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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
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Rate
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8.65% - 26.01%
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Renewable Term
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Every 6 - 18 months depending on the category
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Pre-approved Credit Line
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Once a revolving credit line is established, funds can be
borrowed up to the available line at anytime. There is noe
need to re-apply for each advance. It is an open end plan.
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Minimum Advance
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$500.00 ($20.00 fee if it is under $500.00)
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Minimum Payment
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Monthly payments are between 3% - 6% of the principal loan
balance depending on credit worthiness.
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Credit Line Amounts
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$500.00 to $20,000.00
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LOC Features
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No annual fee
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ATM Access
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Low Rates
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Monthly payments based on the available credit linit (actual
amount you use)
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Credit lines up to $20,000
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If you don't need the revolving credit anymore you can
refinance/convert it to a signature loan
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Access Methods
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Transfer Funds to a CMECU savings/checking account or request a
check via the following options:
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Online through Home Banking - transfer funds into your
checking or savings (check request are not available via home
banking)
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ATM - you can access your line of credit by using an ATM
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Automated Phone Requests - using MECU your Telephone Teller
at 800-760-MECU (6328) and take an advance 24/7
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In person - visit any CMECU office
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Payment Options
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SEG's
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Direct Deposit is available to City of Chicago, CPS, City
Colleges, Park District and Chicago Housing Authority.
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