Youth Loans

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  • Our youth loan program is intended to help young people establish a credit history while helping them purchase things they want or need. From a bicycle to a computer, sports equipment to musical instruments, you can make it happen with MCCU!

    Youth Loans
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    Details
    • Available for members age 13-17
    • Youth members must have regular income from verifiable sources
    • Documentation is required for all sources of income
    • Parent or guardian's knowledge or consent is required, but they are not required to act as co-signers
    Required Documentation
    • Youth Loan Application
    • Counselors/School Representative Form
    • Parental Consent Form
    • Income Documentation
    • Consumer loan application and proof of income (if using a co-signer)
    Types of Loans/Rates
    • Installment Loans:
    • Maximum $500
    • Maximum term of 24 months
    • Interest Rate
    • Without a co-signer — equal to the unsecured rate for borrowers with no credit score
    • With a co-signer — based on unsecured rate schedule of co-signer
    • Visa®:
    • Co-signer required
    • Must have a co-signer for a credit card. Co-signer must provide documentation necessary for the loan officer to verify the ability to repay
    • $500 limit — interest rate is based upon the parent/guardian's credit score