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Personal Loans

WE HAVE PLENTY OF LOAN OPTIONS JUST FOR YOU.

Members First Credit Union of Florida is always ready to lend a hand to our members. One way we help you out is by offering a wide variety of Personal Loans. Depending on your preferences, you can apply for a Share Secured Loan, a Christmas Loan, a Lifestyle Loan…we’ve covered all the bases. We even offer a Credit Builder Loan so you can establish good credit.

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FIND THE RIGHT LOAN FOR YOU

We’re here to help you manage your finances in the best ways possible. We want to help you wisely use the products and services best suited to your needs and goals. Choose from the loan types below to learn more about each loan and see if it's right for you.


 Misc. Collateral

Have your home appliances seen better days? Do you need a new computer that isn't slow or buggy? We'll lend a helping hand with our Misc. Collateral Loan.

Apply for a Loan SEE OUR RATES


 


 Lifestyle Loan

Enhance your lifestyle with a Lifestyle Loan from Members First. Borrow up to $25,000 for up to 60 months for:

  • Your Dream Wedding
     
  • Honeymoon
     
  • Vacation
     
  • Braces
     
  • Surgery
     
  • Veterinary Care
  • Auto Repair
     
  • Heating/Air
     
  • Furniture
     
  • Home Gym Equipment
     
  • Camping or Fishing Gear
     
  • And So Much More

Apply for a Loan SEE OUR RATES


 


 Lifestyle Line of Credit

Our Lifestyle Line of Credit is a good option if you need a loan for a short-term emergency or for any other reason — you'll have money when you need it. Once you're approved, you can start using your line of credit now or later — it's up to you. Borrow what you want, when you need it, as long as it does not exceed your line of credit limit. Interest is charged as soon as money is borrowed and you can repay immediately or over time.

Apply for a Loan SEE OUR RATES


 


 Share Secured

Thinking about getting a Share Secured loan? Below, we've answered some frequently asked questions about Share Secured loans to help you decide if a Share Secured loan is right for you.

What is a Share Secured loan?

Share Secured loans are essentially a way for you to borrow, using your own savings as the collateral. Instead of using all your savings to make a purchase you’re borrowing against that sum while your money stays in your account, so you don't lose out on all future dividends and your emergency safety net.

How does a Share Secured loan Work?

When you're approved for a Share Secured loan, the Credit Union will place a hold on the amount you want to borrow against and you'll be granted the amount you requested in the form of a check or a deposit into your Checking Account. To pay back the loan, you can make payments through a monthly automatic withdrawal from your checking account, via direct deposit, or by sending in a check each month to the Credit Union.

Who would benefit from a Share Secured loan?

While there are many benefits to a Share Secured loan, borrowers with damaged credit who may not otherwise qualify for a loan stand to gain the most. Since there is minimal risk, you'll get approved quickly without a credit check.

When will the funds I am using as collateral be available for me to use again?

The availability of these funds varies by credit union. Some credit unions will release these funds in predetermined amounts as you make monthly payments on the loan and others will not allow you to access the frozen portion of your savings account until the entire loan has been paid. At Members First, we will release the funds to you as you pay down the principal balance of the loan. Plus, your shares will continue to earn dividends while your funds are frozen.

What are some advantages of a Share Secured loan?

  • It's Inexpensive. Since the lender is taking very little risk, they don’t need to charge a high interest rate to make their risk worthwhile. Interest rates on Share Secured loans are a fixed amount above dividend rate on your savings account. Since your account is earning dividends throughout the life of your loan, the actual loan ends up costing you less.
  • It's Convenient. You can usually get on-the-spot approval for a Share Secured loan. Your credit union only needs to verify the amount in your savings, approve of the amount you want to borrow, and place a hold on the funds you’re using to secure it. Once you’ve been approved for the loan, you can use the money in any way you’d like.
  • Improve your credit score. We'll report the loan just as we would a personal installment loan, so it will build credit history.
  • There are low requirements. There is generally no credit check when you apply for a Share Secured loan. As long as you’re a member of Members First Credit Union of Florida and you have enough in your account to sufficiently cover the loan, we’ll be happy to help you take out a Share Secured loan.

Apply for a Loan SEE OUR RATES


 


 Certificate (CD) Secured

Thinking about getting a Certificate (CD) Secured loan? Below, we've answered some frequently asked questions about CD Secured loans to help you decide if a CD Secured loan is right for you.

What is a Certificate or CD Secured loan?

A Certificate Secured loan or CD Secured loan is a type of personal loan that uses your Certificate of Deposit (CD) to secure the loan funds. Since the CD acts as collateral for the loan, there is generally no credit check and you'll get approved quickly.

How does a Certificate or CD Secured loan work?

With a CD Secured loan, your Certificate of Deposit acts as collateral. CD Secured loans allow you to retain your investment and get the additional cash you need and because CD Secured loans are personal loans, you can use the money for almost any type of expense. However, it is important to remember that since you are backing the loan with your CD, you risk losing that certificate if you fail to make payments on your loan.

What are the pros and cons of a Certificate or CD Secured loan?

Pros

  • When you apply for a CD Secured loan with a credit union that holds your CD, you can often get loan approval quickly, sometimes within hours, and receive funds within a day or two.
  • Since your CD is used as collateral to secure your Certificate or CD Secured loan, rates are often much lower than unsecured loan rates. You can view our rates here.
  • Your CD continues to earn interest throughout the life of the loan.
  • You can use the funds any way you choose.
  • We offer generous terms, allowing you to repay funds for the duration of your certificate.
  • Borrowers with damaged or poor credit often qualify for CD Secured loans.

Cons

  • You must already have a CD to qualify.
  • You cannot cash out your CD until after you’ve paid off the loan.
  • You risk losing your CD if you fail to make payments on your loan.

