Share Secured Loans

A Share Secured Loan is a type of loan that is backed by the funds in your savings account or share certificate. The money in your account is used as collateral, allowing you to borrow at a lower interest rate while continuing to earn dividends on your savings.

When you take out a Share Secured Loan, the amount you borrow is “frozen” in your savings account. As you repay the loan, the funds are gradually released. You still earn dividends on the secured amount, and once the loan is fully paid off, the entire amount becomes available again.

You can use a Share Secured Loan for almost anything—building credit, covering unexpected expenses, making a large purchase, or consolidating debt.

No, Share Secured Loans are a great option for members with limited or challenged credit. Since the loan is backed by your savings, approval is usually easier, and it can help you build or rebuild your credit history.

• Lower interest rates compared to unsecured loans
• Continued earnings on your savings
• Flexible repayment terms
• Helps establish or improve your credit score
• Quick approval process

You can borrow between $500 and up to the amount you have in your savings or certificate account, or $250,000, whichever is lower.

Yes, most institutions report your loan and payment history to credit bureaus. Making consistent, on-time payments can positively impact your credit score.

Loan terms are flexible and range from 6 months to 120 months, depending on the amount. There is no fee for paying a loan off early.

Missing a payment could negatively affect your credit and is subject to late fees. There is a 10-day grace period, but if you are more than 10 days late you will be charged a late fee. If you miss a payment for too long, we will use the money you used as collateral to pay off the loan.

You can apply online, in person, or over the phone. Make sure you have funds available in your savings account to secure the loan.