Michoud Credit Union

 










Loans

Signature/Unsecured Loans

  • $500- $20,000

  • Borrow for almost any purpose with various repayment terms up to 60 months.

Holiday Loans (No Credit Check)

  • $500-$2,500

  • Fixed rate personal Lines of Credit with a fixed payment schedule based on outstanding loan balance after each advance.

  • A member who has been a member of MCU for 1 year or more and has been in good standing with MCU is eligible to borrow.

Tuition Lines of Credit

  • $500 - $20,000

  • For the specific purpose of paying school tuition (any level of education) with a fixed rate and fixed payment schedule. Applicant provides the credit union with evidence of enrollment and cost of tuition and loan proceeds are payable to the school.

  • Repayment term up to 18 months.

MasterCard Classic Card

  • Credit Limits up to $10,000

  • No Annual Fee

  • Variable payments schedule based upon outstanding balance

MasterCard Secured Card

  • Loan secured by applicable shares on deposit with the credit union

  • Credit Limits up to $10,000

  • No Annual Fee

  • Variable payment schedule based upon outstanding balance

Auto, Truck, Boat, RV
 

New Vehicle Loans (cars, trucks, motor homes, RVs, motorcycle, boat & tractor)

  • Competitive rates with up to 72 month financing

  • New vehicle loans to purchase or refinance non-commercial new vehicles up to 100% MSRP.

Used Vehicle Loans (cars, trucks, motor homes, RVs, motorcycle, boat & tractor)

  • Up to $40,000

  • Competitive rates with up to 60 month financing

  • Used vehicle loans to purchase or refinance non-commercial used vehicles up to 100% of the NADA Trade In value.

Collateral Loans

  • Loan programs for new and used auto loans, in which the borrower owns title

  • Up to $40,000

  • Competitive rates, up to 60 month financing, up to 100% of NADA Trade In Value.

Real Estate
 

Conventional Fixed Rate And Adjustable Rate First Mortgage Loans

  • Conventional fixed rate first mortgage real estate loans to purchase or refinance single and double owner occupied residential dwellings.

  • For application packets, visit CU Member Mortgage online at www.homeloancu.com or call 1-866-277-7680 or 1-800-607-3474.

Home Equity Loans

  • $5,000 to $50,000

  • Up to 180 month financing

  • Fixed rate closed end Home Equity Loans on single and double owner occupied residential dwellings.

  • Borrow up to 80% of appraised value minus first mortgage balance.

  • Variable Rate Home Equity Loans are available, contact the Loan Department at (504) 257-4208

Share Pledge
 

Share Pledge Loans

  • Loans secured by applicable shares on deposit with the credit union. Loan interest rate is prime lending rate published in the New York Wall Street Journal plus 3.00% up to 60 months

  • Loans secured by qualified Share Certificates of Deposit. Loan interest rate is 2 1/2% above the rate earned on the related deposit account up to 60 months.

  • Loans secured Christmas club or Vacation Club shares on deposit. Loan interest rate is prime lending rate published in the New York Wall Street Journal plus 3.00% up to 12 months..

 

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