NEWS & INFORMATION

Business Hours
Monday 8:30 AM to 4:00 PM
Tuesday 8:30 AM to 4:00 PM
Wednesday 8:30 AM to 4:00 PM
Thursday 8:30 AM to 4:00 PM
Friday 8:30 AM to 12:00 PM
Closed Weekends & Holidays

DEBIT CARDS HAVE BEEN DISCONTINUED

We no longer offer debit cards.

As of May 2017 the debit card service has been discontinued.

Vacation Loans

It’s vacation season! Now is the time to take out a low rate vacation loan. We have vacation loans as low as 9.00% APR*

*APR = Annual Percentage Rate

more info.

Download a Loan Application


DO YOU NEED A SPRING AHEAD LOAN??  ARE YOU A MEMBER OF THE CREDIT UNION??

The LMEFCU will be accepting applications for

“SPRING AHEAD LOANS”

BEGINNING, APRIL 1, 2019 TO JUNE 30, 2019.

Loans are approved and interest is determined based on credit scores reported by EQUIFAX. Approval also depends on the amount of monthly debt.

Maximum Loan Amount (Base on Credit Score):   $2500.00

CREDIT SCORE:     PMT PERIOD:        INTEREST RATE:     MAX. AMT.:     

650 OR MORE         52 WEEKS                   6%                               $2,500.00

600-649                     52 WEEKS                   7%                               $2.000.00  

500-599                     52 WEEKS                   8%                               $1,500.00           (May require co-signor)

Existing SPRING AHEAD Loans:   Balance must by paid before new loan proceeds are dispersed.

The present credit union policy allows for only 2 unsecured loans at any point in time.

NOT A MEMBER?? No Problem! If you are an employee of the City of Lowell/Schools for 60 DAYS you are eligible to become a member and apply for a loan.  We are located at City Hall Room 11. Hours 8:30am – 4:00pm M-TH, FRI-8:30-12:00.

Loan Rates



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Tier Model Yrs Term Credit Debt Ratio Max Interest Rate
1
New
  2019-2020    1-5 Years     700-850   42.00%   $50,000.00   2.35%  APR* 
2
New 
  2019-2020    1-5 Years     600-699   38.00%   $40,000.00   2.99%  APR* 
3†
New 
  2019-2020    1-5 Years     500-599   32.00%   $30,000.00   3.99%  APR* 
1
Used
  Any Year-    1-5 Years     700-850   42.00%   $40,000.00   2.49%  APR* 
2
Used
  Any Year-    1-5 Years     600-699   38.00%   $30,000.00   3.19%  APR* 
3†
Used
  Any Year-    1-5 Years     500-599   32.00%   $22,000.00   4.49%  APR* 

more info.

Tier Max Years Credit Score Debt Ratio Max Amount Interest Rate
1    1 Year     650-850   42.00%   $6,000.00   2.50%  APR* 
2    1 Year     600-699   38.00%   $4,000.00   2.75%  APR* 
3†    1 Year     500-599   32.00%   $2,000.00   3.00%  APR* 

more info.

Tier Type Max Years Credit Score Debt Ratio Max Amount Interest Rate
1    Unsecured    4 Years     700-850   42.00%   $15,000.00   10.00%  APR* 
2    Unsecured    4 Years     600-699   38.00%   $10,000.00   11.00%  APR* 
3†    Unsecured    4 Years     500-599   32.00%   $5,000.00   12.00%  APR* 

more info.

Tier Condition Max.Years Credit Score Debt Ratio Max Amount Interest Rate
1       New    5    700-850   42.00%   $50,000.00   2.99%  APR* 
2       New    5    600-699   38%   $25,000.00   3.49%  APR* 
5       New    5    500-599   32%   $15,000.00   4.99%  APR* 
1       Used   5    700-850   42.00%   $40,000.00   3.49%  APR* 
2       Used   5    600-699   38%   $20,000.00   3.99%  APR* 
5       Used   5    500-599   32%   $12,000.00   4.49%  APR* 

more info.

Tier Max Years Credit Score Debt Ratio Max Amount Interest Rate
1    1 Year     700-850   42.00%   $2,500.00   9.00%  APR* 
2    1 Year     600-699   38.00%   $2,000.00   10.00%  APR* 
3†    1 Year     500-599   32.00%   $1,500.00   11.00%  APR* 

more info.

*APR = Annual Percentage Rate, APY = Annual Percentage Yield. Individuals with credit scores of 350-499 are not eligible for consideration. † Co-borrower with at least a 650 or higher credit score and credit committee approval.

The Smart Option Student Loan

With college costs growing fast, it’s time to borrow smarter. The Smart Option Student Loan® offers three repayment options and competitive interest rates to help you pay for college expenses not covered by scholarships and federal loans.