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 2007

Alina had a car loan with HSBC that was at 18.26% which we refinanced for her at the credit union at 8.25% after she made on time payments for one year.

"Basically what institutions like our CU does for 'underserved' people like me, is to put a little faith and trust in our financial life. And that is all we need in order to get out of our broken situation. Believing in the human ability to overcome any situation just by supporting them is enough.

We human beings have an extraordinary capacity or resilience to move on to the next level and then aim for a better future.

I am a true example of that ... A woman with such a bleak financial broken history and here there is a bank in a city where I never imagined myself living someday who put a little bit of that 'faith' in me. What a miracle!"

Alina Diaz


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