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LAST UPDATED: March 19th, 2021

When it comes to lending money, people have many options to choose from. One attractive lender to consider is a credit union, and one of the most respected of these in institutions in Maryland is Money One Federal Credit Union. Located in Largo and founded during the Baby Boomer years of 1951, Money One has been helping individuals and families for six decades to achieve their financial goals and fund their dreams. The credit union has a wide array of loans to choose from and has an intuitive website. However, customer service needs improvement.

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The Good

  • Low Rates
  • Excellent Website
  • Loan Types For Anyone

Low Rates

Anytime you talk about loans, one of the first things a person will ask about is what the interest rates are. These figures will help determine monthly costs and how much you will pay over the life of your loan. Customers will be happy to know that Money One's rates on personal loans start below 9 percent, which is lower than what many competitors offer.

Excellent Website

Ultimately, when you work with a lender and other financial institutions, your chief concern should be whether your money is in good hands and whether you are getting honest, competitive rates. But as you're searching for prospective lenders, it's nice to be able to get detailed information in an organized, easy-to-find fashion. Money One has a well-laid-out website complete with endless amounts of information. The site is easy to navigate as well.

Loan Types for Anyone

Whether you need a personal loan, an auto loan or a loan for you home, Money One will take care of you. The credit union has loan options for customers with a variety of needs at all stages of life. Customers find the application and approval process to be smooth and simple, whether done online or in person at one of the credit union's two branches. In addition, customers appreciate the online tools such as calculators, as well as the educational materials to help provide guidance in the loan selection process.


The Bad

  • Customer Service Policy
  • Fee Charges

Customer Service Policy

There has been poor communication between the company and customers, such as denying loans for odd reasons and simple misunderstandings. Customer service sometimes appears uneducated or incompetent. We find it surprising that after 65 years the credit union doesn't have more than 1,300 members and that is only the 31st largest credit union in Maryland. The poor customer service might play a part in what appears to be stagnant growth. Response times to inquiries can be slow as well, which leads to frustrating experiences for the customer. Echoing the thoughts above, customers consistently complain that Money One customer service is slow to get back with answers to questions and that some agents appear to lack knowledge or are unfriendly. Other customers are unhappy with unsuspected fees or having to pay for replacement cards.

Fee Charges

Some accounts come with associated fees. Be aware of any hidden costs and surprises before deciding to do business with Money One. Many lenders and financial institutions charge no fees.

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The Bottom Line

Despite some customer service complaints, Money One is a healthy organization that maintains a loyal following of members. If you need a personal loan, you'll be pleased with the low rates. Plus, you can secure other types of loans and get all your financial needs taken care of in one place. For these reasons, we recommend Money One Federal Credit Union. If you are completely opposed to membership fees and are easily distressed with occasional customer service lapses, this credit union might not be your first choice.

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