Loans for any reason
Borrowing from a credit union is a good idea. Since credit unions are not-for-profit, you'll usually get lower rates, lower fees (or no fees!) and service customized to the needs of that credit union's members.
At MIT Federal Credit Union we provide for your financial needs:
- To buy a car
- To buy a house
- Extra cash for an unexpected or unplanned expense
We’re your source for money when you need it.
With our simple online application, there's no need to visit a branch. Good thing, because our members live across the U.S. and around the globe. You can close your loan online, too. And funding can be directly to your account, or we can get send funding for an auto loan or home purchase wherever it's needed.
Benefits of borrowing from MIT FCU:
- Competitive low rates
- Various terms and options
- Easy application, quick approval process
- Flexible and convenient payment options
- No processing fees for most loan types
Loan Rates
Unsecured Loans
Effective Date: Saturday, December 21st, 2024
| Type of Loan | Term | APR* | Payment/$1000 |
|---|---|---|---|
| Personal Loan + Co-Application/Guarantor Loan | 12 Months | 8.75% | $87.32 |
| 24 Months | 9.00% | $45.68 | |
| 36 Months | 9.25% | $31.91 | |
| 48 Months | 9.50% | $25.12 | |
| 60 Months | 10.00% | $21.25 | |
| Tuition Assistance Loan** | 12 Months | 8.75% | $87.32 |
| Overdraft Protection Line of Credit^ | Line of Credit | 11.00% | N/A |
| Fuel Assistance Loan | 12 Months | 6.50% | $86.29 |
| Express Loan | 12 Months | 18.00% | $91.67 |
| Accessibility Lifestyle Loans | 12 Months | 8.50% | $87.20 |
| 24 Months | 8.75% | $45.57 | |
| 36 Months | 9.00% | $31.80 | |
| 48 Months | 9.25% | $25.00 | |
| 60 Months | 9.75% | $21.13 | |
| Rental Assistance | 12 Months | 8.50% | $87.20 |
| 24 Months | 8.75% | $45.57 | |
| 36 Months | 9.00% | $31.80 |
Auto Loans
Effective Date: Saturday, December 21st, 2024
| Type of Loan | Term | APR* | Payment/$1000 |
|---|---|---|---|
| New/Used Auto | Up to 36 Months | 7.25% | $30.99 |
| New/Used Auto | 48 Months | 7.50% | $24.18 |
| New/Used Auto | 60 Months | 7.75% | $20.16 |
| New/Used Auto | 72 Months | 8.25% | $17.66 |
| New/Used Auto | 84 Months | 9.25% | $16.22 |
| New/Used Mobility Vehicle Loan | 36 Month | 7.25% | $30.99 |
| New/Used Mobility Vehicle Loan | 48 Month | 7.50% | $24.18 |
| New/Used Mobility Vehicle Loan | 60 Month | 7.75% | $20.16 |
| New/Used Mobility Vehicle Loan | 72 Month | 8.25% | $17.66 |
| New/Used Mobility Vehicle Loan | 84 Month | 9.25% | $16.22 |
| New/Used Mobility Vehicle Loan | 96 Month | 10.25% | $15.32 |
Other Vehicle Loans
Effective Date: Saturday, December 21st, 2024
| Type of Loan | Term | APR* | Payment/$1000 |
|---|---|---|---|
| New & Used Motorcycles | 36 Months | 5.00% | $29.98 |
| 48 Months | 5.25% | $23.15 | |
| 60 Months | 5.50% | $19.11 | |
| 72 Months | 5.75% | $16.46 | |
| 84 Months | 6.00% | $14.62 | |
| New & Used Boats and RV's & Utility Trailers | 36 Months | 7.25% | $30.99 |
| 48 Months | 7.50% | $24.18 | |
| 60 Months | 7.75% | $20.16 | |
| 72 Months | 8.00% | $17.54 | |
| 84 Months | 8.25% | $15.72 | |
| 120 Months | 8.50% | $12.40 |
Secured Loans
Effective Date: Saturday, December 21st, 2024
| Type of Loan | Term | APR* | Payment/$1000 |
|---|---|---|---|
| Share Secured (Frozen Share) | Up to 60 Months | 5.25% | $19.01 |
| Credit Builder Loan | Up to 12 Months | 8.75% | $87.32 |
| HEAT Loan, Micro ($500-$2,000) | Up to 24 Months | 0.00% | $41.67 |
| HEAT Loan, Expanded ($2,001-$25,000) | Up to 84 Months | 0.00% | $11.91 |
Solar Loans
Effective Date: Saturday, December 21st, 2024
| Name | Term | APR* | Payment/$1000 |
|---|---|---|---|
| Solar Loan | 84 months | 9.00% | $16.09 |
eBike Loans
Effective Date: Saturday, December 21st, 2024
| Name | Term | APR* | Payment/$1000 |
|---|---|---|---|
| eBikes | 12 Months | 8.50% | $87.24 |
| eBikes | 24 Months | 8.50% | $45.47 |
| eBikes | 36 Months | 8.50% | $31.58 |
| eBikes | 48 Months | 9.25% | $25.01 |
| eBikes | 60 Months | 9.75% | $21.13 |