Who would benefit from a Certificate or CD Secured loan?

A CD Secured loan is good for people who want to build or repair credit, especially since secured loans typically offer lower interest rates than unsecured personal loans. It’s also a good option for people who have a solid grasp of their monthly finances since paying off the loan each month is critical in order to avoid losing CD funds. People with longer credit histories and a good credit score also benefit since these borrowers can borrow a large amount of money at a very low interest rate.

A CD Secured loan is also a good option for people who would like to take advantage of their CD funds without facing early withdrawal penalties. Before committing to a CD Secured loan, we recommend comparing any loan fees to the CD’s early withdrawal penalty. If it would cost less to simply break your CD early, a CD Secured loan may not be the best option for you.

Apply for a Loan SEE OUR RATES


 


 Secured Credit Cards

If you have damaged or little to no credit, a Secured Credit Card could be the right option for you. Our cards come with a fixed rate, meaning you never have to worry about surprise rate hikes. Below we've answered a few frequently asked questions about Secured Credit Cards to help you decide if a Secured Credit Card is right for you.

What's the difference between secured and regular credit cards?

Secured Credit Cards require a cash security deposit, while regular/unsecured cards do not. The cash deposit you make to open your Secured Credit Card is equal to your credit limit.

How does a Secured Credit Card work?

A Secured Credit Card is backed by a cash deposit you make when you open the account. The amount of your deposit is put on hold in your savings account and the deposit is equal to your credit limit. This means, if you deposit $500, you'll have a $500 limit on your Secured Credit Card. Once you're approved, you can begin using your Secured Credit Card to make purchases and help build your credit.

Is the deposit "loaded" onto a Secured Credit Card?

No. A Secured Credit Card is different from a prepaid debit card that you "load" with money. With prepaid debit, you put money on the card and spend that money when you make purchases. A Secured Credit Card works just like a regular credit card. You make purchases with your Secured Credit Card, and then you pay them off later. The deposit acts as collateral and comes into play only if you don't make your payments. In that case, your deposit is used to pay your debt.

Can I get my deposit back on a Secured Credit Card?

Yes. When you close your Secured Credit Card account in good standing (meaning you've paid off your balance) or when you upgrade to an unsecured card from Members First, the hold on your security deposit will be released and you'll be able to access the funds.

How should I use a Secured Credit Card?

A Secured Credit Card is a great way to build your credit. Make small purchases with it regularly and pay those purchases off in full every month to avoid paying interest. Strive to keep your balance below 30% of your limit. If you use this tool responsibly, you can build a solid payment history, improve your credit, and get a regular credit card with better benefits.

Apply for a Loan SEE OUR RATES


 
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 Christmas/Holiday Loan

Our Christmas/Holiday loan is available from October - February for members who want a bit of extra cash during the holidays. Borrow up to $2,000 for up to 12 months to spend on gifts for your loved ones, travel, a feast for family and friends, and more.

Apply for a Loan SEE OUR RATES


 


 Vacation/Summer/Back-to-School Loan

Our Vacation/Summer/Back-to-School loan is available from April - September. Borrow up to $2,000 for up to 12 months to spend on travel or back-to-school essentials. Our Vacation/Summer/Back-to-School loan is also a great option for educators who don’t have regular income over the summer and need some extra cash until the school year starts again.

Apply for a Loan SEE OUR RATES


 


 Debt Consolidation Loan

Bring yourself one step closer to peace of mind and ditch your debt with a Debt Consolidation loan from Members First. With a Debt Consolidation loan you can roll multiple debts, typically high-interest debt such as credit card bills, into a single, low, monthly payment. In essence, a Debt Consolidation loan helps you reduce your total debt and reorganize it so you can pay it off faster.

 

Example

You have a store card and two credit cards with interest rates that range from 15.95% - 20.63% APR.

Store Card

$3,000 at 20.63% APR

Credit Card #1

$1,865 at 17.99% APR

Credit Card #2

$2,000 at 15.95% APR

You consolidate your three cards with high-interest rates with a Debt Consolidation loan. So you now owe the combined sum at a lower, fixed APR that you can pay in installments over a determined period of time, bringing you one step closer to ditching your debt. Plus, you'll save in the long run by paying less in interest.

 

Apply for a Loan SEE OUR RATES


 


 New & Used Mobile Homes

Please contact Credit Human. Call (877) 475-6852 or visit their website.

Contact Credit Human


 

 

Contact Us

If you have any questions regarding which Personal Loan is best for you, please stop by one of our locations or speak with a Call Center Representative at (850) 434-2211 or toll-free at (877) 434-6328. Our Call Center hours are Monday - Friday from 8:30 a.m. - 4:30 p.m. 

 

RESOURCES

We've got the tools you need to help you make the best decision for you. View loan rates, estimate your monthly payments, and more. 

 

 

The annual percentage rate you pay will be based on the number of months your loan is financed, the loan type and your credit history. The APR will be disclosed prior to an advance being made on a loan. Loan terms may vary based on value and type of collateral.

*APR=Annual Percentage Rate. Equal Housing Lender. All rates are subject to change without notice. For complete terms and conditions, click here to email us or contact a Call Center Representative at (877) 434-6328 or locally at (850) 434-2211.

 

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Equal Housing Lender National Credit Union Administration
This Credit Union is federally-insured by the National Credit Union Administration. We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act.
Members First Credit Union of Florida is not affiliated with Members First Credit Union (Kentucky)

Members First Credit Union of FL is committed to providing a website that is accessible to the widest possible audience in accordance with ADA standards and guidelines. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 877-434-6328. We are actively working to increase accessibility and usability of our website to everyone. All products and services available on this website are available at all Members First Credit Union of FL branches.

 

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