MCT-FCU provides loans for a variety of reasons. Loan policies are established by the Board of Directors, and are subject to continuous review. Loan Officers review the loans daily, and approvals are subject to members’ qualifications, based on current policies at the time of issuance. MCT-FCU currently offers the following loan types:

Unsecured Signature Loan

An Unsecured Signature Loan can be used for any reasonable purpose. You may wish to purchase furniture, do home improvements, pay taxes, or consolidate debt. All members in good standing are eligible to apply. Rates as low as 9.25% APR.

Open-End Revolving Loans

An Open-end loan is an unsecured, pre-approved line of credit on which the borrower may receive advances up to the amount of the approved credit limit. Open-end loans are available only to those members with an excellent credit rating who have had a previous credit history with MCT, and at least three (3) years of service with their current employer. The maximum amount of an open-end loan is $10,000. Current interest rate is 11.00% APR.

Christmas Loans

Christmas loans are available between October 1 and December 24. The limit is $1,000, with a twelve (12) month repayment period. Current rate is 10.75% APR.

Vacation Loans

Vacation Loans are available year-round. The limit is $2,000, with a twelve (12) month repayment period. Current rate is 10.75% APR.

New Auto Loans

MCT Federal Credit Union offers up to 100% financing for up to 66 months and pre-approval is also available. Collision and Comprehensive insurances are required. A Bill of Sale bearing the dealer’s name and address, along with a comprehensive description of the automobile is required. Financing is available up to 100% of the list price. Interest rates vary with loan term. Check with us for current limits and loan requirements.

Model year            Term             Rate                            
New 2007-2008      2 – 3 years    4.75% APR                                                                  
                            4 years          5.00% APR                                                                  
                            5 years          5.25% APR                                                                        
                            5 ˝ years      5.75% APR
                            (minimum of $20,000)

Used Auto Loans

MCT Federal Credit Union offers up to 100% of our “Book Value” on used cars less than seven (7) years old. Rates and terms are contingent upon the year of the vehicle purchased. Other terms and conditions are the same as those of new car loans. Finance up to 100% of Retail Book Value (based on model year).

Model year           Term             Rate                            
2006 - 2007          5 years          5.90% APR                              
2004 - 2005          5 years          6.15% APR                              
2002 - 2003          4 years          6.40% APR                                    
2001                    3 years          6.65% APR

Share Secured Loans

The money in your Share (savings) Account MUST match the amount borrowed. Check with us for current rates, limits and loan requirements.

Line of Credit (Overdraft Protection)

A Line of Credit is an unsecured, pre-approved loan.  The borrower may receive advances up to the amount of their pre-approved credit limit. Lines of Credit are specifically attached to the member’s Share Draft (checking) account to cover checks presented for payment. Current rate is 15% APR.

Classic VISA

MCT’s Classic VISA credit card is an unsecured, pre-approved line of credit, usually accessed through the use of a credit card. The borrower may make retail purchases or receive cash advances up to the amount of the pre-approved credit limit.

Parent Education Loan

A Parent Education Loan is an unsecured loan with a fixed term, fixed interest rate and fixed payments. The proceeds of these loans are to be used by parents to help with their children’s education expenses at an accredited college or trade school. Please call for current rates.

Debt Consolidation Loans

Available to pay off higher interest debt. Current rates are:

Term                             Rate                                                                            
1 – 2 years                   10.25% APR                                                                
3 – 4 years                   10.75% APR                                                                
5 – 6 years                   11.25% APR                                                                
7 years                         11.75% APR

Boat Loans (New or Used)

Finance up to 100 %of list price or book value. Maximum term is 8 years, based on loan amount. Current rate is 6.75% APR.

RV Loans (New or Used)

Finance up to 100% of list price or book value.

Motorcycle Loans (New or Used)

Terms up to 5 years.

Vehicle             Term                 Rate                                                    
New                  5 years             7.75%                                                  
Used                 4 years             7.75%

Service Requirements:

0-1 Years Up to $1,000 - no co-signer*

Up to $3,000 - with co-signer

1-2 Years Up to $2,000 - no co-signer*

Up to $$4,000 - with co-signer

2-3 Years Up to $3,500 – no co-signer*

Up to $6,000 with co-signer

3-5 Years Up to $5,000 – no co-signer*

Up to $10,000 – with co-signer

5 + Years Up to $10,000*

*If deemed necessary due to poor credit history, a co-signer may be required.

All rates are subject to change without prior notice.