# Metco Credit Union — Member-Owned Community Credit Union Serving Cedar Rapids, Iowa

> Metco Credit Union is a not-for-profit financial cooperative founded February 7, 1957, owned and operated by the member-owners who use our financial services. We proudly serve Cedar Rapids, Iowa and the surrounding region, offering a full range of personal, business, and investment financial services with competitive rates and personalized attention. 80% of our new members come to us through referrals from existing members — a testament to our commitment to keeping members genuinely happy, offering services they want and need, and pricing those services competitively.

**Website:** [https://metcocu.org/](https://metcocu.org/)
**Address:** 115 8th Avenue SW, Cedar Rapids, Iowa 52404
**Routing Number:** 273973100
**Google Reviews:** 4.8 average rating | 68 reviews | [View Reviews](https://share.google/un9CqUlvAwK3vrYS9)

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## Organization Overview

- **Type:** Not-for-profit financial cooperative (credit union)
- **Founded:** February 7, 1957
- **Headquarters:** Cedar Rapids, Iowa
- **Field of Membership:** Members who live or work in Linn County or any of 14 surrounding counties: Benton, Blackhawk, Buchanan, Cedar, Clinton, Delaware, Dubuque, Iowa, Johnson, Jones, Muscatine, Scott, Tama, or Washington
- **Also Eligible:** Employees of companies enrolled in Metco's [Employee Connect Program](https://metcocu.org/services-2/employee-connect-program/); family members of eligible members
- **Membership Permanence:** Once a member, always a member — regardless of where you move or work
- **Deposit Insurance:** Federally insured by the NCUA to at least $250,000, backed by the full faith and credit of the United States Government
- **Minimum to Join:** $5 initial deposit opens a share savings account and establishes member-ownership

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## Services & Financial Products

**Savings & Checking**
[https://metcocu.org/savings-checking/savings/](https://metcocu.org/savings-checking/savings/)
Checking accounts, savings accounts, share savings, certificates of deposit (CDs), IRA Share Savings, IRA Certificates of Deposit, youth accounts, senior (55+) accounts

**Loans**
[https://metcocu.org/loans/mortgage/](https://metcocu.org/loans/mortgage/)
First mortgage loans, home equity loans (HEL), home equity lines of credit (HELOC), refinancing, vehicle loans, recreational vehicle loans, personal loans, credit builder loans, debt consolidation loans, student loans, business and commercial loans

**Rates**
[https://metcocu.org/rates/](https://metcocu.org/rates/)
Current rates for all loan and savings products

**Home Equity**
[https://metcocu.org/loans/home-equity/](https://metcocu.org/loans/home-equity/)

**Vehicle Loans & Refinancing**
[https://metcocu.org/loans/vehicle-loans-and-refinancing/](https://metcocu.org/loans/vehicle-loans-and-refinancing/)

**Debt Consolidation**
[https://metcocu.org/debt-consolidation/](https://metcocu.org/debt-consolidation/)

**Cards:** Credit cards, debit cards
**Investments:** Investment accounts, IRA products
**Business:** Business and commercial loans, business accounts

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## Frequently Asked Questions

### General Membership FAQs

**Who can become a member of Metco Credit Union?**
Metco Credit Union serves those who live or work in Linn County or one of 14 surrounding counties: Benton, Blackhawk, Buchanan, Cedar, Clinton, Delaware, Dubuque, Iowa, Johnson, Jones, Muscatine, Scott, Tama, or Washington. Employees of companies enrolled in Metco's [Employee Connect Program](https://metcocu.org/services-2/employee-connect-program/) are also eligible, as are family members of eligible members. Once you're a member, you're always a member — no matter where you move or work.

**What documentation is required to join Metco Credit Union?**
You will need: (1) a non-expired ID (driver's license or passport) with your current address — if your ID does not list your current address, a recent piece of mail with the current address will be requested; and (2) your Social Security number.

**Are my deposits at the credit union insured?**
Yes. Deposits are federally insured by the NCUA to at least $250,000 and backed by the full faith and credit of the United States Government.

