Municipal Credit Union personal loans review: First-class rates, but stringent eligibility requirements

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Pros and cons of Municipal Credit Union personal loans

You can get the smallest loan amount with Navy Federal Credit Union, as the credit union offers loans as small as $250. However, First Tech Federal Credit Union and Municipal Credit Union have similar minimums. The former will lend as little as $500, while the latter will let you borrow a minimum of $1,00. All three give you the option to borrow as much as $50,000.

First Tech has the simplest requirements to join. You can qualify to become a member simply by joining the Financial Fitness Association for $8. You may also be eligible if you live or work in certain parts of Oregon.

Navy Federal has more stringent membership requirements, as you only qualify if you are an active military member, veteran, or employee or retiree of the Department of Defense. Family members of any of the aforementioned groups are also eligible. 

To Join Municipal Credit Union, you’ll generally need some type of New York ties. This includes people who are employed by the New York City, or federal and state employees who work in one of the city’s five boroughs. Family members of customers who already have an account are also eligible. 

See our ratings methodology for personal loans » 

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