Rental Assistance Loans
A personal loan to help our members who need assistance moving into their first apartment. This loan can cover the first and last months rent and the security deposit if required.
Benefits include:
- Terms are up to 36 months
- Loan Amounts are up to $12,000
- .25% discount with auto pay**
| 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 |
*APR = Annual Percentage Rate. Rate disclosed is based on a highly qualified credit candidate. Rates may vary based on individual creditworthiness. Rates are valid as of 7/21/2023 and are subject to change without notice.
**Automatic loan payments qualifies you for a 0.25% APR reduction, with the exception of the Tuition Assistance Loan. All Personal, Student, Auto, Motorcycle, Trailer, Boat, and RV loans are eligible for an ANNUAL PERCENTAGE RATE reduction of 0.25%.
MIT FCU does not charge for the autopay service.
Discontinuing autopay will result in the loss of promotional 0.25% ANNUAL PERCENTAGE RATE reduction. Any increase in the ANNUAL PERCENTAGE RATE will result in an increase of remaining payments. For example, if Your loan was for $10,000 at 6.4% for 5 years, and the rate increased by 0.25% after 12 months, Your payment would increase by $0.95.
For the life of the loan this offer will never expire. However, the promotion may end at anytime and without notice.
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