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 3.00% 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 2003
"I love doing business with the Credit Union. While I really like to keep my life simple and close to home, I've kept my accounts with the Credit Union even though I recently remarried and moved a little further away. I just feel welcome, established, and connected there. It feels good to support such a human-sized institution where accounts and lending are handled with compassion and common sense - not just by numbers or a computer program. I feel that by depositing my money at the Credit Union, I am helping it be possible for that money to be lent out to help good things happen for other people. I want my son, Dylan, to be positively influenced by that experience, too."