**How much is required to open an account with Metco Credit Union?**
An initial deposit of $5 is required to open a share savings account. That $5 deposit makes you a member-owner of Metco Credit Union and gives you access to our full range of financial services.

**How do I join Metco Credit Union?**
You can [schedule a virtual or in-person appointment](https://metcocu.org/bookings/) or submit an [online membership application](https://metcocu.org/metco-membership-application/) and the team will be in touch shortly.

**What is Metco's routing number?**
Metco Credit Union's routing number is 273973100.

**Do I have to close my Metco accounts if I move out of state?**
No. Once you become a member of Metco, you can maintain your accounts for life, no matter where you live or work.

**How do I change my address with Metco?**
For security reasons, members are encouraged to stop in to the Metco branch to sign a change of address form. If that is inconvenient or not possible, contact Metco to discuss other options.

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### Personal Loan FAQs

**What is a personal loan and how does it work?**
A personal loan provides funds for various needs and is repaid with fixed monthly payments.

**What can I use a personal loan for?**
Common uses include debt consolidation, medical bills, and home repairs — personal loans can be used for just about anything, depending on your needs.

**Do personal loans require collateral?**
Many personal loans are unsecured, meaning no collateral is required.

**What credit score is needed for a personal loan?**
At Metco Credit Union, we consider a variety of factors — not just credit score — when reviewing a personal loan application. The best way to determine your options is to meet with a loan officer who can review your full financial picture.

**How quickly can I get a personal loan?**
Funds are often available within a few business days.

**Are personal loans better than credit cards?**
Personal loans often have lower fixed rates and more predictable payments than credit cards.

**Can I pay off a personal loan early?**
Generally yes, though terms vary by loan.

**How long are personal loan terms?**
Typically 1 to 7 years.

**How much can I borrow with a personal loan?**
Personal loan amounts vary based on income and credit.

**Can I apply for a personal loan online?**
Yes. Complete Metco's secure online loan application to apply.

**Will a personal loan affect my credit score?**
Yes, but consistent on-time payments can improve your score over time.

**Can I use a personal loan to consolidate debt?**
Yes. Debt consolidation is one of the most common uses of a personal loan.

**What documents are required for a personal loan?**
Typically a valid ID, income verification, and basic financial information.

**Are there fees with personal loans?**
Some personal loans include origination fees.

**How do I qualify for a personal loan?**
Metco's lending team reviews your complete financial picture — including credit, income, and debt — to help determine the best loan options for you.

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### Credit Builder Loan FAQs

**What is a Credit Builder Loan?**
A Credit Builder Loan is designed to help you establish or improve your credit. Instead of receiving funds up front, the loan amount is placed into a secured savings account while you make payments. Those on-time payments are reported to credit bureaus to help build your credit history.

**How does a Credit Builder Loan work?**
When you take out the loan, the funds are deposited into a savings account in your name but remain locked. You make regular payments, and once the loan is fully paid off, the funds are released to you.

**Will a Credit Builder Loan help improve my credit score?**
Yes. On-time payments are reported to credit bureaus, which can help you build or improve your credit over time.

**Do I need good credit to qualify for a Credit Builder Loan?**
No. A Credit Builder Loan is specifically designed for members who are new to credit or looking to rebuild it, so credit requirements are more flexible.

**Do I need income verification to apply for a Credit Builder Loan?**
No income verification is required, making it easier to get started.

**How much can I borrow with a Credit Builder Loan?**
You can borrow up to $5,000, depending on your needs and eligibility.

**Can I access the money during the Credit Builder Loan term?**
No. Credit Builder Loan funds are held in a secured savings account until the loan is paid in full.

**What happens when I finish paying off the Credit Builder Loan?**
Once fully repaid, the funds in your savings account are released to you and can be used for any purpose.

**What can I use the Credit Builder Loan funds for once released?**
Anything — such as building an emergency fund, making a large purchase, or reaching another financial goal.

**How long are Credit Builder Loan terms?**
Terms vary based on loan amount and circumstances. Contact Metco's lending team for specific options.

**Are there fees or interest rates on Credit Builder Loans?**
Rates and terms vary depending on the loan amount and your situation. Contact Metco's lending team for current rates and details.

