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WHY BORROW AT MECU? – When you need to borrow, there’s no better place to come for great rates, straight talk, efficient service, and no red tape than your credit union. WHO CAN BORROW – To borrow from MECU you must be at least 18 years of age, a member in good standing and have at least the minimum deposit in your Share Savings account. You may join MECU and apply for a loan the same day. HOW MUCH CAN YOU BORROW – MECU’s lending guidelines are based on credit worthiness and your ability to repay. You can have more than one type of loan with MECU at a time, but keep in mind that any other loans you have at MECU (such as a vehicle loan, or a line of credit) will be taken into consideration and may affect the maximum you are eligible to borrow. We encourage you to apply for your loans through MECU’s Lending Center. You can call at your convenience anytime 24-hours a day, seven days a week at 800-373-2914 or apply online. Budgeting is much easier when you elect to repay your loan automatically because your payments will coincide with your pay schedule and you may qualify for a lower interest rate on your loan. Through payroll deduction – If you are on one of Baltimore City’s payroll deduction systems, your loan will be automatically set up for repayment through the convenience of a payroll deduction taken each time you are paid until the loan is paid in full. Automatic payments through ACH/Direct Deposit – If your employer or retirement system offers Direct Deposit or ACH payments through the Federal Reserve, you can set up automatic payments to coincide with your pay schedule. Payment by mail, telephone transfer or in person – If you are not able to repay automatically through one of the methods outlined above; your loan can be repaid in person, by mail, or by Telephone Teller transfer. SAME DAY SERVICE – We pride ourselves on fast turnaround time in our loan department. In most cases, your loan will be approved and disbursed the same day your application is received. Other than first time borrowers, we will deposit your loan proceeds to either your MECU checking or savings account. LOAN PROTECTION COVERAGE – What will you do if you can’t repay your loan? You can protect yourself, your family and your co-signers with cost-effective Credit Life and Disability insurance. Borrowing members are offered the opportunity to elect these coverages at the time of the loan application. If you are interested in payoff a loan and would like to know how long it will take, click here to use our Loan Calculators.
Share / Certificate of Deposit / Collateral Loans Everyone needs financial assistance from time to time. When this need arises, an economical alternative is to borrow by pledging shares from your Share Savings / Certificate of Deposit account as collateral. The maximum loan amount is set by the amount on deposit in your Share/CD account. If your Share/CD Account is held jointly, all joint owners must sign the loan documents; accounts held jointly with minors cannot be used for Share/CD Collateral loans. The loan is repaid while you continue to earn dividends on your savings. IRA accounts may not be pledged for collateral loans. Unsecured personal loans are granted up to a maximum of $20,000 based on MECU’s borrowing guidelines and your credit worthiness.
VISA and Preferred Credit Plan MECU offers two personal lines of credit for your convenience, Preferred Credit Plan and Visa credit cards. The maximum total combined credit limit is $20,000. So if you qualify for both programs, your credit limit can be entirely on one program or the other, or divided between Preferred Credit and Visa. Preferred Credit Plan – Line of Credit / Overdraft Protection Preferred Credit is a personal line of credit that can be used to write your own loans and act as overdraft protection for Checking accounts. It works similarly to a credit card in that you apply once and a maximum credit limit is established. You do not need to reapply unless you want to request an increase in your credit limit.
You can also request an advance on your line of credit by completing a Preferred Credit voucher.
MECU'S NEW VISA PLATINUM IS HERE! Wouldn’t it be great to get a break on interest expense for six months? As another way of returning value to our members, Platinum cardholders enjoy the benefit of a low 1.99% Annual Percentage Rate (APR) for 180 days that begins on the account opening date. After the introductory period, the interest rate will adjust to a low 9.90% APR. Low intro rate of 1.99% APR New Platinum cardholders may receive an introductory Annual Percentage Rate of 1.99% for six months (180 days) so you can save money on:
If you don't have a MECU Visa card, apply for one now. When you get your Platinum card you can enjoy:
Apply online now! Credit limits are based on credit worthiness and ability to repay. If you do not qualify for Visa Platinum, you may be considered for a Visa Gold or Classic card.
If you already have a MECU Visa, you can take advantage of these exciting web features.
Just complete the Visa Balance Transfer Form and mail it today or fax it to 410-223-4030.
VISA Info Online – Now, you will be able to access your credit card information in our online banking site. Just go to the Personal Finance page and click on Account Summary then under Credit Card Accounts click on your credit card number. Don't have a PIN for online banking? It's easy to enroll for your Online Banking PIN. Verified by VISA At the Verified by VISA site, you will be asked to establish a password and a personal message that will be used for authentication when you shop on-line with participating merchants. |
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Telephone Teller service and online access through our web site let you request a Preferred Credit Plan (i.e. PCP) advance by phone 24 hours a day, 7 days a week. You can choose to transfer from your PCP to your Checking or Savings account or to have a loan check mailed to you.
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