Secured Loans

Rebuilding your credit, whether you have been through a bankruptcy or divorce, or whether you have made mistakes with your finances, doesn't have to be complicated. As long as you have a plan, you can rebuild your credit and eventually obtain a better credit rating. A share secured line of credit is a loan secured by money in your regular share account. This is an excellent option for a young borrower or post-bankruptcy borrower to establish or re-establish a better credit rating. 

Features

• 2.00% APR*
• 60 Month Term
• LTV is 100% of Pledged Shares

*APR - Annual Percentage Rate. The loan rate is variable and is 2.00% above the prevailing share dividend rate. Rates change quarterly if share rates change. Payments are not included in debt ratio calculations. Shares from various accounts may be pledged.

A certificate secured loan is a personal loan that allows you to borrow against your certificate of deposit. In this case, your certificate is used as collateral, enabling you to borrow a certain amount of money. With this type of loan, you will be able to borrow money for a variety of projects without risking the money in your savings account. Plus, depending on your type of savings account, you will continue to earn interest on that money. This is an excellent way for a young borrower or post-bankruptcy borrower to establish or re-establish positive credit. 

Features

• Term: One-Pay Note is 12 Months or Certificate Maturity (whichever comes first)
• Term: Monthly Payments is 60 Months or Certificate Maturity (whichever comes first)
• 2.00% APR*
• LTV is 100% of Pledged Certificate

*APR - Annual Percentage Rate. The Certificate Secured Loan is the Certificate Rate + 2.00% Fixed Rate. Membership, eligibility & conditions are required.

For more information on all our loan rates, contact the credit union today.