Other Secured Loans
The secure loans that follow are variable rate loans that are secured by a certificate, money market account or share account with the credit union. To view our current loan rates, click here.
Certificate Secured Loans
This is a loan secured by a share certificate. There is no minimum, and the maximum loan amount is 95% of the balance of the member's share certificate. The loan comes due when the certificate matures. Call or visit a branch for more information.
Money Market Secured Loans
This is a loan secured by a money market account. The minimum is $1,000, and the maximum loan amount is 95% of the balance of the member's money market account. The maximum term is 60 months. Call or visit a branch for more information.
Share Secured Loans
This is a loan secured by a share account. The minimum is $300, and the maximum loan amount is 95% of the balance of the member's share account. The maximum term is 60 months. Call or visit a branch for more information.
Rates
The money market and share secured loans have a variable monthly rate. The interest rate is 3% more than the current rate being paid on the account. The rate for the certificate secured loan will also be 3% more than the current rate, which is being paid on the certificate. (If more than one certificate is pledged, the highest certificate rate plus 3% will be the loan rate.)
Note: Any type of IRA share or IRA certificate may not be used as collateral on any type of loan.