Line of Credit Loans

A personal line of credit loan is an unsecured loan that lets you get cash advances for personal or emergency use whenever you need them, up to an approved credit limit. Once your application is approved, you can access your line of credit in person, by telephone, through ATM or mail. And since it is a revolving line of credit, each payment you make helps replenish the available balance, so it's always there when you need it.

You personal line of credit can be used in different ways. When you apply and are approved for this loan, you can advance cash (up to your approved credit limit) and deposit them into your checking account to cover any overdraft. This helps you to avoid bouncing checks, saving costly fees and embarrassment. There’s no application fee (for approvals) or monthly service charge, and you owe interest and make payments only on the amount of cash advanced.

Credit Life Insurance and Credit Disability Insurance are also available to eligible members at special low group rates. This coverage insures the balance of your loan and makes the payments in case of disability or death. The cost is only a few cents per day, and the premium amout can be included in your loan payment.

Personal Line of Credit Outline
Rate 8.65% – 26.01%
Renewable term Every 6 – 18 months depending on the category
Pre-approved credit line Once a revolving credit line is established, funds can be borrowed up to the available line at anytime. There is no need to re-apply for each advance. It is an open end plan.
Minimum advance $500.00 ($20.00 fee if it is under $500.00)
Minimum payment Monthly payments are between 3% – 6% of the principal loan balance depending on credit worthiness.
Credit line amounts $500.00 – $20,000.000
LOC features
  • No annual fee
  • ATM Access
  • Low Rates
  • Monthly payments based on the available credit limit (actual amount you use)
  • Credit lines up to $20,000
  • If you don't need the revolving credit anymore you can refinance/convert it to a signature loan
Access methods

Transfer Funds to a CMECU savings/checking account or request a check via the following options:

  • Online through Home Banking — transfer funds into your checking or savings (check request are not available via home banking)
  • ATM — you can access your line of credit by using an ATM
  • Automated Phone Requests — using MECU your Telephone Teller at 800-760-MECU (6328) and take an advance 24/7
  • In person — visit any CMECU office
Payment options
  • Payroll Deduction*
  • Direct Deposit with automatic transfer
  • Home Banking transfer
  • By phone with MECU
  • Regular Payment
SEG's Direct Deposit is available to City of Chicago, CPS, City Colleges, Park District and Chicago Housing Authority.