In Michigan, it is hard to get a loan from the bank when they are meticulously checking all your documents to make sure you meet all their lending requirements. If you find the interest rate of the bank loans in Michigan is expensive, you can apply for a loan from a cheaper alternative like credit union. The following are the top 4 credit unions in Michigan that offers short term loans.
DFCU was founded by 7 engineers that used to work for the Ford motor company. Each engineer contributes $5 to form the Ford Engineering Employees the Federal Credit Union. Today, DFCU has more than 200,000 members and they operate several branches in Michigan. DFCU offers signature loans with loan amounts starting from $1,000 – $10,000. The loan amount that you will be approved depends on your credit worthiness. It does not have collateral, prepayment penalty fee, and application fee. The signature loan has fixed monthly payment and the fixed APR starts from as low as 15.24%. Borrowers can opt for a repayment period of up to 5 years.
MSUFCU was first established in 1937 by 8 employees of the Michigan State College. Its name was changed to MSU Employees Credit Union (MSUECU) in 1955. Today, MSUFCU has more than 17 branches and about 230,000 members. The total worth of its assets is $3.3 billion. MSUFCU signature loan features a low-interest rate starting from 6.90%. The interest rate is fixed for the entire loan term. You don’t have to pay application or early payment fee for MSUFCU signature loan.
3. The Genysys Credit Union
The Genysys Credit Union is one of the largest credit union based in Auburn Hills, Michigan. Founded in 1936, it has more than 185,000 members and a total asset worth $2.1 billion. The Genysys Credit Union maintains 28 branches in Michigan. Its membership is open to residents in 68 counties in Michigan. The Genysys Credit Union offers personal loans that give you the extra cash you need for covering temporary expenses. Genisys signature loans offer a loan amount of up to $50,000 and a repayment term of up to 60 months. The personal loan has an APR interest rate that starts from as low an 8.75%.
4. LakeTrust Credit Union
LakeTrust Credit Union was originally founded by employees who worked at the DTE Energy company in 1944. Today, LakeTrust Credit Union is headquartered in Plymouth, Michigan. It now has a total asset worth of $1.5 billions and 21 branches. LakeTrust Credit Union serves over 163,000 members that live in the areas that stretch from Lake Michigan to Lake Huron. LakeTrust unsecured personal loans have fixed rate so you know exactly how much you are going to pay. LakeTrust personal loans are available in fixed or single payment loan. The interest rate for LakeTrust ranges from 7.90% – 15.50%. LakeTrust also offer deposit secured personal loans that use your CD or savings account as collateral.