What states are MACU short-term loans available in?
You need to live in one of the following states to qualify for a short-term loan from MACU:
- Arizona
- Idaho
- Nevada
- New Mexico
- Utah
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Mountain America Credit Union short-term loans review
An affordable alternative to payday loans for current MACU members.
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$350
Min. Amount
$1,000
Max. Amount
Same day
Turnaround time
Details
| Product Name | MACU instant short-term loans |
|---|---|
| Min. Amount | $350 |
| Max. Amount | $1,000 |
| Loan Term | Up to 6 months |
| Loan Security | Unsecured |
| Turnaround Time | Same day |
| Requirements | MACU member for at least one month, MACU checking or savings account, 6+ months at current job, $1,000+ monthly income, no open bankruptcies |
Review by
Anna Serio
anna.serio@finder.comAnna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Expert review
These short-term loans from Mountain America Credit Union (MACU) work a lot like a payday alternative loan (PAL). You can borrow up to $1,000 the same day you apply with rates capped at 28% — regardless of your credit history.
But its requirements are a little harder to meet than other short-term lenders. You need to be a MACU member for at least one month before you can qualify and must be employed at the same job for at least six months.
It could be a good option if you already have a MACU account, but otherwise you’ll need to explore your other options.
First, am I eligible?
You must meet the following requirements to qualify for a short-term loan:
- MACU member for at least one month
- MACU checking or savings account holder
- At your current job for at least six months
- No open bankruptcies
Can I qualify for MACU membership?
What makes MACU short-term loans unique?
MACU offers what you won’t find at many credit unions and payday lenders: same-day funding with lower rates than you might get with a bad-credit personal loan or credit card. Its short-term loans also come in a wider range of amounts than you might find from a payday lender, since it’s technically not a payday loan.
Pros
- Rates capped at 28%
- Loans from $350 to $1,000
- Funding the same day you apply
Cons
- Must be a MACU member for a month to qualify
- $20 application fee
- Overdraft suspended until you pay it back
Compare your other short-term loan options
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How do I apply?
You can apply through the MACU app, over the phone or in person at your local branch. You can download the app through the Apple App Store, Google Play or the MACU website. To apply, log in to your account and follow the directions to submit the application. If you’d prefer to apply over the phone, call 800-748-4302 to speak with a MACU loan specialist.
The application typically takes around 10 minutes to fill out. Funds should be deposited directly into your MACU account the same day.
MACU reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1 out of 5 stars, based on 6 customer reviews |
| Trustpilot score | 3.1 out of 5, based on 3 customer reviews |
| AppStore score | 4.7 out of 5 stars, based on 18,203 customer reviews |
| Google Play score | 4.7 out of 5 stars, based on 8,910 customer reviews |
| Customer reviews verified as of | 16 October 2020 |
MACU only has a handful of mostly negative customer reviews. One customer complained that their information was stolen. A few were dissatisfied with the quality of customer service. The one positive review didn’t give any specifics on what made it stand out.
How do repayments work?
MACU short-term loans come with monthly repayments with a six-month term. How much you owe each month depends on the amount you borrowed. If you have any questions or concerns about your account, reach out to customer service as soon as possible.
Can’t qualify for membership with MACU? Explore your other options with our guide to payday loan alternatives.