Mountain America Credit Union Personal Loans Review 2023

Pros Explained

• Loan discount for checking account holders: Members who have a MyStyle Checking account will get a 0.25% interest rate discount.
• No origination fees: Some lenders charge a fee upfront, which adds to the cost of borrowing, but Mountain America Credit Union does not.
• Skip-a-Payment deferral option: MACU has a unique loan payment extension program that allows borrowers to skip up to two payments per year. There is a $25 fee, but it can help out in a pinch.

Cons Explained

• No pre-qualification available: If you want to apply for a personal loan from Mountain America Credit Union, you’ll have to accept a hard check on your credit.
• Must have a demographic or job affiliation to join: Unlike some credit unions that allow you to join via a donation to an outside organization, it’s a little harder to qualify for Mountain America membership. You’ll need to be a Utah resident, work for certain employers, or be related to someone who is already a member.
• Some loan requirements and other details are not disclosed: MACU does provide a rate range online and state that it does not charge an origination fee, but there isn’t a lot of other info. No specific loan requirements are posted, for example. 

Types of Personal Loans Offered by Mountain America Credit Union

Mountain America Credit Union offers unsecured personal loans that can be used for a variety of reasons. No collateral is required. Some common uses for a personal loan from MACU include: 

• Debt consolidation
• Paying a tax bill
• Getting short-term funding to pay for vacations or an event
• Funding a home improvement or large purchase
• Covering unexpected expenses such as a medical emergency

Personal loans cannot be used for homes or vehicles. There are separate loan categories for those purchases that use the property or vehicle as collateral.

Time to Receive Personal Loan Funds

Mountain America Credit Union doesn’t specify how long it takes to process funds, but you may receive approval within as little as a few minutes. Approval times vary depending on your application details and how you apply.

Borrower Requirements

• MACU doesn’t specify a minimum recommended credit score, but the better your score, the lower the rate.
• Other requirements such as income are not disclosed.
• You must be a Mountain America Credit Union member to apply. This also requires that you open an MACU savings account.

Mountain America Credit Union Personal Loan Features

Mountain America Credit Union personal loans are fixed-rate installment loans. Some of the features include:

• No prepayment penalty: If you want to pay off the loan in full or make additional principal payments to get it paid off faster, you won’t be charged a prepayment penalty.
• Paying your creditors directly: If you opt for a debt rescue program loan for debt consolidation, MACU will pay off your balances with existing creditors so that all you have to focus on is your new loan.
• Interest rate discount with checking account: Opening a MyChecking account with MACU provides the benefit of a 0.25% lower interest rate on personal loans.
• Apply and manage loan on mobile app: MACU’s mobile app lets you do all of your banking from your smartphone, including applying for a personal loan.

Co-Signers and Co-Applicants

Mountain America Credit Union allows co-signers on its personal loans. This is helpful for members who may not meet the qualifications to borrow on their own. Note that while you are the primary borrower, a co-signer is on the hook if you do not meet your payment obligations. 

You may also apply for a loan with a co-applicant, meaning that you both jointly borrow the loan together and have equal responsibility for paying it back.You also have equal ownership of the loan.

Can You Refinance a Personal Loan With Mountain America Credit Union?

MACU allows you to refinance other types of loans, including secured loans, but does not disclose whether you can refinance a loan product that you originated with MACU.

Customer Service

Mountain America Credit Union offers standard customer service availability, with email and telephone being the most common ways to get in touch. You can also schedule an appointment to visit a local branch. There is no option for chat support.