Perfect for building credit history
As a member, you have the advantage of opening a loan with a rate lower than a personal loan or credit cards.
Why is it called a secured loan?
This loan requires that you keep a minimum balance in a share savings account or certificate of deposit. The minimum balance is equal to the loan amount.
Why is this loan beneficial?
Members take out this loan to start building their credit history at a low loan rate.
Another reason is for members who work hard to save money and don't want to deplete their savings for a major expense. With a Share Secured Loan, you can borrow money at a low rate and keep your savings growing.
Loan Rate: The loan rate is equal to the current Savings or Certificate rates plus 3%.
Loan Amount: 100% of share savings or certificate of deposit account
Terms: Up to 24 months
Keep in Mind:
- Dividends will continue to be paid on the full amount in the share or certificate of deposit account.
- Collateral funds (amount in share savings or certificate account) will be unavailable for withdrawal during the loan term. The funds become available as the loan balance is paid off.