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 2006
"My parents have been members of the credit union for more than 30 years and I became a member by default - a kind of family tradition. My parents opened an account for me and I learned how to fill out the slips to take out and put in money. Two of my siblings also have accounts there. I'm working now and feel a sense of pride when I think about being part of the credit union. They're not just people there, they're friends. They all know my name and it's a really friendly place."