Unsecured & Other Loans

Members may apply for personal loans (no collateral required) for any prudent purpose, including:

• Debt consolidation
• Home improvements
• Vacation or holiday expenses
• Vehicle repairs
• Tuition and school expenses

Loans are available to members with little or no established credit as well as those with moderate credit history problems.  All loans have a fixed interest rate which remains the same over the life of the loan.

MAXIMUM LOAN:   $25,000              MINIMUM LOAN:   $300

ELIGIBLE LOAN AMOUNT:   The amount you may borrow is determined by a review of your annual gross income, your credit history, and your finances. The maximum loan offered may be as high as 18% of your annual income. Request the amount you need and we will provide a quick response as to what the Credit Union can provide.

INTEREST RATES:   As low as 8.49% annual percentage rate (maximum rate 17.75%) 
Interest rate is determined by a review of the member’s credit history and finances. Members with established credit and credit scores of 730 or greater will qualify for the lowest rates available. Rates listed  above include a 1/4% automatic repayment discount.

REPAYMENT TERMS:   Depends on the new loan amount:

HOW CAN I APPLY?

You may apply for a personal loan in-person, by telephone, through our secure website (lmfcu.org) or the mail.  Applying by phone usually takes less than 15 minutes.
Loan requests are approved in less than 1-hour.
New loans are issued in person, by Federal Express (no charge) or through the mail.

QUESTIONS?  Call our Loan Department at (410) 687-5240 or (800) 410-0501. Loan specialists are available Monday through Wednesday 9 am to 5 pm and Thursday & Friday 9 am to 6 pm (EST).

We offer short-term Education and Computer loans.

• Maximum loan of up to $5,000, minimum loan $500.
• Repayment terms up to 24-months
• ¼% rate discount for automatic payment
• Repay by convenient payroll deductions, automatic account transfer, or by mail

To qualify for this special loan, you must use the proceeds for one of the following:

• Payment for grade/middle/high school, trade school or college courses or expenses including tuition, books, miscellaneous school supplies & registration fees.
• Purchase of a desktop or laptop computer, tablet, or other peripheral (excluding phones & game consoles).
• Provide something in writing to confirm the purpose of the loan (such as a school bill, ad for a computer item, etc.).

Apply for a loan in as little as 15 minutes:

• By phone Monday – Wednesday, 9 am - 5 pm EST
  Thursday & Friday 9 am - 6 pm
• In person with an experienced loan specialist
• Online by visiting lmfcu.org 24 hours a day!

Approvals are given within an hour or by the next business morning.

APR = Annual Percentage Rate. Restrictions apply. Funds are given directly to you.

3/31/25

Have little or no established credit? 

We offer personal loans even if you don’t have a credit score. 

Getting an established credit record and a good credit score will help you take the next step in getting a credit card, a vehicle loan, and eventually a home mortgage.

Your credit record can also affect your ability to get certain jobs and your rates for auto or homeowners insurance policies.

• Loans of up to $1,000 available
• No application fees
• No credit score required
• Co-signers are typically not required
• Loan is reported to the credit bureau
• Apply by telephone or online 

Questions? Contact a Loan Specialist at 800-410-0501 or at loans@lmfcu.org.

A Rediline Checking Overdraft Loan is an overdraft line of credit that is tied to your LM Federal Checking Account. Funds are advanced in $100.00 increments and are automatically transferred to your Checking Account when an overdraft occurs. 

Credit lines of $500 to $5,000 are available, depending on your credit and income. The minimum monthly payment is the greater of $25 or 4% of the end-of-month loan balance. Payments are automatically transferred from the checking account on the 25th of the following month.  There is no annual maintenance fee. A small convenience fee is charged when automatic overdraft transfers are performed.

The Rediline is also an easy and convenient line of credit for quick access without the need for an account overdraft. You can draw from the Rediline using Online or Mobile Banking or by contacting a Member Service Representative.

These loan options allow you to borrow against the funds in your Credit Union Share (Savings) Account or regular Certificate Account. You may borrow up to the available balance of your Share (Savings) Account (excluding the $25 minimum balance) and up to 95% of the balance of your Certificate Account. The minimum loan is only $300.00. The maximum loan is $100,000.00. No credit check is performed for Share or Certificate Loans. A hold is placed on the funds secured by the loan. The hold is reset to the loan balance whenever you make a loan payment. You continue to earn dividends on the full amount in your share or certificate account.

Why take a share or certificate secured loan?

1) Build Your Credit:  A Share Loan is a great way to establish your credit history as the Credit Union reports share loans to the Credit Bureau. The loan is coded as a "secured loan" on your credit report, but it does not specify that the security is your share account.

2) Avoid Drawing Down Savings:  Some members fear that if they withdraw the funds from their account, they won't be able to replenish those funds in the future. With a share secured loan, you never withdraw those funds. You make the required minimum loan payment and pay a low interest rate on the loan.

Note: Individual Retirement Accounts may not be used as the basis of a Certificate Loan because of their tax-deferred status.