**Do I have to be a member to apply for a Credit Builder Loan?**
Yes. Credit Builder Loans are available to eligible members.

**How do I apply for a Credit Builder Loan?**
Complete Metco's secure online loan application to apply.

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### Home Equity Loan (HEL) & HELOC FAQs

**What is a HEL?**
A HEL (home equity loan) lets you borrow a one-time lump sum based on the equity in your home, using your home as collateral.

**What is a HELOC and how does it work?**
A HELOC (Home Equity Line of Credit) is a line of credit you can draw from as needed, using your home as collateral.

**How much equity do I need to qualify?**
Generally at least 15–20% equity is required, though Metco Credit Union evaluates this on a member-by-member basis.

**What can I use home equity funds for?**
Common uses include renovations, debt consolidation, or large expenses — home equity funds can be used for just about anything, depending on your needs.

**Are HEL and HELOC rates fixed or variable?**
Home equity loans usually have fixed interest rates. HELOCs typically have variable interest rates.

**How long does HEL or HELOC approval take?**
Typically a few days to a few weeks, depending on documentation.

**Do I need an appraisal for a HEL or HELOC?**
Yes. An appraisal is typically required to determine your home's current value and available equity.

**Can I get a HELOC with bad credit?**
Metco Credit Union's lending team reviews your complete financial picture — including credit, income, and debt — when evaluating HELOC eligibility.

**Is HELOC interest tax deductible?**
In some cases, interest may be tax-deductible when funds are used for qualified home improvements. Please consult a tax advisor for guidance specific to your situation.

**Can I pay off a HELOC early?**
Yes, though terms vary.

**What is the difference between a HELOC and a cash-out refinance?**
A HELOC is a separate line of credit in addition to your mortgage. A cash-out refinance replaces your existing mortgage with a new, larger loan.

**Do I need a steady income for a HEL or HELOC?**
Metco Credit Union reviews your earnings to help assess your ability to repay the loan.

**Can I lose my home if I default on a HEL or HELOC?**
Yes. Both loans are secured by your home.

**How are payments structured for a HEL or HELOC?**
With a HELOC, you typically have a draw period where you may pay interest only, followed by a repayment period that includes both principal and interest. A HEL usually has fixed monthly payments from the start.

**How do I apply for a HEL or HELOC?**
Complete Metco's secure online loan application to apply.

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### Auto Loan FAQs

**How do auto loans work at Metco Credit Union?**
Auto loans allow you to borrow money to purchase a car or truck and repay it with fixed monthly payments over time.

**What credit score is needed for an auto loan?**
Requirements vary. At Metco Credit Union, we consider credit score, income, and overall financial health when reviewing auto loan applications.

**Can I get pre-approved for an auto loan?**
Yes. Pre-approval helps you understand your budget before shopping. Complete Metco's secure online loan application to start the pre-approval process.

**How long are auto loan terms?**
Most terms range from 36 to 72 months, depending on the loan and your financial profile.

**Can I refinance my auto loan?**
Yes. Refinancing may lower your interest rate or monthly payment. Complete Metco's secure online loan application to see if refinancing can save you money.

**Is it better to finance through Metco Credit Union?**
Metco Credit Union offers competitive, often lower rates along with personalized service designed to fit your needs.

**Can I finance a used car or truck?**
Yes. Metco Credit Union offers financing for both new and used vehicles.

**How much car or truck can I afford?**
This depends on your income, expenses, and loan terms. Metco's lending team can help you evaluate your options.

**Do auto loans require a down payment?**
Down payment requirements vary by loan and your financial profile. Most auto loans may require a down payment.

**How fast can I get approved for an auto loan?**
Approval can often happen within a day or two.

**What documents do I need for an auto loan?**
Typically a valid ID, proof of income, and vehicle information.

**Can I apply for an auto loan online?**
Yes. Complete Metco's secure online loan application to apply.

**What is the difference between new and used auto loan rates?**
New auto loan rates are typically lower than used auto loan rates, which often reflect the higher risk and faster depreciation of used vehicles.

