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loans Midland Teachers Credit Union

Personal Loans

Our lending options help fund your dreams.

As a credit union member you may borrow for any worthwhile purpose. We offer fast service and competitive rates. Payments can be geared to your convenience and to meet your budget. Member pay credit life and credit disability are available on all loans.

MTCU's web site is connected to third-party websites. The links are for informational purposes only and not an endorsement of those products or services. Third party websites accessed by links are not part of the credit union or its website. Be sure you know your privacy rights when offering information to those sites.

Collections Q&A

Staying current with your loan payment is vital to protecting your credit score. Below are some questions about managing those payments within the terms of your loan.

What is a loan extension and am I eligible for one? 

A loan extension allows you to not make a payment for a particular month. You are allowed 2 extensions due to a financial hardship over the life of the loan.

When is an account considered past due and when is it reported to the credit bureau? 

A loan is past due the day after the due date, however we do allow a ten (10) day grace period. Delinquent loans are reported to the credit bureaus when they are 30 or more days past due.

What if I change jobs or move?

You need to keep the credit union updated on any job changes or changes in residence. If you are paying your loan via payroll deduction, we will discontinue the payroll deduction and issue you a payment coupon book for the remainder of the loan balance due.

I lost my job. Will the credit union work with me so I can remain in good standing with the credit union? 

Every member's situation is unique and is handled differently, so please call the Credit Union and ask to speak to a Collection Officer.

We offer two options for job loss or difficult financial times.

Unemployment Relief is available for Members that are no longer employed and have proof of “unemployment benefits”.  MTCU Members then have the opportunity to be approved for half payments for a 3 month time frame. After the 3 month extension, payments resume at the agreed full payment amounts. 

People Helping People Relief is available for Members that can substantiate and provide proof that they are in financial hardship.  Once approved, a loan can be extended to the original term of months.  The original rate will stay the same, and no new monies will be added.  This will allow the monthly loan payment to decrease and provide a smaller dollar amount required for payments.  

I misplaced my coupons, how can I get more? 

Simply call the loan department and we will order more upon request.

Repossessed Vehicles for sale 

There are times that we have repossessed vehicles for sale. Any derogatory information known about the vehicle will be made available to potential purchasers when they test drive the vehicle, if not before. We encourage prospective buyers to take the vehicle to their mechanic prior to purchasing said vehicle. Repossessions are sold on an "AS IS" basis.

How can I reduce the amount of my payment? 

The Credit Union can consider refinancing a loan to reduce payments, or you can apply for the “People Helping People” relief loan, as mentioned above.  

 



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