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
Savings Secured Loans
Your deposits in the credit union may be used as security to borrow at our lowest interest rate. 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.
Fast Cash Loans
Fast Cash. When you need it most! Fast cash is a quick and convenient loan designed to help you between paychecks.
For more information, CLICK HERE
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.
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.
| Personal Loans | Term | Payment Example Amount | APR | Payment | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SPECIAL: SPRING CLEAN-UP LOAN | UP TO 36 MONTHS | $5,999 | 5.99% | $182.51 | ||||||
| Unsecured Signature Loans | 36 months | $3,000 | as low as 9.74% | $96.44 | ||||||
| Line of Credit | Financing up to 5 years | 12.90% | ||||||||
| Credit Builder Loan | Establish or Rebuild Credit History. What you borrow will be deposited in your membership savings. | 6.00% | ||||||||
| Primary Share, Money Market or CD Secured | Financing up to 5 years on Certificates and 2 years on Share Accounts | 2% above Deposit rate | 3.50% min | |||||||
| Payday Loan Alternative- Break the payday loan cycle for good. Loan amounts up to $1,000. Maximum term 12 months. | 4.99% | $85.16 | ||||||||
Rates and terms are subject to change at any time based upon Asset-Liability Committee (ALCO) review and changing market conditions. These rates and terms do not constitute a contract or obligation. Rates are calculated based on an evaluation of credit history, loans terms including number of scheduled amounts to repay, loan-to-value, and account relationships with Minnesota Valley FCU. Additional restrictions may apply. *APR = Annual Percentage Rate. Rates quoted are the lowest possible including discounts, so your rate may differ.
Contact the loan department for details at 507-387-3055 or 800-247-0522 or via email loan@mnvalleyfcu.coop. To see our current Savings Rates, click here.