Personal Loans

Step into a new way of spending. Personal loans allow you to borrow money for a variety of things, that’s why it’s personal – use it for whatever you need. What can you use personal loans for? You name it! Personal loans come in all shapes and sizes, but the best part is a lower interest rate than most credit cards and a set monthly payment. Your spending just got smarter.

Personal Loans - what is it

What is a personal loan?

A personal loan is funds borrowed from the credit union under particular loan terms. The loan terms include the specific amount of money borrowed, the loan term’s length, and the loan’s interest rate.

When applying for a personal loan, you request the specific loan amount needed from the credit union. The credit union determines your interest rate by the length of the loan term, type of personal loan, and in some loan types, your credit score.

Personal Loans - what is it used for

What are personal loans used for?

People use personal loans for a variety of reasons. Some common uses include:

  • Large purchases
  • Small repairs
  • Medical expenses
  • Moving costs
  • Funeral expenses
  • Wedding expenses
  • Vacation planning
  • Emergency purchases such as a new furnace
  • Miscellaneous expenses
  • Pools, spas, or hot tubs

Members use personal loans for almost anything. Borrow money for whatever, whenever you need funds. If you find yourself pondering where to get the money for something or worrying about maxing out your credit card, it’s time to consider a personal loan.

Personal Loans - the difference

The difference of a personal loan.

The main difference between an unsecured personal loan and a secured loan is that a secured loan requires collateral. An unsecured loan does not require assets backing the loan. You become responsible for repayment without putting your assets in jeopardy.

Making a loan payment on a personal loan is different from repaying credit card debt. With a personal loan, you pay a fixed monthly payment until the end of the loan term, upon which you have repaid the debt. This is contrary to credit card debt, which requires a monthly minimum payment without any specified term length for repayment.

What’s the benefit of a personal loan?

When you compare using a credit card vs taking a personal loan, you can clearly see the difference. Our low fixed rates on a personal loan could save you thousands of dollars over the repayment period. A personal loan also has an end date. That means you have a fixed monthly payment until the loan is paid off. With credit cards, you could be paying for years and never make a dent in the debt.

personal loan - better option that credit cards

Sample credit card rate only. Average national credit card rate is 20.62% as of May 2023 according to Rates, terms, and conditions subject to change at any time.

How to get a personal loan?

Getting a personal loan is easy. Money FCU’s online banking and mobile app makes the loan application process simple. Apply online as a member or new member of Money FCU. You can also view interest rates online to see which loan is right for you. The application process takes only a few minutes.

You may also use our loan calculator to figure out your estimated monthly payment before you apply.

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Loan Calculator

Making payments on my loan.

Make easy monthly payments online with Money FCU’s online banking. You may also choose our automatic payment option which affords a .25% discount. With this option, the money comes directly out of your savings or checking account each month, ensuring you never miss a payment.

Additionally, to give our borrowers a little peace of mind, our credit union member benefits allow a skip-a-payment option. This benefit helps members in their time of need by allowing them to skip one payment a year, adding it to the end of the loan term. Loan officers are always here to help your financial well-being. If you ever need help with repayment, speak to a professional for assistance.

Missing a payment.

Loans come with a set monthly payment. Repaying a loan comes with benefits and consequences if you fail to repay the loan.

The benefit of repaying a loan in regular, timely monthly payments is that it builds your credit score and increases the likelihood of being granted another loan through the lender.

The downside of failing to make payments on an unsecured loan is collections action against you being reported to the credit bureaus. As a result, non-payment harms your credit score and negatively affects your credit history.

The Credit Union is where I got my start and has always taken good care of me despite moving 10 different times.

Bruce – Tallahassee, FL
credit union testimonial Kelli

You guys are always so friendly when I call, I love calling all of you because you’re always so upbeat and nice!

Kelli – DeWitt, NY

I started banking with you in 2000, almost 19 years ago. Best bank ever, I moved to CA and you made banking easy when doing electronic banking wasn’t really popular yet.

Jesse – Syracuse, NY

Everything, anything you guys do with me is done 200%. I KNOW that you’ve got my back.  Thank you for this, and for everything you help me with. I truly appreciate it.

Marian – Mahopac, NY

I commend your staff; they are always very pleasant and willing to assist my needs.  Customer Service is very important to me and the credit union definitely shines in this area.

Kathy – Clay, NY

This is by far the best credit union, you guys are so good, you’re always on top of everything and you make me feel like my account is safe.

Regina – Phoenix, NY

I do not say it often enough, but you have great staff!  Nothing is ever a problem, they are terrific!  Amy just helped me out big time and Debbie is always my #1 at the credit union.

Jeff – Wake Forest, NC

I just wanted you to know that it is so nice to get a real person when I call in instead of an automated machine.  I really appreciate it.

Anne – Pittsboro, NC

I just LOVE all of you there. People ask me why I use a credit union in Syracuse and I tell them you can’t beat the customer service!

Denise – Monroe, NY

Thank you for watching for fraudulent activity so diligently.  Not only do you notify me when there is suspicious activity, but you are quick to help recover the money.

Sandy – Liverpool, NY

I’ve been in Charlotte for 7 seven years and I will not change banks because of this type of customer service.

Elliot – Charlotte, NC
credit union testimonial Catherine

Thank you MFCU for all the work you do and for really treating your customers like family.

