Pros Explained

• Loan discount for checking account holders: Members who have a MyStyle Checking account will get a 0.25% interest rate discount.
• No origination fees: Some lenders charge a fee upfront, which adds to the cost of borrowing, but Mountain America Credit Union does not.
• Skip-a-Payment deferral option: MACU has a unique loan payment extension program that allows borrowers to skip up to two payments per year. There is a $25 fee, but it can help out in a pinch.

Cons Explained

• No pre-qualification available: If you want to apply for a personal loan from Mountain America Credit Union, you’ll have to accept a hard check on your credit.
• Must have a demographic or job affiliation to join: Unlike some credit unions that allow you to join via a donation to an outside organization, it’s a little harder to qualify for Mountain America membership. You’ll need to be a Utah resident, work for certain employers, or be related to someone who is already a member.
• Some loan requirements and other details are not disclosed: MACU does provide a rate range online and state that it does not charge an origination fee, but there isn’t a lot of other info. No specific loan requirements are posted, for example. 

Types of Personal Loans Offered by Mountain America Credit Union

Mountain America Credit Union offers unsecured personal loans that can be used for a variety of reasons. No collateral is required. Some common uses for a personal loan from MACU include: 

• Debt consolidation
• Paying a tax bill
• Getting short-term funding to pay for vacations or an event
• Funding a home improvement or large purchase
• Covering unexpected expenses such as a medical emergency

Personal loans cannot be used for homes or vehicles. There are separate loan categories for those purchases that use the property or vehicle as collateral.

Time to Receive Personal Loan Funds

Mountain America Credit Union doesn’t specify how long it takes to process funds, but you may receive approval within as little as a few minutes. Approval times vary depending on your application details and how you apply.

Borrower Requirements

• MACU doesn’t specify a minimum recommended credit score, but the better your score, the lower the rate.
• Other requirements such as income are not disclosed.
• You must be a Mountain America Credit Union member to apply. This also requires that you open an MACU savings account.

Mountain America Credit Union Personal Loan Features

Mountain America Credit Union personal loans are fixed-rate installment loans. Some of the features include:

• No prepayment penalty: If you want to pay off the loan in full or make additional principal payments to get it paid off faster, you won’t be charged a prepayment penalty.
• Paying your creditors directly: If you opt for a debt rescue program loan for debt consolidation, MACU will pay off your balances with existing creditors so that all you have to focus on is your new loan.
• Interest rate discount with checking account: Opening a MyChecking account with MACU provides the benefit of a 0.25% lower interest rate on personal loans.
• Apply and manage loan on mobile app: MACU’s mobile app lets you do all of your banking from your smartphone, including applying for a personal loan.

Co-Signers and Co-Applicants

Mountain America Credit Union allows co-signers on its personal loans. This is helpful for members who may not meet the qualifications to borrow on their own. Note that while you are the primary borrower, a co-signer is on the hook if you do not meet your payment obligations.  You may also apply for a loan with a co-applicant, meaning that you both jointly borrow the loan together and have equal responsibility for paying it back.You also have equal ownership of the loan.

Can You Refinance a Personal Loan With Mountain America Credit Union?

MACU allows you to refinance other types of loans, including secured loans, but does not disclose whether you can refinance a loan product that you originated with MACU.

Customer Service

Mountain America Credit Union offers standard customer service availability, with email and telephone being the most common ways to get in touch. You can also schedule an appointment to visit a local branch. There is no option for chat support.

Medium	Contact	When
Telephone	800-748-4302	Monday to Friday, 6 a.m. to 9 p.m. MT
Email		24/7
In Person	Make an or by phone	During branch hours

Customer Satisfaction

Mountain America Credit Union has mixed reviews online. Although it has an A+ Better Business Bureau rating, there were 89 customer complaints over the last three years. Mountain America has closed 46 of those complaints, however. 

On Trustpilot, the score is poor (just 2.3 out of 5), but there have only been 22 reviews.

