Pros Explained

• Available in all 50 states: LMCU’s membership requirements allow people nationwide to join and receive a loan. If you don't have a member relative, you can qualify for membership by making a $5 donation to the ALS Foundation. 
• Low loan minimum: Many lenders require borrowers to apply for loans of $2,500 or more. That requirement can be frustrating if you need a smaller loan, but LMCU offers loan amounts as low as $250. 
• Payment skip option: If your personal loan is current, you can skip up to two non-consecutive months’ payments. You’ll pay a $25 fee to skip the monthly payment. While not uncommon in the credit union world, this option is helpful if you have a financially tight month.

Cons Explained

• Limited repayment terms: LMCU's maximum loan term is just five years. That term is relatively short; other lenders offer as long as seven years, giving you a smaller monthly payment and potentially more interest due. 
• Membership required: As part of the loan application process, you’re simultaneously enrolled in the credit union as a member. While not demanding, it’s an expectation you won’t find at banks, and you will be required to make a $5 donation.
• No co-signers allowed: If you have a credit score below 620 and need a co-signer to increase your loan approval chances or amounts, you must look elsewhere. Many competing credit unions and lenders offer the chance to apply with a co-signer. 

Types of Personal Loans at Lake Michigan Credit Union

LMCU offers secured and unsecured loans and a line of credit. You can use the loan funds for a variety of uses, including:

• Debt consolidation: If you have credit card balances, medical bills, or other debt, you can use a personal loan to consolidate your debt and potentially save money. 
• Weddings: Plan the wedding of your dreams and use a personal loan to spread out the cost into monthly installments. 
• Vacations: Whether you're planning to take a cruise through the Caribbean or visit Europe, a personal loan can help you finance your trip.

Time to Receive Personal Loan Funds

LMCU doesn't disclose how long it takes to review applications or disburse funds. 

Borrower Requirements

To qualify for a personal loan from LMCU, you must have a credit score of 620 or better. To receive a loan, you must qualify for credit union membership or make a qualifying donation to the ALS Foundation. 

Lake Michigan Credit Union Personal Loan Features

Lake Michigan Credit Union offers unsecured and secured loans. Here are three features of their loans. 

• Payment skip option: If your personal loan payments are current, you can pay a $25 fee to skip a payment. You can skip up to two non-consecutive months’ payments per year. However, the payment (and interest accrued) is added to your loan’s end. If you regularly skip payments, you could pay more in interest. 
• Grace periods: You have a 14-day grace period for your loan payment. The late charge (4% of the payment) isn’t added until the 15th day after the due date.
• Optional credit life and disability insurance: LMCU has optional loan protection you can purchase when you apply for a personal loan. Its insurance policies pay off the remaining loan balance if you become disabled or pass away.

Co-Signers and Co-Applicants

LMCU does not allow you to apply for a loan with a co-signer, but it does permit joint applications. With a joint application, both applicants share the responsibility for repaying the loan and can use the loan funds. 

Can You Refinance a Personal Loan With Lake Michigan Credit Union?

LMCU allows customers to refinance their existing LMCU personal loans, but it doesn't disclose its requirements or restrictions. 

Customer Service

LMCU accepts personal loan applications via phone 24 hours a day; just call 844-301-8899.  It also offers assistance via scheduled appointments, and you can meet in person at a branch or through a virtual meeting. 

Medium	Contact	When
Telephone	800-242-9790	Weekdays, 8 a.m. to 9 p.m. ET Saturday, 9 a.m. to 1 p.m. ET
Chat		Weekdays, 8 a.m. to 9 p.m. ET Saturday, 9 a.m. to 1 p.m. ET
X (Formerly Twitter)	@LMCU	N/A

Customer Satisfaction

Although LMCU is a large credit union, reviews are limited. On TrustPilot, it has a score of 4.0 out of 5 based on a few customer reviews.  

In the Consumer Financial Protection Bureau database, Lake Michigan Credit Union has 28 consumer complaints out of 4,191,929 total complaints. No complaint concerns the credit union’s personal loans.

Lake Michigan Credit Union Membership Requirements

To qualify for LMCU membership, you must fit into one of the following categories: 

• Individuals who live, work, or worship in Florida or Michigan's lower peninsula
• U.S. citizens in any location who are immediate family members of an LMCU member (qualifying family members include parents, siblings, children, grandparents, or spouses)
• U.S. citizens in any location who donate at least $5 to the ALS Foundation, a national nonprofit organization focused on advocacy and treatment of Amyotrophic Lateral Sclerosis (ALS)

How to Apply For a Lake Michigan Credit Union Personal Loan

1. Fill out an online application: To begin with, you’ll provide the requested amount and what you plan to use the personal loan for. You also state how you’d like to receive funds, whether as a check or a deposit in your checking account. 
2. Verify your identity with a photo ID: If you don't have a compatible mobile device, you'll have to apply in person or by calling the customer support team. You’ll also supply other information, including your Social Security number, for yourself and your co-applicant. 
3. Wait while LMCU reviews your application: You will receive a response about your loan status within 24 to 48 hours. LMCU doesn't have a pre-qualification tool, so you must complete the entire application and undergo a hard credit inquiry to view your loan options. 

Other Banking Services and Loans Offered by Lake Michigan Credit Union

LMCU is a full-service credit union, meaning it provides a variety of banking, credit, and insurance products, including the following: 

• Auto and RV loans
• Checking, savings, and CD accounts
• Credit cards
• Student loans
• Mortgages
• Home equity loans

Compare Lake Michigan Credit Union With Other Personal Loan Lenders

	Lake Michigan Credit Union
APR Range	9.99%–18.00%	8.95%–17.90%	8.99%–29.49%
Loan Amounts	$250–$25,000	$300–$100,000	$5,000–$100,000
Loan Terms	24–60 months	6–84 months	24–84 months
Recommended Minimum Credit Score	620	640	Not disclosed
Origination Fee	None	None	None
Time to Receive Funds	Same day	Same day	Same day

The Bottom Line

If you need a relatively small amount of money for a car repair or other emergency, LMCU personal loans could be a good option. The credit union has an unusually low loan minimum of $250, and membership is available to individuals outside of Michigan or Florida with a donation to a charitable organization. 

However, the lender doesn't have a pre-qualification tool, so you can't get a general idea of rates without affecting your credit. It may be wise to request quotes from other leading personal loan companies first.

Is Lake Michigan Credit Union Only in Michigan?

The LMCU serves customers in Michigan's lower peninsula and Florida. However, residents of other states can join the credit union by donating to the ALS Foundation. 

How Do You Join Lake Michigan Credit Union?

If you qualify for membership, you can join LMCU online. To open an account, you must provide your Social Security number, a driver's license or other government-issued identification, and a mobile phone with a camera. You’ll also need to donate $5 to the ALS Foundation if you’re not related to a current LMCU member.  

Is Lake Michigan Credit Union FDIC Insured?

As a credit union, LMCU is not backed by FDIC insurance. However, it is insured through the National Credit Union Administration (NCUA), so your deposits of up to $250,000 are insured. 

What Can a Lake Michigan Union Personal Loan Be Used for?

You can use LMCU loans for a wide variety of purposes, including paying for home repairs, travel, medical bills, or debt consolidation. 

What Is the Maximum I Can Borrow With a Lake Michigan Credit Union Personal Loan? 

The maximum you can borrow with an LMCU personal loan is $25,000. 

How Long Does It Take to Get a Personal Loan From Lake Michigan Credit Union? 

LMCU takes 24 to 48 hours to review applications but doesn’t disclose how long it takes to disburse funds. 

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.