Loans

  • Line of Credit Payment Amounts
    • For existing LOC loans, the payment amount is figured at 3% of the balance at the time of last advance (minimum of $20 per month). Therefore the payment is only re-calculated when an advance is taken. *Please note that LMCU no longer offers Line of Credit Loans that are unsecured. An inactive Line of Credit can be closed as dormant.

  • Loan Payments After the Due Date
    • The amount of the loan payment shown within Online Banking, on or before the payment due date is one regular monthly payment. The day following the due date you will see a double payment shown as "due." That amount “now due” includes both the missed payment and the next month’s payment.

      1. 10 days after the due date, a reminder notice of the late payment is sent.
      2. 14 days after the due date, a late charge is added.
      3. After the grace period, when the late charge is added, the total amount due would increase again to reflect that late charge.
      4. Payment transfers in Online Banking are disabled.
      5. The Loss Prevention Department will begin to contact you to make arrangements for the payments due.
      6. ON the 30th day after the due date the Credit Bureau is notified of the late payment.
      7. 60 days after the date of payment due, ATM/Debit Card use is blocked.

      Once the missed payment has been covered, the amount due will reduce to the amount of the regular monthly payment and the due date will advance. We urge you to contact our Loss Prevention Department to make note of circumstances that might delay payment beyond 15 days. Please call (616 or 800) 242-9790 x 9923.

  • New Loan or New Credit Card Application
    • A loan application can be submitted online at www.lmcu.org.

      1. Go to the “Personal” tab at the top of the page.
      2. Under "Borrow" select the loan you want to apply for
      3. Click the 'Apply Now' link or 'Schedule an Appointment'

      You will receive a response within 24-48 hours. To apply for a loan over the phone, please contact our Lending Department at (616 or 800) 242-9790 x 9944. You can also apply in person at any of our branch locations.

  • Pay my LMCU loan from another financial institution

    • You can set up automatic loan payments from a different financial institution inside of Online Banking free of charge.

      Once you have logged in to the full desktop version of your Online Banking, you would select “Pay My LMCU Loan (ACH)” from the “Transfer” tab. This will allow you to set up recurring or one-time payments from another financial institution to pay on your LMCU loan.

      Another way to make a payment from another financial institution to your LMCU loan is by filling out this Auto Pay form and emailing it back to us (return email instruction are at the bottom of the form).

      You may also sign this form at any of our branch locations or call our Member Services Department at (616 or 800) 242-9790 to request the form by mail or fax.

      To make a one-time payment by phone, please call our Member Services Department at (616 or 800) 242-9790 or visit any of our branches.

      The fee for a check payment is $10.00.

      The fees for a credit or debit card payment are:

      • Car/Truck: $15.00
      • Credit Card: $15.00
      • Loan: $15.00
      • Negative Share: $15.00
      • Multiple payments (Non-Mortgage) $20.00

      Credit Card payments posts immediately while a check-by-phone takes 1 business day to process.

  • Pay my LMCU loan from my LMCU Account

    • You can set up a recurring transfer for your LMCU loan or credit card within Online Banking.

      Once you have logged in to the full desktop version of your Online Banking, you would select “Between my Accounts” from the “Transfer” tab. Next, you would select your “Source Account” and choose your loan or credit card as the “Destination Account.” Then, you would select that you would like the transfer to be recurring and choose the frequency of the transfers. Finally, you would submit the transfer. You can then review the transfer, or edit it in the future, by accessing the “Transfer Activity” or the “Scheduled Transfers” option from the “Transfer Tab.”

      Payments posts immediately to your loan.

      To make a one-time payment by phone, please call our Member Services Department at (616 or 800) 242-9790 or visit any of our branches.

  • Payment Grace Period and Late Charges
    • Loan payments have a 14 -day grace period. While the loan is past due from the day after the due date, a reminder notice is generated at 10 days past due and the late charge (4% of the payment) is added on the 15th day after the due date. Please contact our Loss Prevention Department if you need to make arrangements for your payment at (616 or 800) 242-9790, ext. 9923.

  • YTD Interest Paid
    • The total interest you paid on loans for the year is delivered to you on your December year end statement. Mortgage and Home Equity interest amounts are sent in a separate 1098 mailing by the end of January.

      These totals are also available in Online Banking.
      1. Log in to your account
      2. Click on the 'Services' tab
      3. Scroll to the bottom to 'Tax Center'
      You should consult a qualified Tax Professional to determine whether this interest qualifies as a deduction as you file your income tax returns.