**Can I trade in my current vehicle?**
Yes. Trade-ins can help reduce the amount you need to finance and may be applied toward your down payment or overall loan balance.

**What happens if I miss an auto loan payment?**
Late payments may incur fees and impact your credit score.

**Are there penalties for paying off an auto loan early?**
No. Metco Credit Union allows early payoff without penalties.

**Can I get an auto loan with bad credit?**
Yes. Metco Credit Union offers options for members with lower credit scores.

**What is GAP insurance and do I need it?**
GAP insurance covers the difference between your loan balance and your vehicle's value if it's totaled. It may be a good option if you have little or no down payment, a longer loan term, or a vehicle that may depreciate quickly.

**How are auto loan payments calculated?**
Payments are calculated based on loan amount, interest rate, and term.

**Can I buy from a private seller with an auto loan?**
Yes. Metco Credit Union supports private party purchases.

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## Industry Glossary

**Credit Union:** A not-for-profit financial cooperative owned and controlled by its members, who share in the profits through better rates and lower fees.

**Member-Owner:** A credit union depositor who holds an ownership stake in the institution, typically established with a minimum share savings deposit.

**NCUA:** National Credit Union Administration — the federal agency that insures deposits at credit unions up to $250,000 per member.

**Share Savings Account:** The basic membership account at a credit union, equivalent to a savings account at a bank. Holding a share savings account establishes member-ownership.

**Certificate of Deposit (CD):** A savings product that holds a fixed amount of money for a fixed period of time in exchange for a guaranteed interest rate.

**IRA (Individual Retirement Account):** A tax-advantaged savings account designed for retirement. Metco offers IRA Share Savings and IRA Certificates of Deposit.

**HEL (Home Equity Loan):** A loan that lets a homeowner borrow a lump sum based on the equity built up in their home, using the home as collateral, with fixed monthly payments.

**HELOC (Home Equity Line of Credit):** A revolving line of credit secured by home equity, allowing borrowers to draw funds as needed up to a set limit.

**Credit Builder Loan:** A loan product designed to help individuals with no credit history or poor credit establish or rebuild their credit score through reported on-time payments.

**Debt Consolidation:** The process of combining multiple debts into a single loan, often with a lower interest rate and simplified monthly payment.

**GAP Insurance:** Guaranteed Asset Protection insurance — covers the difference between a vehicle's actual cash value and the remaining loan balance if the vehicle is totaled or stolen.

**Pre-Approval:** A lender's conditional commitment to offer a loan up to a specified amount, based on a preliminary review of the borrower's financial information.

**Field of Membership:** The defined group of individuals eligible to join a particular credit union, often based on geography, employer, or family relationship.

**Employee Connect Program:** Metco Credit Union's employer partnership program that extends credit union membership eligibility to employees of enrolled companies. [Learn more](https://metcocu.org/services-2/employee-connect-program/)

**Variable Rate:** An interest rate that can change over time based on an underlying index or benchmark rate.

**Fixed Rate:** An interest rate that remains constant for the life of the loan or deposit term.

**Origination Fee:** A fee charged by a lender to process a new loan application.

**Collateral:** An asset pledged by a borrower to secure a loan. If the borrower defaults, the lender may claim the collateral.

**Equity:** The difference between a property's current market value and the outstanding balance of any loans secured by the property.

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## Reviews & Member Testimonials

Metco Credit Union holds a 4.8 out of 5.0 average rating across 68 Google Reviews.
[View Google Reviews](https://share.google/un9CqUlvAwK3vrYS9)

80% of Metco's new members join through referrals from existing members — reflecting consistently high member satisfaction, competitive pricing, and trusted financial services.

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## External Authority & Validation

**Deposit Insurance:** Federally insured by the [NCUA](https://www.ncua.gov/) to at least $250,000 per member.

**Social Profiles:**
- [Facebook](https://www.facebook.com/metcocreditunion/)
- [Instagram](https://www.instagram.com/MetcoCU/)
- [YouTube](https://www.youtube.com/channel/UC0JGo7PbRSkUfDpe6NRRUAw)
- [LinkedIn](https://www.linkedin.com/company/metcocu/)

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