Summer in Mississippi means sunshine, travel, and home upgrades—but it can also come with unexpected costs. Whether it’s fixing an aging air conditioner, finally tackling that kitchen renovation, or booking a long-overdue vacation, expenses add up quickly. At Members Exchange Federal Credit Union (MEFCU), we believe your summer plans shouldn’t be stalled by your wallet.
Flexible, Affordable Financing to Support Your Goals
Instead of draining your savings or racking up high-interest credit card debt, consider a MEFCU personal loan. With options including Member Savings Loan, Share Certificate Loan, Unsecured Loan, and Personal Line of Credit, MEFCU helps you stay in control while pursuing the summer you deserve.
What Can You Use a MEFCU Personal Loan For?
Personal loans are a smart way to fund:
- Summer vacations and travel expenses
- Home improvements or repairs, like HVAC replacements
- Emergency costs or medical bills
- Debt consolidation to manage high-interest credit card balances
And because MEFCU loans come with competitive rates and flexible terms, you’ll always know what to expect.
Personal Loans vs. Using Your Savings
When deciding between tapping into your savings or taking out a loan, it helps to weigh the long-term impact on your financial health. Generally, using savings makes sense if:
- You’ll still have at least 3–6 months of living expenses left after the purchase
- The expense won’t wipe out your emergency fund or leave you vulnerable
A personal loan, however, might be a smarter choice when:
- You want to keep your emergency fund intact for true emergencies
- You’re consolidating high-interest credit card debt into a single, manageable payment
- The loan offers a fixed rate and predictable terms that fit your budget
With MEFCU’s flexible options and competitive rates, you can borrow with confidence, without jeopardizing your financial safety net. These practices align with NCUA’s 2025 supervisory priorities, which stress strong credit risk management and member-focused lending.
Build or Rebuild Credit With a Member Savings Loan
Looking to build or improve your credit? MEFCU’s Member Savings Loan offers a smart, low-risk way to do both, while helping you save.
How it works:
- Your loan amount is held in a secure savings account
- You make regular monthly payments
- Once paid in full, the funds are released to you
This structure helps establish a positive payment history and grows your savings at the same time.
Why choose a secured loan?
Secured loans are ideal for those who may not qualify for unsecured credit. They offer lower interest rates, better approval odds, and a responsible path to improving your credit profile. With MEFCU, you get a credit-building loan that’s safe, structured, and designed for your long-term success.
Know Your Options: Unsecured Loans vs. Lines of Credit
If you’re wondering which option fits best, here’s how they differ:
Unsecured Personal Loan
- Fixed amount
- Predictable payments
- Great for one-time expenses (like a vacation)
Personal Line of Credit
- Used for any purpose
- Pay interest only on what you use
- Ideal for ongoing or variable expenses
- Avoid “bounced” or returned checks on your Members Exchange checking account
Can You Finance Emergency Repairs with MEFCU?
Yes! If your A/C breaks in July or your car needs sudden repairs, MEFCU personal loans provide quick, flexible financing. Personal loans are a suitable solution for urgent, short-term needs when borrowers have a clear repayment plan.
Apply Online—Fast, Easy, and Secure
You don’t need to visit a branch to get started. MEFCU’s secure online application process makes it easy to:
- Apply anytime, anywhere
- Get a quick response
- Upload documents and e-sign digitally
Smart Financing for Every Summer Goal
Whether you’re planning a family vacation, tackling home improvements, or covering unexpected expenses, MEFCU offers a range of personal loan options designed to fit your lifestyle, and your budget.
Loan Highlights:
- Unsecured Personal Loans: Borrow $2,500 to $25,000 with fixed rates from 10.49% to 16.49% APR. Perfect for one-time expenses like vacations, home repairs, or debt consolidation—no collateral required.
- Member Savings Loans: Get automatic approval on amounts from $500 to $3,000 with a fixed 7.00% APR. Build your credit while saving—the loan is secured by funds held in your MEFCU savings account.
- Personal Line of Credit: Enjoy open-ended borrowing with rates from 12.49% to 18.00% APR. Access funds as needed and only pay interest on what you use—ideal for ongoing or variable summer expenses.
- Share Certificate Loans: Use your share certificate as collateral and borrow at a rate just 3% above your certificate rate, while your savings continue to earn interest.
Make This Summer Count—Without Breaking the Bank
At MEFCU, we’re here to help you enjoy life’s moments without the financial stress. Whether you’re planning a vacation, funding repairs, or consolidating debt, our affordable personal loans and expert support make it easier to stay on track.
With over 70 years of experience, Members Exchange proudly serves members across Mississippi, including Hinds, Madison, Rankin, Simpson, Copiah, Attala, Claiborne, Covington, Holmes, Jasper, Jefferson, Jefferson Davis, Jones, Lawrence, Leake, Lincoln, Neshoba, Newton, Scott, Smith, Warren, Winston, and Yazoo Counties. MEFCU is committed to providing trusted financial expertise and community-focused service to members throughout the state.
Contact Members Exchange today to learn more about our services. Visit our branches, explore our blog, or call us at (601) 922-3350 or 1-800-748-9459. Let’s make your summer goals a reality.
