Auto Loans
The credit union is the best place to finance your next car. We offer low rates, fast service, and competitive rates on GAP* insurance.

*What is GAP insurance?
GAP insurance provides valuable protection during the early years of your car's life if you have a loan or a lease. If a loss occurs, GAP insurance will pay the difference between the actual cash value of the vehicle and the current outstanding balance on your loan or lease. Gap Insurance protects your vehicle lease or loan. Sometimes it will also pay your regular insurance deductible.



Home Equity Loans
Establish a line of credit so you can borrow as you need it, or take a traditional second mortgage for the security of regular monthly payments. Rates are low and finance charges are usually tax deductible.


Personal Line of Credit
For the convenience of having access to credit ASAP. Strict lending terms apply.


Personal Loans
We offer several personal loans to assist you with your needs. Making a big purchase? Have a large bill due that you'd prefer to pay monthly? A traditional installment loan is right for you. We have Debt Consolidation Loans for members who need help getting out of the credit card trap. Holiday and vacation loans are also available at special rates throughout the year.



Vacation Loan Special
We would like you to consider taking out a very affordable Vacation Loan Special with us. This special rate offer is subject to be withdrawn at any time (it was previously set at 8.99% APR) so make your plans to travel soon and pay only 3.99% APR (that's only 3.49% APR with automatic loan repayment) up to a $3,000 maximum loan amount.

We are giving you up to 9 full months to pay off this vacation loan... what's stopping you?

Call or drop by the credit union to apply for a loan today.



Private Student Loans


Increasing education costs coupled with decreasing scholarship and grant opportunities have forced families to turn to private student loans to cover the cost of higher education. Somerville Municipal FCU recognizes the challenges its members face when trying to pay for college, and we’re committed to offering our members access to affordable private student loan financing.

We have partnered with LendKey, a private student loan underwriter, to announce the Somerville Municipal FCU Private Student Loan Program - a student loan that can be utilized for any education-related expense such as tuition, room and board, books, supplies and other educational items.

Somerville Municipal FCU Private Student Loan features:


No application fee.

Competitive interest rates.

Borrow as little as $2,000 or up to Cost of Attendance per year for a maximum of $120,000 in undergraduate loans or $160,000 in graduate loans.

Choose between making interest payments or a nominal $25 "Proactive Payment" towards the loan while in school.

1% Interest Rate Reduction once 10% of the loan principal is repaid during the full repayment period.

LendKey considers not only the traditional credit bureau report, but they also evaluate the student borrower’s academic attributes. The result is a process that recognizes and rewards the borrower’s academic achievement.

Prior to considering a private student loan, both Somerville Municipal FCU and LendKey strongly encourage all student borrowers to first exhaust all scholarships, grants and federal loans.

To see more program details and apply online click HERE



The Smart Option Student Loans

The Somerville Municipsl FCU Smart Option Student Loan® by Sallie Mae®
For borrowers attending degree-granting institutions

Now you can pay for college the smart way with three great repayment options and competitive interest rates!

The loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. To learn more please get started here.

The Smart Option Student Loan features and benefits:

We offer a choice of competitive fixed and variable interest rates providing even more choice and flexibility

No origination fees and no prepayment penalty

Multiple in-school repayment options available

Borrower benefits available – like rewards and interest rate reductions

Rates that reward creditworthy borrowers

Applying with a creditworthy cosigner may help you qualify and/or receive a lower rate

24/7 online account management

To learn more, please get started here.



HEAT Loans

Offered in partnership with Mass Save, the Heat Loan provides a path toward an energy efficient home. To get started, contact Mass Save to schedule a Home Energy Assessment. After scheduling an appointment, an energy efficiency expert will assess your home’s current energy and provide a custom list of recommended ways to make energy saving changes in your home. During the visit, you will also receive a Heat Loan Intake Form, Program Steps, and the Minimum Standards and Requirements.

After the Home Energy Assessment is complete, the next step is to contact Somerville Municipal Federal Credit Union for pre-approval. From here you can decide what changes to implement and develop your own custom energy plan.

Some improvements that qualify for the Mass Save Heat loan include:

● Attic, Wall, and Basement Insulation
● High Efficiency Heating Systems
● High Efficiency Domestic Hot Water Systems
● Solar Hot Water Systems
● Energy Star® Windows
● Energy Star® Thermostats



Overdraft Protection Loans

Somerville Municipal Federal Credit Union offers Overdraft Protection Loans to assist members in avoiding the excess cost and inconvenience associated with an unintended overdraft. You may also use your loan to pay for occasional unanticipated expenses we all experience from time to time. Should you overdraw by check, ATM or other electronic service, your transaction will be covered up to the limit assigned to your account after available shares have been depleted. Not only can you avoid our overdraft fee*, you’ll have a measure of protection against late fees and bounced check fees charged by your creditors.


Does this sound like a product that could work for you?

Simply complete THIS FORM and return it to our office:

236 Holland Street, Somerville, MA 02144

Give us a call at 617-625-0898 x212 if you need further information.
* Our standard transfer fee of $5.00 will apply.