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New York Municipal Credit Union personal loans review

Apply in store or online with this local bank serving New York counties.’s rating: 4.1 / 5.0


Bottom line: MCU is best for New Yorkers — even those without great credit. It offers competitive rates, but there are some complaints of poor customer service. Read our full review.


Min. Loan Amount$1,000
Max. Loan Amount$50,000
APR6.95% to 14.95%
Interest Rate TypeVariable
Origination FeeUp to 0%
Loan Term1 to 6 years
Turnaround Time3 to 4 business days


  • Low maximum rate of 14.95%
  • No hard-and-fast credit requirements
  • Refinance for a lower rate after six months


  • Membership limited to individuals with a connection to New York State
  • Must become a member before you apply
  • Poor customer reviews

MCU rates, fees and terms

New York Municipal Credit Union personal loans come with rates that range from 6.95% to 14.95%. There are no fees to apply, though MCU charges a late fee of $25 if you miss a repayment.

You can borrow between $1,000 and $50,000 with terms from 12 to 72 months. The lowest rates are for loans up to $15,000. Borrow more and you can expect a higher rate, regardless of your credit or income. Its 72-month term is also only available on loans over $15,000 — and comes with a higher starting rate.

Use our calculator to find out how much different loan amounts, rates and terms might cost you each month.

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How MCU compares to other lenders

If you aren't interested in becoming a member or don't qualify, you can compare more options — including quick online lenders and connection services.

1 – 5 of 5

Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
7.99% to 35.99%
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
Credible personal loans
3.99% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Upstart personal loans
5.6% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
7.99% to 23.43%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingClub personal loans
6.34% to 35.89%
$1,000 to $40,000
A peer-to-peer lender offering fair rates based on your credit score.

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MCU personal loan reviews and complaints

BBB accredited No
BBB rating D-
BBB customer reviews 1.29 out of 5 stars, based on 14 customer reviews
Trustpilot Score
Customer reviews verified as of 28 May 2020

Municipal Credit Union personal loans does not have any Trustpilot reviews.

MCU has a poor online reputation based on a high number of customer complaints — many of which were resolved, but not to the customer’s satisfaction.

It has no Trustpilot page, but reviews on other online forums are relatively positive. Several customers reported that MCU helped them rebuild their credit by giving them access to affordable financing. However, others mention recently tightened application requirements for membership and loan approvals. Most customers criticize its customer service, though some find it excellent.

MCU personal loan requirements

To apply for a loan, you must be a primary MCU member with at least $5 in your account. Your credit score, salary and other financial information — like your debt-to-income ratio — come into play when MCU determines your loan amount, interest rate and terms. With most personal loan providers, you need a credit score of around 760 or higher to get the lowest rates and highest loan amount.

If approved, borrowers typically qualify for a loan amount equal to 25% of their gross annual salary.

How the application works

MCU members with at least $5 in an MCU account are eligible to apply for an MCU loan. If you’re not a member you’ll have to join first. Otherwise, follow these steps to apply online:

  1. Go to MCU’s website and hover over Products & services. Click Personal loans at far left.
  2. Once on the personal loans page, click Apply now
  3. Enter your online banking credentials if you have them by clicking Log in, or click Enroll if you aren’t yet registered.

Once logged in, follow the directions to complete your loan application. If approved, carefully read your loan agreement before signing it.

To complete the loan application, you may be required to supply additional information.

What happens after I apply?

It typically takes around two business days to be approved. If approved, your loan should be disbursed within one to three business days after agreeing to the terms. After you’ve made six months of on-time repayments, you have the option of refinancing with MCU for a lower rate.

How do repayments work with MCU?

MCU’s personal loans come with monthly repayments based on the loan term outlined in your contract. You might want to sign up for automatic repayments to score the 0.5% interest rate discount.

Keep track of your account and loan balance to make sure there aren’t any technical glitches — like getting charged twice for a repayment. If you have any questions, visit your local branch or call the customer service helpline.

How can I become a member of MCU?

Becoming a member of MCU involves opening an account — usually a savings account — with at least $5. You can either apply online, in person at your local branch or over the phone. Here’s how to apply online:

  1. Go to the MCU website, hover over Join MCU and click Applying for membership.
  2. Click Apply now.
  3. Click Become a member.
  4. Fill out the field that makes you eligible for MCU membership. Click Next.
  5. Read the disclosures, agreements and acknowledgements and click Next.

Follow the directions to complete the information by filling out your personal, employment and financial information. The whole process should take around 15 minutes.

What information do I need to become a member of MCU?

To register as a member, make sure you have the following documents ready:

  • Government-issued ID
  • Work ID or pay stub
  • Utility bill or credit card statement issued in the past 30 days

What sets it apart

New York Municipal Credit Union is one of the few credit unions out there that offers loan amounts up to $50,000. More than that, it has competitive rates and a wide variety of other services, including auto loans and credit cards.

Is MCU legit?

Yes, MCU is a legitimate credit union. It’s insured by the National Credit Union Association (NCUA), which means it meets certain national requirements — such as charging rates under 18%.

It also protects the information you enter online using SSL encryption. And it doesn’t share your information with affiliates for any reason.

Can’t qualify with MCU? Check out other credit unions in New York that offer personal loans. Or compare even more types of lenders with our guide to personal loans.

Frequently asked questions

Our answers to more questions about MCU.

I didn't get the loan. Is there anything I can do?

Yes. First, find out why your loan was denied. One common reason is that you applied for a loan amount larger than 25% of your annual income.

If you believe you were wrongly denied, you can submit an appeal by explaining in writing why you should be reconsidered. Appeals can be submitted in person at your local branch, by mail or by fax.

If you don’t want to file an appeal, you can reapply after 90 days.

How long do I need to be a member before I can apply for a loan?

You’re eligible to apply as soon as your membership is approved, provided that you have at least $5 in your MCU account.

Can I use my ATM card to access my overdraft loan?

No. Overdraft is only available to cover checks and automatic payments from your checking account.

Personal loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

Review by

Anna 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

Borrowing from New York Municipal Credit Union (MCU) is ideal for New Yorkers looking for competitive rates and loan amounts large or small. You can borrow as little as $500 all the way up to $50,000 — though you can typically only qualify for 25% of your annual gross income. It also doesn’t have any hard-and-fast credit requirements, meaning you might be eligible even if you don’t have the best credit.

But you’ll need to become a member of MCU before you can apply. And membership is limited to individuals who have some sort of tie to New York State. It also doesn’t have the best customer reviews on the Better Business Bureau (BBB).

Can’t qualify for MCU membership? Take a look at our table to compare your other options.

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  1. Default Gravatar
    January 30, 2019

    If I get a loan from MCU, am I paying back both principal and interest in my monthly payment? Or just interest only? Thank you 🙏

    • Avatarfinder Customer Care
      January 31, 2019

      Hi Maurice,

      Thank you for your comment.

      Yes, the monthly repayment would be for both principal loan amount and interest. For example, for their unsecured loan, the monthly payment per $1,000 borrowed, for up to 60 Months at 5.95% interest is $19.31.


  2. Default Gravatar
    May 7, 2018

    I borrow a loan from MCU. Can I borrow a next loan after 6 months?

    • Avatarfinder Customer Care
      May 7, 2018

      Hi Kendacie,

      Thanks for getting in touch with finder. I hope all is well for you. :)

      You may still borrow a new loan after six months provided that you have no existing balance with MCU and you have met other eligibility requirements. It is also advisable that you directly get in touch with them to obtain a more personalized answer.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


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