Minnesota Valley Credit Union

Personal Loans

About Personal Loans

A personal, or "unsecured" loan is debt or obligations that do not have collateral.  These may also be referred to as "signature loans".

An unsecured loan means MVFCU relies on your promise to pay it back.  Due to the increased risk involved, interest rates for unsecured loans tend to be higher.

Types of Personal Loans

Checking Line of Credit
A checking line of credit is an unsecured loan attached to your checking account.  With a checking line of credit, money will advance into your checking account in the event you would not have sufficient funds.  This saves you from the embarrassment and expense of an overdraft.   For more information visit our OVERDRAFT PROTECTION page.

Signature Loans
Your name is as good as money when you don’t have specific collateral to secure a loan. We offer signature loans based on your employment history, credit record, and ability to repay.

Savings Secured Loans
Your deposits in the credit union may be used as security to borrow at our lowest rate of interest. The savings account or certificate(s) of deposit used as collateral will continue to earn competitive dividends or interest during the term of your loan.

For more information, please call (507)387-3055 or (800)247-0522, or email loan@mnvalleyfcu.coop with your questions.

Why Borrow From a Credit Union?

When you need to borrow money you don't have to look far.  We offer great local service with low rates and attractive terms.  We can't "give" loans away because that wouldn’t be entirely fair to those members who don’t borrow. Some members use only non-loan services, savings and investment products. Plus, we strive to continue building capital through reasonable net income each year.

The wonderful aspect of borrowing at Minnesota Valley is that the interest you pay stays right here. It is re-circulated, and doesn't go to a few wealthy stockholders. That income creates opportunities for other members and you, too. As income grows, so does our ability to offer higher dividend rates, lower loan rates, reduced or eliminated fees and broader services.  It's like keeping money in the family!  That's why it pays to bank where you're part owner!

Budget Plan

Trying to set a budget plan.  Use our  BUDGET TEMPLATE to help get you started.