Mountain America Credit Union Membership Requirements

As a credit union, Mountain America does require membership to use its banking services or take out a personal loan. You will need to meet one of the following criteria:

• Be a resident of one of four Utah counties
• Be a family member of an existing Mountain America member
• Live with a Mountain America member
• Be an employee or volunteer of a Select Employer Group (SEG) or affiliated association

Applying for a Mountain America Credit Union Personal Loan

1. Become a member of Mountain America Credit Union. If you try to apply for a personal loan before you are a member, you will be redirected to join. To open a membership, you’ll have to meet eligibility requirements and open a savings account.
2. Decide how you wish to apply. You can apply for a personal loan on the MACU app or website or make an appointment to do so in person at a branch.
3. Fill out the application. You’ll have to include your personal contact information, consent to a credit check, and answer some basic questions about your current income and debt situation. 
4. Receive your loan offer in a few minutes. In most cases, a decision will be made quickly, and if approved, you can go over the details of the loan offer. If you accept, your funds will then process and be deposited into your account (funding time is not disclosed). If you choose a consolidation loan, MACU will pay your creditors directly.

Other Banking Services and Loans Offered by Mountain America Credit Union

MACU offers financial services for both consumers and business owners including bank accounts, investment options, lending, and more. Some of the products it offers include:

• Checking accounts
• Savings accounts
• Money market accounts
• Individual retirement accounts (IRAs)
• Certificates of deposit
• Home loans
• Auto loans
• Personal loans
• Credit cards
• Wealth management
• Retirement planning
• Insurance
• Protection

Compare Mountain America Credit Union With Other Personal Loan Lenders

	Mountain America
APR Range	12.74%–18.00%	8.95%–17.90%	8.99%–29.49%
Loan Amount	Not disclosed	$300–$100,000	$5,000–$100,000
Loan Terms	6–72 months	6–84 months	24–84 months
Recommended Minimum Credit Score	Not disclosed	640	Not disclosed
Origination Fee	None	None	None
Time to Receive Funds	Same day	Same day	Same day

The Bottom Line

Getting a personal loan from a credit union often means having access to competitive rates, favorable loan terms (like no fees), and slightly less stringent requirements. MACU seems to fit the bill in all of those respects.

If you are already a MACU member or live in an area where there is a branch, then it could be a good option to consider. Otherwise, it will likely make more sense for you to choose a local credit union or online national bank. That said, we do like that you can easily apply online or via app and get a quick response. However, the whole process could be improved with more upfront information about the loan requirements or a pre-qualification option so you can get a rate quote without a hard credit check.

How Can You Qualify for Membership at Mountain America Credit Union?

To qualify as a Mountain America Credit Union member, you must meet one of the following qualifications: Be a resident of one of four Utah counties; be a family member of an existing Mountain America member; live with a MACU member; or be an employee or volunteer of a Select Employer Group (SEG) or affiliated association. Once you have that requirement met, you must open a MACU savings account to complete your membership application.

Who Is Mountain America Credit Union Owned By?

Mountain America Credit Union, like other credit unions, is member-owned. That means it is a not-for-profit financial institution. The volunteer board of directors is elected by members. It’s one of the main differences between credit unions and banks. 

Which States Have Mountain America Credit Union Branches? 

Mountain America Credit Union has branches in Arizona, Idaho, Montana, Nevada, New Mexico, and Utah. However, anyone in the United States can become a member and apply for a personal loan.

What Credit Score Do You Need for a Mountain America Credit Union Personal Loan? 

Mountain America Credit Union does not disclose a minimum credit score for its personal loans. Because you do have the option to apply with a co-signer, there is some leeway for people who do not have strong credit.

What Is the APR at Mountain America Credit Union?

The APR for personal loans at MACU ranges from 12.74% to 18% depending on your creditworthiness, loan details, and other factors.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRS, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.