Catherine – Baltimore, MD
credit union testimonial Michelle

I have to say it again – our credit union is absolutely the best! Hands down, no one else even comes close to the exceptional customer service and knowledge that you receive at Money FCU.

Michelle – Syracuse, NY
credit union testimonial Cindy

I told the car dealer I am sure that I want use Money for financing. The difference is only $7.00 per month. You have the very best customer service of any financial institution that I have worked with. Your customer service is worth every penny of the $7 per month and then some!

Cindy – Tully, NY
credit union testimonial Diane

Each representative takes a special interest in any request made, with coordinating efforts by everyone. At a time when I was in transition, MFCU gave attention to what I needed to continue with them, now over 40 years.

Diane – Wilton, CT
credit union testimonial Michael

I have been a member since 1987 and would NEVER, NEVER, EVER leave Money FCU under ANY circumstances!!

Michael – Clifton Park, NY
credit union testimonial Lisa

I wanted to let you know how much I love having Money instead of Chase! You guys have all been amazing since I have opened my account and I am so happy that I switched!!

Lisa – Syracuse, NY
credit union testimonial Henry

I just love Debbie. She’s my hero!

Henry – Gastonia, NC
credit union testomonial Tony

As we are wrapping details around our third vehicle loan inside of a year or so, I just want to say thank you again. Your customer service is off the charts, and you are a pleasure to deal with.

Anthony – Phoenix, NY
credit union testimonial Pat

Thank you to all of you! You girls are so wonderful! I love my credit union.

Pat – Syracuse, NY
credit union testimonial Lisa too

I thought I would take this opportunity to share with you what phenomenal employees you have. We couldn’t be happier to be blessed enough to have found MONEY FCU, and all that this bank encompasses.

Lisa – Baldwinsville, NY
credit union testimonial Angela

I moved everything out of M & T Bank to you because of the service I receive. I just love you guys!

Angela – Manlius, NY
credit union testimonial Robin

MONEY Federal Credit Union is people – a great group of people – who leave no doubt that while they are helping me, I am the most important thing going on that day.

Robin – Chappaqua, NY
credit union testimonial Jason

I am not sure who is working their magic, but without it my wife and I wouldn’t be able to purchase this house we fell in love with in a neighborhood we fell in love with. I truly appreciate everything Money Federal Credit Union does for my family!

Jason – Baldwinsville, NY


Kerry – Ossining, NY
credit union testimonial Erik

I have been a member since around 1992 or so and, even though I no longer work at Mutual of New York I have had nothing but excellent service from EVERYONE and I will never stray.

Erik – East Syracuse, NY

When you walk in the door you are always welcomed with a smile and happy greetings. Nothing is ever hard to do. When I need a loan it’s done and ready for me and I don’t even have to do anything! Just come in and sign!

Deb – Liverpool, NY
credit union testimonial Vera

You guys are the greatest. So professional and up to date with technology!

Vera – Warners, NY
credit union testimonial Danielle

I have been banking with MFCU since I was 17 years old. I left NY and banked with other companies but I came back to MFCU. I am so happy that I did!! Your staff has always been so helpful. I just figured you would want to know that your staff is great and they deserve an extra day off :)

Danielle – East Syracuse, NY
credit union testimonial Eileen

You guys haven’t changed a bit since I opened my account in 1987! You are all still so nice to deal with and I’m glad the changing times hasn’t hardened you into being unappreciative of your members. I now live in NJ and you are the best Credit Union I have ever had the pleasure of doing business with!

Eileen – North Arlington, NJ

I remember when I joined the CU in 1980 and you were located in a closet upstairs, and you would write the number of members and the percentage rate on a chalk board on the wall.

Joanne – Syracuse, NY

I just wanted to let you know that your staff has been so helpful since the move out of the building. The staff is always quick and kind. You said that a Credit Union is much like a Bank…I would say that the Credit Union is much better than a bank. I appreciate you guys!!

Michele – Baldwinsville, NY
credit union testimonial Lisa 3

I just wanted to let you know how awesome you are! I tell anyone who’ll listen about the GREAT customer service I get from the MONEY FCU. With commercial banks becoming less and less friendly and helpful and more and more costly, you guys are the best thing around!

Lisa – East Syracuse, NY
credit union testimonials John

I just went through one of the most painless processes getting a home improvement loan. I couldn’t believe how quick and smoothly everything went. I was quite impressed at the level of service. A special thank you also goes out to Debbie for her efficiency and for being so easy to work with!

John – Camillus, NY

I love you guys, one call and it’s done. Love, love, love you all.

Kathy – Fair Lawn, NJ

I just went through the process of taking out a car loan. If it weren’t for Melissa, I wouldn’t have been able to get things done. I wasn’t sure about what to do for so many things, but Melissa did! She was always there for me, quick, soooooo much help. Lucky for me I was smart enough to join your credit union years ago.

Katie – Syracuse, NY
credit union testimonials Meg

I am so grateful to have such kind and helpful people to work with on my banking needs.

Meg – Webster, NY
credit union testimonial Tom

When our office moved I decided to keep my account with you because I don’t mind the 10 minute drive downtown to deal with you guys because you’re always so helpful and friendly.

Tom – Syracuse, NY

I’m ready to apply for a personal loan.

Great, let’s get you started! Apply for a Money FCU personal loan today. Want to learn more before applying? Call (315) 671-4000 or chat with our friendly agents. We are ready to answer any of your banking questions.

Apply for a Personal Loan