Share-Secured Loans

A share-secured loan is a way to use your own money that is in your savings account at the CU to obtain a loan at the credit union.

  • The money in your account serves as a pledge or as collateral for the loan.
  • The rate for this loan is 5.00% APR above our current declared dividend rate for the regular share savings account.
  • This type of loan is a way to help establish or repair credit and sometimes we ask for a $100 pledge for a $100 share-secured line-of-credit when a member has limited or no credit history.
  • Oftentimes, members were going to spend their savings for a purchase, but instead obtain a share-secured loan to ensure that they keep their savings intact and prefer to make monthly loan payments at a very affordable rate.

Our Members make the difference.

Member Since 2004

"What has the CU done for and meant to me? How about warmth and security? When I joined I felt, and still feel, that the diversity of the neighborhood is well represented both by the CU's members and its employees. As welcoming as the staff is, I had no problem following when the building on Gregory St became its new home. The loyalty I felt to Genesee Co-op FCU at that time has been validated by an incident in May 2009. One of my checks was presented to the teller, unsigned, for a large amount. When that individual came back with same check supposedly signed by me, the CU refused to cash it, because the staff recognized the signature as forged. I got to see how the sense of kinship the CU propagates, plays out in order to safeguard its members. Thank you, team."

Merrie Camp


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