Personal Loans

Navigate all of life's big moments.

Multiple loan options

Flexible repayment options

Personal financing for life's expenses.

Some expenses can be planned months in advance. Others arrive without warning. Michigan First offers several personal borrowing options to help you cover a major purchase, manage an unexpected expense or consolidate existing debt.

Choose a one-time loan with structured monthly payments, borrow against your savings or establish a reusable line of credit for future needs.

Personal loans built around your needs

Financial needs are not one-size-fits-all. A personal loan can provide access to funds without requiring you to use your home or vehicle as collateral. Depending on the option you choose, you may receive one set loan amount or establish a line of credit you can use as needs arise.

Whether you want to pay for your dream wedding, an important medical procedure, or a boat you've had your eye on, we have a customized loan for every dream and every need.

Michigan First personal financing may be used for:

Debt consolidation
Medical or dental expenses
Vehicle repairs
Home improvements
Weddings and major family events
Education expenses
Travel
Emergency expenses
Large purchases
Other planned or unexpected costs

Before borrowing, consider how much you need, how quickly you plan to repay it and how the payment will fit into your monthly budget.

Compare personal loan options.

Michigan First offers three ways to borrow, each designed for a different type of financial need.

Life Event Loan

Savings-Secured Loan

Signature Line of Credit

Receive one set loan amount
Fixed interest rate
Scheduled monthly payments

Borrow against money in savings
Savings serves as collateral
Borrow from $500 up to your savings balance

Access funds as needed
Fixed interest rate
Reusable up to an established limit

Useful for one defined expense

May help establish or rebuild credit

Useful for recurring or unexpected expenses

The right option depends on whether you need funds once or over time, have savings available to secure the loan and want to preserve those savings while borrowing.

Life Event Loans

A Life Event Loan is Michigan First’s traditional personal loan. You receive one approved loan amount at a fixed interest rate and repay it through scheduled monthly payments.

A Life Event Loan may be a practical choice when you:

Know approximately how much you need
Have one defined expense
Want a fixed interest rate
Prefer a structured repayment schedule
Want an alternative to carrying a large credit card balance

Because the loan is unsecured, approval, rate and terms are based on your credit qualifications, income, existing obligations and ability to repay.

Savings-Secured Loans

A savings-secured loan allows you to borrow against funds you already have in your Michigan First savings account.

Your savings remains in the account and serves as collateral while you repay the loan. Michigan First savings-secured loans are available from $500 up to the eligible balance in your account.

This option may help you:

Access funds without withdrawing your savings
Continue working toward your savings goals
Qualify for a lower rate than may be available with an unsecured loan
Establish or rebuild your credit history through responsible repayment

The funds securing the loan may be unavailable for withdrawal until the corresponding loan balance has been repaid. Confirm how and when funds are released before completing your loan.

Signature Lines of Credit

A Signature Line of Credit provides ongoing access to funds up to an established credit limit.

Instead of receiving the entire amount at once, you can draw from the line when you need it. As you repay the amount borrowed, that credit may become available to use again.

Michigan First Signature Lines of Credit feature:

A preset credit limit
A fixed interest rate
Access through Online Banking and the Michigan First Mobile app
Interest charged based on the amount borrowed
Reusable credit for future expenses

A line of credit may be useful when you want funds available for unexpected expenses or anticipate needing to borrow more than once.

How much should you borrow?

Your loan should cover the expense without creating a payment that strains your monthly budget.

Before selecting an amount:

Calculate the complete cost of the expense.
Subtract any amount you can comfortably pay from savings.
Review your existing monthly obligations.
Estimate the payment at different loan amounts and terms.
Consider how the payment would fit if your expenses increased.

Borrowing more than you need increases the interest you may pay. Choosing a very short repayment term may reduce total interest but create a higher monthly payment.

Financing that fits real life

Whether you are planning something exciting, consolidating existing debt or responding to an unexpected expense, Michigan First can help you find a borrowing option suited to your needs.

Compare your options, estimate your payment or begin your application today.

Frequently asked questions

View All FAQs

Do I have to be a Michigan First member to apply for a loan?

Yes. You must become a Michigan First member before applying for a consumer loan. Membership is open to anyone who lives, works, or worships in Michigan and begins by opening a Michigan First Savings Account with a minimum $10 deposit.

What credit score do I need to qualify for a Michigan First loan?

Michigan First does not use one minimum credit score for every loan. Approval and available rates depend on factors such as the type of loan, your credit history, income, existing debts, and ability to repay. Applying is the best way to learn which options and rates may be available to you.

What can I use a Michigan First personal loan for?

A Michigan First personal loan can be used for many planned or unexpected expenses, including weddings, medical procedures, auto repairs, travel, home updates, and debt consolidation. Michigan First offers fixed-rate Life Event Loans, savings secured loans, and personal lines of credit - so the right option will likely depend on how much you need and how you plan to use it.