Business Insider's personal finance team compared Municipal Credit Union personal loans to the credit unions typically focus on a smaller community of people with a shared profession, employer, location, or experience so they can provide personalized assistance and top-notch customer service to their members.
Municipal Credit Union Personal Loan Cons
- Limited membership: MCU's personal loans are only available to members of the credit union. To join, individuals must meet specific eligibility requirements related to residency or employment. Generally, this means you'll need some kind of tie to New York City, with many members being those who work, live, worship, or go to school in New York City, those employed by New York City, and federal and state employees who work in one of the five boroughs.
- Potentially stricter underwriting: Credit unions can have stricter credit and income requirements compared to some other online lenders.
- Slower approval process: It can take three to five days to finish the loan approval process, per a customer service representative. However, once you are approved, you'll typically get your funds within 24 hours.
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8.20% - 15.70%
$1,000 to $50,000
640
- Excellent rates
- Wide loan amount range
- Variety of term lengths to choose from
- Membership requirements
- Late fee
- Long approval process
- Repayment terms range from 12 to 72 months
- To join MCU, you generally must work at a qualifying New York institution or be a family member of someone with an account
- Up to 5 days to finish approval process, get your funds 24 hours later
Compare MCU Personal Loans
8.99% to 35.49% fixed (with all discounts)
$5,000 to $100,000
680
- High maximum loan limit
- No fees required
- Competitive APR
- High minimum credit score requirement
- High minimum loan amount
- No in-person support
SoFi is a strong personal loan lender for those with high credit scores — you'll get perks like no fees required. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
SoFi- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 7 years
- Usually receive your money in a few business days after your application is approved
- Loans are made by SoFi Lending Corp.
6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
- Competitive APR
- Approval decisions should come shortly after applying
- Loans can be funded the same day
- Wide range of borrowing amounts and terms
- No fees
- Only available to people with good credit
- No pre-approval option
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
LightStream Personal Loan- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
9.99% to 35.99%
$1,000 to $50,000
580
- Small minimum loan amount
- Quick access to funds
- Low minimum credit score
- Origination and late fees
Upgrade is a solid lender if you can qualify for its lowest interest rate. But if your credit isn't in great shape, you may be able to find a better deal elsewhere.
Upgrade Personal Loan- Loan amounts range from $1,000 to $50,000
- Loan term lengths range between 2 to 7 years
- You can get your money within one business day after your loan is reviewed and approved
- Loans made by Upgrade's lending partners
Municipal Credit Union Personal Loan Overview
Municipal Credit Union has been around for over 100 years. The credit union offers various types of loans, banking services, insurance, and investing products.
Because of MCU's membership requirements, those who live, work, worship, or attend school in New York City are best positioned to access the credit union's personal loans. Big Apple borrowers with good credit scores who can benefit from the lower interest rates offered or who need a See our rating methodology for personal loans »
Municipal Credit Union Personal Loan FAQs
What credit score do I need for an MCU personal loan?
Municipal Credit Union doesn't specify a minimum credit score requirement for personal loans. In general, the better your credit score, the more likely you are to qualify for the lowest rates.
Can I apply for an MCU personal loan online?
Yes, you can complete your loan application on MCU's website by visiting one of its branches or by calling 1-844-628-6969.
How long does it take to get approved and receive funds with a Municipal Credit Union loan?
It may take as long as five days to finish your loan approval process with Municipal Credit Union, per a customer service representative.
Do Municipal Credit Union loans affect your credit score?
Yes, personal loans from a credit union, including MCU, will affect your credit score. Payments, or lack thereof, will be reported to the three major credit bureaus and may improve your score if you pay reliably and on time.
Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 08/08/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000— $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your "Loan"), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi's reasonable procedures and requirements to be determined at SoFi's sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi's underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
