goals. 

Understanding Credit Union Loan Eligibility 

While each lender has their own criteria, MCCU’s focus is on understanding your full financial picture—not just your credit score. Typical factors include: 

● Credit score: Higher scores may lead to better rates, but we also consider members with lower scores. 

● Stable income: Steady income demonstrates your ability to repay. ● Debt-to-income ratio (DTI): A low DTI shows your finances are balanced. 

As a member-focused institution, we work with you to improve eligibility when needed. You’re more than a number at MCCU—you’re part of a community. 

Why Choose a Credit Union for Your Loan? 

Credit unions like MCCU are fundamentally different from banks. We’re owned by our members, so we prioritize people over profits. 

When you borrow with MCCU, you benefit from: 

● Lower interest rates 

● Fewer fees 

● More personalized service 

● Local decision-making 

● A community-first philosophy

You can research loan options online or talk to one of our friendly lending specialist, who will guide you step by step. 

Preparing Your Application 

A strong loan application starts with gathering the right documents. Be prepared to provide: 

● A valid photo ID (e.g., driver’s license) 

● Proof of income (pay stubs, W-2s, or tax returns) 

● Information on any existing debts 

MCCU will review your full financial picture to offer a solution tailored to you—not a one-size-fits-all offer. 

Applying for a Personal Loan at MCCU 

You can apply online, over the phone, or in person at one of our local branches. Online: Quick and easy—fill out your application and upload documents securely. 

In person: Visit a branch for a more personalized experience. Our loan officers take the time to answer your questions and walk you through your options. 

Regardless of how you apply, we keep the process transparent, supportive, and stress-free. 

What Happens After You Apply For A Personal Loan? 

Once your application is submitted, here’s what to expect: 

● Quick review: MCCU reviews applications promptly, often with same-day or next-day decisions. 

● Possible outcomes:

○ Approved: You’ll receive a loan agreement with your interest rate, term, and monthly payment. 

○ Conditionally approved: We may need a bit more information. 

○ Denied: If we can’t approve you now, we’ll explain why—and help you improve your application for the future. 

We believe in empowering our members through financial education and second chances. 

Managing Your Personal Loan Responsibly 

Once you receive your loan, staying on top of payments is key to long-term financial health. 

● Set up auto-pay from your MCCU checking account to avoid missed payments.

● Track your loan through online banking or the mobile app. 

● Avoid taking on too much new debt while repaying your loan. 

● Consider early repayment if it makes financial sense—some MCCU loans have no prepayment penalties. 

We’re always here if you have questions or need help adjusting your payment plan. 

You're Not Just a Borrower—You're a Member 

At Members Choice Credit Union, we do more than provide personal loans. We build lifelong relationships that support your financial journey. When you borrow from MCCU, you borrow from an institution that cares about your goals, your challenges, and your future. 

Ready to get started? Apply online today or visit one of our branches to speak with a lending expert. Let’s move forward—together.