In celebration of Christmas Eve, all Credit Union branches will be closing at 1 p.m. today. Our online and mobile banking services remain available as usual.
Downtown Sounds Partnership
Need a little help financing your dream instrument? We can help!
Dreaming of a new instrument?
As a cooperative Credit Union, our values are placed in working together with other co-ops to support and grow our local communities. We’re excited to partner with Downtown Sounds to help financing your dreams a reality.
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Unfamiliar with cooperatives?
All of our members who bank and take loans through UMassFive aren’t just customers—they’re partial owners of our institution. There’s no investors outside of our members putting their money into the credit union, so there’s also no one else taking any profit. Any profits we make, we return to our members in form of higher dividends, and lower rates on things like personal loans for musical instruments.
In order to borrow from us, you will need to become a member, which includes a one-time reservation of your $5 stake in the cooperative. For more information on joining, visit our eligibility page.
Why Finance with a Personal Loan?
You may be considering purchasing an instrument with a credit card, but with interest rates on credit cards ranging upwards of even 18%, you could be paying much more than the sticker price. A personal loan from UMassFive is currently 11.99% APR* with a maximum term of up to 48 months to repay your purchase.
Personal Loan Rate
| Annual Percentage Rate (APR) | APR: 2,500 Co-op Points | Max Term | Limits |
|---|---|---|---|
| 12.99% | 12.74% | 48 Months | $15,000.00 |
Make your dream instrument a reality today!
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*APR= Annual Percentage Rate, rate accurate as of February 8, 2021, and is subject to change at any time.