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

"When I first came to the credit union and talked to one gentleman, he was so amicable and welcomed me with a warm reception. I have stayed solely because of the employees. All of them, without any discrimination are welcoming, friendly, amicable people. Everyone is suitable for the job as I see it from the front desk, the tellers and supervisors. I also get the advantage of having my tax return prepared for which I thank you all solicitously."

Ephraim Kinfemichael


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